-
As London waits to see the Brexit deal that emerges for the UK’s financial services industry, one small part of the sector has quietly received a big legal boost. -
The US CMBS industry is clawing back market share in real estate lending by targeting high end hotel and office properties with single loan deals. But lenders have had to loosen their standards to do so, and the proliferation of single loan deals will concentrate risk in a market designed to diversify it.
-
Up to four transactions from marketplace lenders SoFi and Lending Club are slated to hit the market this quarter, including prime and non-prime consumer and student loan refinancing offerings.
-
The first CMBS conduit deal was priced on Friday, with spreads at the top of the capital structure falling to post-crisis tight levels, reflecting the rise in the 10 year Treasury rate and the move in swap spreads.
-
The CLO curve has flattened as a result of the success of the refinancing market, and investors may be becoming complacent on the duration risk in longer dated bonds, said a CLO portfolio manager on Thursday.
-
Risk managers are already turned on to the benefits of balance sheet CLOs — if arrangers and investors in this intensely private market are to be believed, almost every large institution in Europe has been looking at issuing these deals. But they still leave a nasty taste in some mouths.
-
US CLO debt is at its tightest levels since the financial crisis, but with seemingly relentless demand spreads are set to get even tighter once the primary market builds up steam, according to bankers.
-
Last year was a strange one for European ABS, with negative yielding euro paper and the securitization of higher risk credit titillating the market, but with extraordinary monetary policy set to continue in the eurozone, and economic fundamentals improving across the continent, these trends will likely continue in 2018.
-
The Italian banking system finished the year strongly with UniCredit making good progress on Project FINO (the bank's plan for asset disposal, named Failure Is Not an Option) and Genoa’s Banca Carige finalising the all-important capital raising part of its turn-around plan, but there is still a lot of work to be done to resolve Italy’s banking problems in 2018.
