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Securitization Comment

  • More than half a year into the European Central Bank’s Asset-Backed Securities Purchase Programme, there are some in the market who are dubious about the impact the initiative can have on the European ABS market.
  • Green bonds, SRI, ESG — they’re all pretty much the same, right? Wrong.
  • Catalunya is famed for being the most independently-minded of Spain’s regions, but separatism was the last thing on the minds of Global ABS delegates this year. Securitization is becoming part of Europe once again, and GlobalCapital — reporting from our very own Special Purpose Vehicle — has all the gossip from the conference’s most positive outing in recent memory.
  • More than five years of intense lobbying later, and the securitization market still has the same set of complaints. Maybe next year things will be better.
  • Several ABS are being marketed this week in Barcelona, where delegates are meeting for IMN and AFME's Global ABS securitization conference — but the market is showing signs of stress.
  • Securitization received a timely boost at the International Capital Market Association's annual general meeting in Amsterdam on Thursday.
  • Creating money is very different to funnelling it from place to place. Unblocking Europe’s funding conduits is a worthy initiative, but banks are still a breed apart, and bank regulation still matters more than anything that comes out of Capital Markets Union.
  • In the space of a week the European securitization market will have seen the first post-crisis residential mortgage backed securities from Ireland and Spain since 2007.
  • Financial professionals would love Europe to harmonise its bankruptcy and insolvency laws. But examine any particular case — say, that of oil company Afren — and it is clear that goal is out of reach. That may even be a good thing.