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Wells Fargo, JP Morgan and Citi are among the top US bank buyers of CLOs
Former US undersecretary for international trade expects more stockpiling
PRA and FCA go much further than EU in loosening rules
Liberated issuers will still have to follow European regulations if they want to sell in EU
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Commissioner of the US Commodity Futures Trading Commission Brian Quintenz attacked the “perverse outcomes” stemming from the supplementary leverage ratio and its treatment of segregated margin, in a speech to the US securitization industry’s annual SFIG Vegas conference. -
Cuts to trading capital requirements for securitizations would be welcomed by dealers, but are unlikely to result in big boosts to balance sheet commitments, according to securitization pros at SFIG Vegas 2018 on Monday.
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PGIM’s Ronni Neeman, vice-president, structured products, said that his institution was pushing CLO managers to put firmer terms on replacing Libor in their deal documents, cutting down on manager discretion — which could be used to lock in low fixed interest rates if the benchmark is no longer published after 2021.
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European Central Bank president Mario Draghi on Monday welcomed proposed EU powers over the clearing of derivatives in foreign jurisdictions, calling recent legislative efforts by the European Commission a “necessary initiative”.
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Candidates in Italy’s March 4 election have swerved away from the thorny issue of bank balance sheets. But observers should not be unduly alarmed: whatever happens, Italy’s politicians look set to scrape on by as before — for worse or for better.
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The capital markets industry is only just beginning to assess its exposure to the phase-out of Libor, expected at the end of 2021, and there isn’t an ideal replacement benchmark. In fact, there might not be by the time banks stop being compelled to make Libor submissions by the UK’s Financial Conduct Authority.
