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The reputation of securitisation in Europe is seeing a remarkable turnaround. Not only has the market been allowed to shed its dunce’s cap and leave the naughty corner, but many now see securitisation as a crucial to preventing Europe’s faltering economy from going into further decline.
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CLO investors need to be realistic about equity returns. If not, the risks could quickly become terrible.
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Exillon Energy’s no-show this week, following Ruspetro’s deal postponement earlier this year, proves that emerging market investors, despite driving the CEEMEA bond markets to record issuance levels this year, can still say niet.
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A new private debt fund hopes to entice institutional investors into emerging market loans, but banks must be at the forefront of teaching these newcomers how the market works.
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By Nigel Dickinson and Will Dibble, capital markets partners at CMS Cameron McKenna.
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By Nigel Dickinson and Will Dibble, capital markets partners at CMS Cameron McKenna -
In an effort to eliminate the infamous abuses of repurchase agreement sale accounting illustrated by the demises of Lehman Brothers and MF Global, the Financial Accounting Standards Board reached a decision on Oct. 13, 2012 to restrict collateral providers in repo agreements from treating such transactions as sales. But FASB’s proposed accounting change threatens to make the Federal Reserve’s eventual exit of the latest round of quantitative easing much riskier.
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It is understandable if investors dislike Argentina, but President Kirchner is right to refuse to pay vulture funds holding defaulted Argentine debt more than what the sovereign paid bondholders in earlier restructurings. The US courts have given Argentina until the end of March to explain its proposals to make partial payments: these payments would be the fairest solution.
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The successful sale of Commerzbank’s SME-backed covered bond leaves the securitisation market looking precariously redundant, despite its claims that it holds the key to stimulating credit and growth in Europe.
