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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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With a Conservative majority in Parliament meaning the UK will almost certainly leave the EU in January, attention turns to the transition period —market participants expect prime minister Boris Johnson to break his pledge not to extend it. Meanwhile, the UK’s financial sector now knows it will become less aligned to the EU, and bankers on contingent contracts could be about to move across the Channel. -
In this round-up, US president Donald Trump reportedly signed the phase one trade deal on Thursday, China concluded the Central Economic Work Conference and the Mainland government is set to turn Macau into a financial hub with new policies.
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Meant to bring about a new era for European securitization a decade after the financial crisis, the ‘simple, transparent and standardised’ framework actually stifled issuance in the first quarter of 2019. But a year on, STS is on its way to delivering what it had promised. Tom Brown reports
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In 2019, public sector borrowers led the way in the implementation of the new risk-free rates, with Sonia becoming a mainstream product. The question is whether Sofr and €STR can become as widely adopted as financial markets prepare for the end of Libor. Burhan Khadbai reports
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European banks are about as close as they can be to having clarity on their minimum requirements for own funds and eligible liabilities (MREL). Now it’s up to them to figure out what impact the new bond standard will have on their funding plans, annual profits and business models. Tyler Davies reports
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Battling against falling volume, the loan market also has to work out how to replace Libor. Loan market life will surely get more stressful as the clock ticks down to December 2021, when the rate is due to be phased out, although distractions might come in the form of sustainability-linked structures, writes Mariam Meskin
