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As the securitization regimes in the UK and the EU begin to diverge, the changes made so far will do little long-term damage and there are even potential benefits, as long as rule makers on both sides of the English Channel stay true to the 'simple, transparent and standardised' (STS) principle. -
Development banks across the world — and especially those in Africa — have proven to be indispensable sources of relief during the last year. Though Africa has a wealth of challenges to economic recovery, the West African Development Bank, also known as Banque Ouest Africaine de Développement (BOAD), has high ambitions for the year ahead. The bank’s president Serge Ekué spoke to GlobalCapital about these ambitions, including an imminent capital raise.
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The European Commission’s draft Taxonomy for Sustainable Activities will stymie green bond issuance as it’s based on an unfair system that excludes mortgages on many countries’ most energy efficient buildings.
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When hot new debt products are on the march, someone will always push the boundaries beyond what is tolerable. In the case of recurring revenue loans, that would be a mistake.
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Last year’s market crash and then screaming rally might have been a rough ride for CLO managers and investors alike, but it has stimulated innovation and maturity in a market which, in Europe, still had some growing up to do.
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Short sellers get a lot of stick, whether it is Elon Musk taunting them, an army of Redditors squeezing them or the corporations they target otherwise harassing, suing and investigating them. But they play a vital part in capital markets, as underlined by the Greensill affair — where the finance firm’s private status meant that for too long it could hide from the accountability that short sellers can help deliver.
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If the UK government is serious about reversing the trend in declining homeownership it needs to do more than the half-hearted guarantee on a narrow subset of loans announced in this week’s Budget.
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GlobalCapital spoke to Andre Hakkak, chief executive of White Oak Global Advisors, a fund specialising in SME, asset-based and direct loan origination, about the Covid crisis in the SME world, the coming end of government support, the end of Ebitda and the challenges of fundraising in a pandemic.
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Kensington is marketing the first ever RMBS 'social bond', which could mean investors accepting a lower spread for their mortgage bonds thanks to the label. But Kensington’s lending approach will be little changed by the new issue, raising the question of what the new issue changes.
