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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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European member states have voted to approve the law introducing the Taxonomy of Sustainable Economic Activities at the second time of asking, after France and other objectors won concessions in favour of nuclear power that pro-green observers insisted were nothing to worry about. -
Retail investors who bought two minibond issues from Chilango, a London-based Mexican food chain, are set to lose their money, with either a 90% writedown or debt-for-equity swap heading their way. This was grimly predictable, based on a cursory glance at the deal documents, but the issue shows how messed up our investor protection rules are.
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The Bank of England said it will increase the countercyclical buffer by 100bp for UK banks after disclosing the results of its latest stress test this week. As the sector performed well in the test, the new capital requirements are being interpreted as a ‘Brexit buffer’ to help institutions withstand the risk of economic turmoil at the end of 2020.
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Fidelity, the US asset manager, warned the European Securities and Markets Authority that Europe’s Market Abuse Regulation lacks clarity, and that even public side information on leveraged loans could potentially contain material non-public information.
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The European Securities and Markets Authority (ESMA) has launched a consultation on the rules surrounding penalties for third-country central counterparties (TC-CCPs), trade repositories (TRs) and credit rating agencies (CRAs).
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The Italian government will allow two public institutions to recapitalise the struggling lender Banca Popolare di Bari, giving them room to provide it with about €1.5bn.
