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Of all the parts of the EU Sustainable Finance Action Plan, the Taxonomy is closest to the heart of the green bond market. -
As investors and service providers pour into the market for Greek non-performing loans, authorities in the country have proposed two schemes to help the country's banks meet their ambitious targets for selling off these assets and cleaning up their balance sheets. Only one of them deserves serious consideration.
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The CLO market in Europe is off to a solid start for the year, despite the complaints of managers and arrangers alike that conditions are tougher than they have been for years. But look closer, and it seems worryingly narrow, with one investor dominating the top of the capital structure. That might be helping deals get done, but it is far from healthy.
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As worries about the leveraged loan market have entered the mainstream, there’s an obvious villain: the booming CLO market, which has expanded, gobbling up whatever the stretched lev loan mart can feed it. But not all heroes wear capes. Despite being a three-letter acronym, these vehicles could be the heroes we need.
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Californian utility firm PG&E’s impending bankruptcy filing, on the back of unprecedented liabilities for wildfire damage in the state, is a warning sign that investors may find it impossible to predict how the climate crisis will threaten companies, both quickly and slowly.
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Ginnie Mae, which oversees more than $2tr of US residential mortgages, has grappled with a prolonged cycle of ‘loan churning’ of Veterans Affairs loans, the steady unwind of the Federal Reserve’s balance sheet and a challenging mortgage finance market in the past year. GlobalCapital’s Alexander Saeedy connected with Ginnie Mae COO Michael Bright to discuss what lies ahead for the agency in 2019.
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Eurobank’s ambitious scheme to fully merge with its real estate firm Grivalia, hive off €7bn of NPLs, and sell a stake in its servicer was rightly welcomed by the market, with the shares bouncing on Monday morning and other Greek indices rallying. But it’s not something the country’s other banks can count on — the scheme relies on a generous backer, willing to double down on the troubled economy.
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EU authorities are allergic to complex financial products — except when they solve a problem for the EU.
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Between sleeping and waking, there is a middle phase: you realise it’s time to get up, but can’t quite bear to admit you need to get out of bed. London’s debt capital markets teams are in that zone. Brexit’s alarm has sounded, but few are eager to haul themselves into the cold air of Frankfurt or Paris.
