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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
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
The possible further internationalisation of the covered bond market will present challenges as well as opportunities
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The detailed rules for the EU Taxonomy of Sustainable Economic Activities look set to come into force, as the European Commission published them on Wednesday, after weeks of intense lobbying and negotiation that had raised the prospect of them being delayed again. Gas will not enter the Taxonomy for now and will be dealt with in separate legislation, but nuclear power could enter the Taxonomy later this year, alarming greens. -
Hectic negotiations and lobbying are going on at the European Commission about the Taxonomy of Sustainable Economic Activities, in the last day before it is due to publish the detailed rules. Key countries including Germany have changed their positions, GlobalCapital can reveal, while supporters of gas and nuclear power are digging in. Battlelines are now being drawn over the timing.
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UK gym chain Virgin Active’s restructuring could set a precedent for restructurings of UK retailers. Dozens of retailers have used ‘CVA’ processes to cut their debt burdens, which typically hits their landlords hard but leaves other creditors unscathed. Virgin Active is instead using the new UK ‘super scheme’ restructuring law introduced last year to try to bind landlords and other creditors alike into accepting writedowns.
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A new acronym is joining the sustainable finance lexicon — the SRD. The EU’s Sustainability Reporting Directive will become the cornerstone of corporate reporting on sustainability, which is the foundation of responsible investing. A draft of it has been leaked, showing that it will impose much stricter rules on companies about reporting their environmental and social impacts, but also contains loopholes.
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The Chinese securities regulator and the Shanghai bourse have boosted requirements on Star market IPO candidates’ technology credentials, banning the listing of financial and investment companies and tightening scrutiny on financial technology firms.
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In this round-up, Beijing and Washington pledge to fight climate change together, Citi plans to set up onshore securities and futures companies as it ends consumer banking operations in 13 markets including China, and the banking and insurance regulator reassures the market that Huarong Asset Management Co’s operations are stable.
