Latest news
Latest news
Third deconsolidation RMBS from a UK challenger bank since November
Parliament’s draft amendments are kinder to the market than Commission's
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The European Commission’s plans to tackle the mountain of non-performing loans that are expected next year as government support schemes roll off have been criticised as unambitious. They have been dismissed as containing little beyond a review of proposals that have already been unveiled. -
The significant risk transfer market is usually at its busiest in December, as issuers hope to gain balance sheet benefits by year-end. But 2020 has seen a pullback from investors who have blamed a lack of credit data brought about by Covid-19 payment moratoria.
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A G30 committee led by Mario Draghi and Raghuram Rajan has outlined proposals for governments looking to deal with the surging corporate distress caused by the pandemic. The paper, published on Monday, recommends better restructuring laws, equity infusions, business interruption reinsurance and targeted credit for the most vulnerable companies.
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When the Brexit transition period ends on December 31, ABS deals listed on EU stock exchanges will become private deals for UK investors, and vice versa for UK deals. The change could ease the regulatory burden for some investors active in the market.
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The European Parliament and Council have agreed rules that will set the stage for securitization to play a role in helping European banks dig their way out of an impending surge in defaulted loans. The Parliament has added sustainability criteria to the final amendments.
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European banks are looking to reduce their cost of funding by fitting their asset-backed commercial paper (ABCP) transactions with the ‘simple, transparent and standardised’ (STS) regulatory stamp. Fresh regulations are causing headaches for the issuers, however, prompting increased concerns about the effectiveness of the label.
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NPL specialist Balbec Capital, which purchases defaulted portfolios at risk of foreclosure using securitization structures, is expecting an increase in opportunities to buy in 2021. Current NPL stock levels could double once government stimulus runs out, said the firm.
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Residential solar finance company and securitization issuer Mosaic has refreshed its leadership team with the appointment of a new CFO as well as a deputy chief credit officer and general counsel.
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The aircraft ABS secondary market experienced a surge in trading activity in November for the first time since the coronavirus outbreak, particularly down the capital structure in the class ‘B’, ‘C’ and equity tranches. Sources say the activity is driven by growing hopes from some funds for a recovery in the sector, met by sellers wanting to clean their books before the year-end.
