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Artificial intelligence’s capabilities could speed up some of the work involved in securitization, but its implementation poses risks. Building governance frameworks is key to deploying the technology safely, writes George Smith
Specialist mortgage lenders are optimistic that funding for asset-backed lending will improve in the long run, despite the difficult developing situation around the fall of specialist bridging lender Market Financial Solutions, writes Tom Hall
Investor appetite for CLO ETFs is increasing in Europe, as the asset class matures. But regulation and investor wariness may limit the eventual size of the market, writes Thomas Hopkins, meaning it will be some time before it can reach the scale of that in the US
The possible further internationalisation of the covered bond market will present challenges as well as opportunities
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A 14-strong group of trade associations have co-authored a letter asking the European Commission to grant UK central counterparties (CCPs) urgent extensions to their temporary equivalence determinations. -
European bank supervisors have switched their approach to excess spread in risk transfer securitizations, paving the way for the stream of full stack capital relief deals issued this year by banks including BNP Paribas and Santander. But questions remain about how the deals handle IFRS 9 accounting, with Santander’s approach potentially boosting principal losses for investors. Owen Sanderson reports.
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The creation of a common eurozone safe asset was discussed in depth at the Association for Financial Markets in Europe’s (Afme) European Government Bond Conference on Wednesday, with the consensus that such a security was needed. But there were questions over how it would be structured.
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Luis de Guindos, vice-president of the European Central Bank, warned of over-reliance on monetary policy and called on governments to do their part in helping restore growth in the eurozone, in a speech on Thursday.
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Green quantitative easing is having a moment. As the European Central Bank restarts the ordinary brown kind of money printing, buying corporate and public sector bonds, a broad range of commentators, from left wing activists to BlackRock’s head of official institutions, argue that central banks ought to put their balance sheet power in play to green the world. But turning to the central banks is a counsel of despair. The technocrats should be a last resort; it is politicians who should be in the vanguard.
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The European Central Bank let markets look under the bonnet of its new Corporate Sector Purchase Programme on Monday, and the only thing the raw data has confirmed is that omnipotent central banks like to move in mysterious ways seemingly at odds with what the market wants or needs.
