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Executive has worked for the bank since 1998
Bank’s quest to regain its former status in Europe is making headway, after heavy investments
Hire follows senior bankers quitting
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The UK government has been consulting on ways to use CLO and other securitization structures to direct funding to large companies that fell between the cracks of its existing emergency supports for SMEs and the Bank of England’s investment grade commercial paper scheme. -
European capital markets have continued to function well during the coronavirus crisis, according to a report released on Monday by the Association for Financial Markets in Europe (Afme). However, in terms of primary market activity, the industry body’s data shows quite how sharply issuance has skewed towards investment grade, with riskier debt and IPO markets closed off.
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The UK government has filled one of the last gaps in its offer of financial help to companies struggling with effects of the coronavirus, by removing the cap of £500m revenue, which had barred many medium-sized companies from accessing government loans — raising the possibility that high yield bond issuers could tap loans for a variety of purposes.
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The CLO market is still struggling to find equilibrium as the coronavirus pandemic spreads. The Federal Reserve’s expansion of its Term Asset-Backed Securities Lending Facility (TALF) to include CLO paper as eligible collateral was cheered upon announcement last week. But some puzzling limitations to the Fed’s terms will do little to help the market reboot.
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US banks this week reported stellar returns from trading and underwriting in the first quarter, even as the bottom line was hit by gigantic writedowns and reserves for credit losses, as the economic and financial disruption from the coronavirus crisis took its toll.
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Lazard hires restructuring lawyer — Former GSO MD joins Kennedy Lewis — RBC picks high yield and loan sales head
