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Tom Hall goes through a sterling week of deals for European ABS, while Thomas Hopkins dissects the dangers that a rise in LMEs would pose for European CLOs
Proposed 10% limit on interest would strip out most of securitizations' excess spread
Implementation necessary after wide-ranging changes last year
It is not enough to just undo some of the European Commission’s more controversial proposals
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Investors think that insurance companies will be able to deal with the cost of business interruption (BI) claims relating to Covid-19, even though the UK High Court found in favour of policyholders in a test case this week. -
More European banks may see benefits to merging with each other as the coronavirus crisis damages profitability and the European Central Bank appears more positive on tie-ups. However, cross-border M&A is likely to remain difficult to execute.
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The European Commission’s proposed new approach to non-performing loan securitization may encourage more deals to come out in fully placed format, accelerating development of the market. But the revised rules still hurt banks which hold part of the structures, and which form the vast majority of the market today, as the Commission took its lead from the Basel Committee rather than its own regulators.
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The European Commission will meet with governments and industry this month to flesh out a plan for how to deal with a build-up of bad loans on bank balance sheets.
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In this round-up, China’s August credit data offers a positive surprise, the government introduces greater control on domestic financial holding companies, and ByteDance rejects Microsoft’s offer for TikTok’s US operations in favour of a possible tie-up with Oracle Corp.
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This week in Keeping Tabs: the state of EU capital markets and whether good government matters, a profile of Mairead McGuinness, and Adam Tooze on central banks.
