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Münchener Hypothekenbank’s €300m ESG Pfandbrief will be remembered as one of the most important milestones in the development of the socially responsible investment (SRI) bond market.
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The European Central Bank has finally put its money where its mouth has been for some time on reviving European securitization. But if it doesn’t help banks shift the riskiest tranches off their books, it will have changed absolutely nothing.
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Some market commentators seem to think the European Central Bank's ABS purchase programme is not the real deal, because it will be limited in size by the low volume of placed securitizations and the difficulty of pricing off-market deals. One research team estimates the ECB might buy €40bn over three years. But this seriously underestimates the potency of the ECB’s move.
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Boris Johnson’s plan for a new island airport east of London is a vainglorious waste of money. The UK’s decision to build new runway capacity at Heathrow or Gatwick is the right one. They are proven capital markets players and are best placed to deliver.
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So often boutiques provides shelter for senior bankers during the downturn, only to see them lured back when bulge bracket firms resume their expansion in an upward cycle. Can StormHarbour prove the exception and keep its key staff onboard? David Rothnie investigates.
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Standard & Poor’s has tweaked its corporate loan recovery ratings, indirectly affecting CLO recovery value tests and prompting managers to consider returning to the agency after preferring Moody’s. What a coincidence.
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Standard & Poor’s has tweaked its corporate loan recovery ratings, indirectly affecting CLO recovery value tests and prompting managers to consider returning to the agency after moving to Moody’s. What a coincidence… -
Everyone knows that central banking is as much about posturing as taking action. With that in mind, European Central Bank president, Mario Draghi must be pleased that peripheral European ABS paper has tightened by about 20bp since his announcement two weeks ago that his employer would look into outright purchases of “simple and transparent” ABS.
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Now even the European Central Bank is having a go at the poor ratings agencies for having the wrong opinions on ABS ratings. More investors should be taking the decision into their own hands, but to do so they need greater transparency.
