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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. -
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.
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Fannie Mae on Wednesday priced a $922m note offering from its Connecticut Avenue Securities (CAS) programme, using a REMIC structure for the first time to allow more investors to participate in the burgeoning credit risk transfer (CRT) market.
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Waterfall Asset Management, a credit-focused hedge fund that specializes in ABS investments, is in the market with what it claims is the first publicly rated securitization of reverse mortgages.
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US CLO debt has held in despite volatile conditions across credit and stock markets, thanks to a steady loan market.
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Tesco Personal Finance, the lending arm of the UK supermarket, is targeting US demand with a new dollar mandate from its Delamare credit card ABS shelf.
