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MEP Paul Tang’s proposal to hike European ABS risk retention to 20% is grounded in a worn-out characterisation of structured finance, and shows that the industry is still struggling to shake off the perception of the US subprime crisis. -
The securitization industry’s efforts to educate legislators about the asset class are making progress – but there’s still a long way to go to help politicians overcome big screen characterisations of structured finance.
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The first ever public marketplace loan securitization in Europe has finally priced. The deal’s difficult execution isn’t a great advert for marketplace lending, but deals from other platforms should have a different experience — they are, after all, different asset classes.
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The Italian government and Banca Popolare di Bari’s board are proud that work has begun on dealing with the country’s non-performing loans (NPLs) problem, only six weeks after the new guarantee scheme was signed into law. But the hard parts are still to come.
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Regulations that have heavily favoured covered bonds over the European securitization market and that have little foundation in prudential risk are storing problems for the future. A report published on Tuesday by the Dutch central bank illustrating the regulatory mauling of the securitization market shows that nothing has changed.
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Lack of liquidity, not weakened credit conditions, has been the driving force sending marketplace lending securitization spreads wide by the hundreds, panelists at ABS Vegas said on Monday.
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Large financial institutions may be unwilling to continue to make markets in securitizations if punitive liquidity regulation in the ABS space continues, according to panellists at ABS Vegas.
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Representatives from Women in Securitization, a Structured Finance Industry Group initiative, said that a lack of transparency and employer accountability in the reporting of employee diversity is one of the main hurdles to changing the landscape of a traditionally male-dominated industry.
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European investors are likely to be big contributors to the US CLO market as the country finalises its risk retention requirements, according to panellists at ABS Vegas.
