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Scrutiny of regulatory proposals by those without securitization expertise is a feature, not a bug
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
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Corporate debt levels have increased to a point where a sudden shift in financial conditions could trigger disruptive capital outflows from emerging markets, the head of the International Monetary Fund has warned finance ministers of the G20 group ahead of their summit beginning on Saturday. Christine Lagarde also said that the G20 should streamline the topics it concerned itself with. -
Comco, the Swiss competition commission, has imposed fines of Sfr90m ($89.9m) and reached amicable settlements in relation to alleged FX rigging by traders from major banks.
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The US Senate has approved the nomination of Dr. Heath Tarbert as chairman of the US Commodity Futures Trading Commission.
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Securitization investors and traders have told GlobalCapital that CLO anchor investor Norinchukin Bank has taken a step back from both the US and European markets. As Tom Brown writes, some have suggested that the bank’s domestic regulator has voiced concerns about its surging holdings of senior CLO debt.
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Insurance firms appear untroubled by the impact of climate change on some aspects of their business, while the industry is also overly reliant on historical data that could become irrelevant, according to a consultation paper released by the European Insurance and Occupational Pensions Authority, the supervisory body. Insurers are integrating sustainability into investment decisions, but EIOPA said a brown taxonomy could be useful for the purposes of further work on capital requirements.
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A key regulatory technical standard (RTS) draft for homogeneity requirements in European securitizations has been finalised, in a move that shows work on the 'simple, transparent and standardised' (STS) framework is progressing, though not at a quick enough pace to entice more investors to market.
