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“What were they thinking?” cried the European ABS market this week as the full impact of what originally seemed like an innocuous ban on an already illegal mortgage product became clear. -
The ECB should take a bold step this week to signal the end of the ABSPP, something which many in the market would welcome.
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The US CMBS market is becoming more concentrated, with a smaller number of lenders structuring more deals exposed to the same properties. Lenders will have to make the CMBS experience a better one for borrowers if they want to pump life back into the market.
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The loss of London as a cohesive financial centre would probably lead to a splintered European financial market, which would be a blow to the continent’s attractiveness for global financial firms.
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The process to save the world's oldest bank, Monte dei Paschi di Siena, has dragged on long enough to feel like it may have been, appropriately perhaps, the world's longest winded bank rescue. For such an investment of time and manpower, the fact that the final resolution is a large bill for the Italian taxpayer is disappointing.
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The Basel Committee was a wonderful idea when was first convened. But with bank liquidity measures becoming more difficult to codify and different jurisdictions going their own way on a number of issues, the idea behind a united global banking standard might soon become irrelevant.
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Surely peak chastisement of the financial services industry was reached this week when the Bank of England berated UK lenders for using what by any standard must seem prudent risk modelling.
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Bank of England governor Mark Carney’s caution on the UK economy in his Mansion House speech on Tuesday could be an early warning for the UK RMBS market that the Term Funding Scheme (TFS) won't end soon, an unwelcome development for supply starved investors.
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A trend in the US over the past couple of years has involved securitization issuers doing everything possible to avoid using the term subprime. Such verbal chicanery does their market no favours.
