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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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The European Systemic Risk Board is recommending that financial institutions do not equity dividends at all this year, so that they maintain high levels of capital. It acknowledged the risk that some firms could otherwise be stigmatised if they decided to restrict distributions amid Covid-19. -
Struggling UK small and medium-sized enterprises could see their debts sold to insurance companies or other institutional investors in a scheme similar to that used to securitize student loans in the country, according to proposals floated by finance lobby group TheCityUK in a report published on Monday.
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The Shanghai Stock Exchange has clarified rules around red-chip companies listing on the Star board, shedding light on some areas that have previously confused bankers in China.
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Travelodge has opted to restructure its debts through a CVA rather than using the UK’s new restructuring framework, shortly to become law. That means landlords are likely to be the losers, rather than bondholders.
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China has opened an asset-backed commercial paper market, announcing new regulations and preparing five trial deals — three of which will be priced by the end of the week. Rebecca Feng reports.
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The head of the Prudential Regulation Authority (PRA) has sent a letter to banks confirming its guidance on how to provision for expected credit losses (ECLs) amid the coronavirus pandemic. The UK regulator also said that it would be asking for more information around loan loss provisions in an effort to identify "significant outliers" in the market.
