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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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The European Central Bank has given Banca Carige the all-clear to try and carry out its latest plans to turn itself around. The ailing Italian lender said on Monday that its next step will be to ask its shareholders for their approval at a meeting next month. -
The People’s Bank of China (PBoC) unveiled a new benchmark rate for bank loans on Saturday. The loan prime rate (LPR) will replace the current one-year lending rate, which has stood still for four years at 4.35%, as the new benchmark. The move is aimed at making the lending rates more market-based and lowering the funding cost for the real economy, analysts say.
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The European Central Bank said on Thursday that AS PNB Banka was "failing or likely to fail", marking the second time in as many years that a Latvian bank has been declared insolvent.
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In this round-up, the Office of the US Trade Representative postponed imposing 10% tariffs on selected Chinese imports, protesters paralysed Hong Kong airport for two days and Shanghai said it would allow foreign employees to receive stock options on the A-share market.
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A draft Polish law, requiring the written consent of property owners to transfer mortgages, would have “significant adverse effects on Polish banks’ funding” said the European Central Bank, with respect to the covered bond and securitization markets. However, a legal expert said there would be no direct impact on covered bonds.
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A number of supranationals have delayed their plans to issue Panda bonds over a dispute about their accepting Chinese regulatory oversight, write Rebecca Feng and Burhan Khadbai.
