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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.
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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.
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Football might not be coming home this year (although it depends who you ask, and in the spirit of our new name, GlobalCapital should probably sit on the fence in that debate) but securitization definitely did. Barcelona became the capital of Collateralunya once again this week — and some of the city’s residents received an unexpected windfall in time for the World Cup.
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The ECB’s announcement on Thursday that it will look into outright purchases of simple asset backed securities wasn’t exactly a big bazooka for Europe. But it was an important step and could be a defining point in the securitization market’s history. The bazooka might not have been built yet, let alone fired, but the ECB is at least designing it so that it will work properly.
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It’s a classic moral panic for the UK broadsheet newspapers. ‘Government housing policy fails’ scream the headlines. ‘Paltry take-up for social housing aid’.
