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Would you rather live in a mansion or a horrible little flat? The answer is obvious, right? But UBS’s David Morland shocked Leak this week — he wants to live in a horrible little flat opposite a mansion.
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By Ted Leveroni, head of derivatives strategy, Omgeo In November 2012, the Federal Reserve Bank of New York’s Treasury Market Practices Group (TMPG) put forward a recommendation for forward-settling agency mortgage backed securities (MBS) transactions to be margined in order to better manage counterparty exposures.
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When Mario Draghi said — for the second time— that the ECB would consider buying ABS to boost Europe’s economic prospects, everyone took note. Everyone, it seems, except Europe’s regulators, who have shown a reluctance to change their anti-securitization tack. It is time for them to swallow some pride and roll back the harshest securitization regulation — before it is too late.
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Having the last laugh is satisfying — just ask Russia’s Siberian Coal Energy Co (Suek). The firm is on the verge of signing a hugely successful facility after almost all corners of the emerging market loan universe said that the deal would struggle because of its five year tenor — Suek’s third loan of this length since October 2011. The time has come for lenders to accept how things are, rather than grumbling about how they think they should be.
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Over the last five years I, like many of you, have spent a lot of time engaged in understanding various proposed financial reforms aimed at securitization and preparing industry responses to such proposals.
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In 2014, the credit quality of new collateralized loan obligations will be strong, characterized by amortization in both the U.S. and Europe and by solid deal structures, a benign macroeconomic environment, and loosening credit in the U.S. -
One lesson the mortgage industry learned during the recent financial turmoil: documentation matters.
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Positive U.S. macro and employment data has finally brought to bear the highly speculated tapering courtesy of the Federal Reserve.
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Ever since the world’s first rated issuance in 2006, “trade finance securitization” has been a buzzword in the banking industry.
