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Capital market participants tend to keep their heads below the political parapet. Brexit is one issue they must not ignore. It would sabotage the City’s leadership in financial services and be an assault on the fabric of global governance.
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Regulators and politicians thought after the crisis that lenders should stick to making loans that match their liabilities — banks to the short term, insurance companies to long term lending. The opposite is happening. If regulators want to achieve their aims, they need to review the rules now.
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That securitization can help stimulate lending to Europe’s real economy has become somewhat of an ECB mantra. The ECB’s ABS purchase programme was designed to stimulate new issuance by making it cheaper and easier for banks to obtain funding and free up capital for new lending.
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High quality securitizations that benefit from favourable capital treatment could be the catalyst that the ABS market needs, by increasing investor confidence in the market and making the asset class more attractive to issuers. But regulators need to sort out their differences first.
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There is no better illustration of human diversity than a US Federal Reserve press conference. Thousands of financial specialists, mostly with similar educations and backgrounds, listen to them at the same time.
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Investment banks, like empires, rise and fall — only rather faster. In December 1997, EuroWeek (forerunner of GlobalCapital) covered the first bond on which Royal Bank of Scotland appeared in the syndicate, as a co-manager.
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European policymakers have identified CLOs as a way to help channel credit to SMEs. So the risk retention rule they are planning to implement makes no sense at all.
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Not just Freddie Mac and Fannie Mae, but perhaps the American dream of home ownership itself, are in need of a revamp, former heads of the Federal Housing Finance Agency and the Office of Federal Housing Enterprise Oversight said on Thursday.
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Women in Securitization, a Structured Finance Industry Group initiative, laid out key methods for women to overcome the challenges they face at a packed panel discussion on Wednesday.