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“…Everyone take stiff drink, look at the balance on your 401k statement at the end of last month, and if that doesn’t tell you that markets are global I don’t know what does.” – Richard Johns, executive director, Structured Finance Industry Group
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Last month Moody’s Investors Service announced it would be taking comments on a proposal to loosen its criteria for rating single borrower CMBS. Let's hope this is not part of a ratings race to the bottom.
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What if securitization was just a convenient halfway house before the next evolution of finance?
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European regulatory authorities are finding pseudo-reasons to ease back on regulation. That’s easier than admitting they were wrong the first time.
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The UK wants more competition in the banking market, and sure enough, challengers are springing up. But why would you want a banking licence in this day and age?
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Barclays wants to be a bank that puts origination first. But can it justify shutting dedicated secondary businesses?
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Funding for small and medium enterprises is everyone’s favourite thing. But unless it makes money, nobody will do it.
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Regulators, politicians and investors are right to be sceptical about synthetic securitizations as a tool for transferring risk. Pre-crisis deals were rife with confusing, and at times dishonest, documentation. But with the right approach, these deals can help banks reduce their risk and give qualified investors access to much needed yield.
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The Swiss bank was mandated for a French RMBS for Crédit Foncier de France – perhaps a surprising move for some who thought the bank was fully out of the securitization business.