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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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In this special round-up on China’s annual Two Sessions parliamentary meeting, the government does not set a growth target for 2020 but raises the budget deficit to at least 3.6% of GDP. It also plans to issue Rmb1tr ($140bn) of special ‘anti-pandemic’ treasury bonds. -
The US Commodity Futures Trading Commission’s global markets advisory committee, a steering group made up of market participants, has recommended that the regulator provide a further six month grace period for compliance with initial margin requirements.
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France and Germany presented a joint plan for a €500bn grant-based EU recovery fund earlier this week. Eurozone periphery investors reacted with delight, but other member states resisted. Despite the opposition, most believe that Germany’s support of the plan marks a sea change in European politics and offers a chance for Europe to catch up with the Covid-19 spending of other developed economies, writes Lewis McLellan.
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The UK chancellor has doubled the mortgage moratorium period to six months, but has not allowed mortgage lenders more discretion when deciding to grant payment holidays on their mortgages. This is making RMBS performance difficult to assess, market participants say.
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The new UK insolvency law, introduced into the British parliament on Wednesday, will allow unconsenting creditor classes, including secured creditors, to be crammed down during a restructuring. This could mean bondholders and banks, rather than landlords, take more of the pain in the coming wave of corporate distress. Hotel chain Travelodge is likely to be one of the first major companies to use the new rules.
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The European Central Bank said this week that policymakers should consider offering banks further relief on their leverage ratios during the coronavirus pandemic, building on legislative proposals put forward by the European Commission last month.
