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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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Official financial lifelines to keep UK companies alive through the coronavirus pandemic are already having a tangible effect. Shares in Redrow, the UK housebuilder, rose 7.5% on Thursday morning after it announced it had been approved to borrow up to £300m from the Bank of England’s commercial paper facility for investment grade companies. -
In this round-up, US president Donald Trump lashes out at the World Health Organization (WHO) for being too ‘China centric’, and the State Council plans to develop more active capital markets and promote e-commerce trades.
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The China Securities Regulatory Commission (CSRC) is speeding up the approval process for IPOs and follow-ons for companies impacted by the Covid-19 pandemic, GlobalCapital China understands.
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Sovereign defaults are part of the territory for emerging market investors but even by the standards of previous crises, surely nothing compares to the economic catastrophe that is rapidly engulfing large parts of the developing world.
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Bondholders appear to be sleepwalking over the precipice of a debt standstill chasm as the fissure of the emerging markets funding crisis yawns wider by the day. The IMF and World Bank have called for a suspension of debt payments to official and private creditors but there is scant evidence that the latter are alive to that possibility becoming a reality. Ross Lancaster, Phil Thornton and Oliver West report.
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The Eurogroup has, once again, manifestly failed to come to a unanimous position on coronabonds. The bloc does appear to be incrementally adding components to its joint fiscal response, however, with some form of joint recovery fund appearing likely — even if the source of its funding remains a mystery. Jean Comte, Jasper Cox and Lewis McLellan report.
