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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 round-up, the US refuses to back down from accusing China of covering up the origins of the Covid-19 pandemic, but despite the rising tensions, top trade officials from the countries spoke on Friday morning. -
The European Banking Authority (EBA) has published its proposals for developing a 'simple, transparent and standardised' (STS) framework for synthetic securitization, endorsing better capital treatment and permitting the use of some excess spread for credit enhancement — a boost for the market if the package is approved by the European Commission.
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Banks in the UK have built up large enough capital buffers to withstand the volume of credit losses expected to be triggered as a result of the economic shock of the Covid-19 pandemic, the Bank of England said.
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The Bank of England said on Thursday that it would be changing the way it looks at Pillar 2 capital targets, giving UK lenders more room to breathe during the coronavirus pandemic.
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Europe’s SMEs are in trouble. The coronavirus pandemic has zeroed revenues and threatens their very existence. They last faced a big threat in the 2008 crisis when bank lending dried up and a recession took hold. Back then, securitization took a lot of the blame as the cause, but this time it offers a route to rescue.
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Open access to central counterparty clearing houses may face further delays, it emerged this week, leaving derivatives market participants divided over whether it will actually become part of European regulation.
