Late cycle ABS holding up, amid fears of fleeting liquidity

The securitization market is in a good position from both the perspective of credit quality and structure as the credit cycle heads into late innings, an industry panel heard on Wednesday, but there were fears over the possibility of a sudden liquidity crisis when the market turns.

• 12 Jun 2019

ESMA urges market to prepare for SR implementation

The European Securities and Markets Authorities’ (Esma) executive director Verena Ross this week said that implementation of the Securitisation Regulation will be difficult, given uncertainties and the lack of a transition period for the regulation, which came into effect at the start of the year. But she urged all market participants to be prepared.

• 12 Jun 2019

Arrangers’ attitudes holding back CLO market, says PM

The attitude of managers and arrangers is holding back the CLO market, with weakening deal terms and pre-placement of triple-A tranches a particular problem, said Balint Vogavolgyi, senior portfolio manager at Aegon during a panel discussion.

• 12 Jun 2019

CLO buyers could pay for manager’s disclosure failings

Quirks of Europe’s new Securitisation Regulation, which came into force this year and is dominating debate at this year’s IMN/Afme Global ABS conference in Barcelona, could leave CLO buyers carrying the can for failures of CLO managers to meet their regulatory obligations.

• 11 Jun 2019

Angelo Gordon hires ex-Pimco covereds, ABS investor

Angelo, Gordon & Co has hired former Pimco portfolio manager Sunil Kothari as managing director, responsible for originating and executing on residential and consumer debt investments across Europe.

• 11 Jun 2019