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GC Asia
Dante decision drives out US swap providers
A unanimous decision from the UK’s Supreme Court could see US banks driven out of counterparty business for European structured finance deals. Tougher rating agency criteria and investor worries, driven by capricious US bankruptcy law, could see issuers opt for counterparties from other domiciles wherever possible.
The pool of European swap counterparties is already a decreasing number of top-rated issuers, thanks to tough new criteria from Standard & Poor’s, which have already seen 1,090 downgrades in European structured finance this year.
"European banks may well be rubbing their hands, while US banks may start to ...Already a subscriber? Login
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