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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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Italian government bonds sold off sharply this week as worries grew over the sovereign’s debt sustainability after last week’s Eurogroup meeting left any form of debt mutualisation a highly unlikely prospect in the near term. The result is that Italy will have to rely more on support from the European Central Bank as it prepares to bolt on a much bigger borrowing programme in response to the coronavirus pandemic. -
The coronavirus pandemic has put some major market regulation on ice, but not the Ibor transition, the most far-reaching financial reform still on market participants’ to-do lists.
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Bank of Italy officials said this week that the country’s most fragile financial institutions might struggle to cope with the economic impact of the coronavirus pandemic, raising the prospect of consolidation within the banking sector.
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Insolvency and restructuring practitioners have been catapulted into an unprecedented whirlwind of activity by the coronavirus, as even healthy companies suddenly find themselves staring over a financial precipice. In the UK, the government will change insolvency rules to ease these situations, but specialists believe there is more to be gained by using existing laws better.
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Reviews of key areas of legislation such as MiFID II, bank capital requirements and Solvency II have been pushed into the future, as the European Commission puts green and digital regulation first.
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ABS eligible for the simple, transparent and standardised’ (STS) criteria could have lost its preferential capital benefits after payment freezes on consumer lending went into place across Europe, but the EBA has acted to clear up the uncertainty and confirm the capital benefits.
