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As if any further evidence were needed, a new report by Fitch has offered another slug of support for the reputation of European RMBS. The continent's regulators need to start giving the product the credit it deserves.
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It's hard to make banks adhere to CMBS disclosure standards if investors are happy to ignore them. The buyside only has itself to blame for not insisting on proper transparency.
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Two European CMBS deals have been issued in little over a week — matching the total number of deals that have been issued since the subprime crisis began. This is clearly a positive sign, but it does not mean the market is now open for business. It will be many more years before a properly functioning market returns.
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Despite a slowly healing U.S. office property market, the commercial mortgage-backed securities office sector continues to struggle. -
As Basel III approaches, investors should expect to see more deals like VTB’s hybrid capital deal. They need to get used the potential variables that such trades bring.
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Demonstrating access to the capital markets is an essential part of a country's economic rehabilitation. That makes last week's bond from Ukraine useful. But one deal is no evidence of regular access and the faith of some investors does not outweigh all other problems.
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There is a new boy band set to hit the airwaves, called the EM Syndicate Managers, don’t you know. The revelation came from one of the strapping young lads seen in a photo sent to EuroWeek featuring three of EM’s finest in a very boyband pose.
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Suek is the second Russian credit to make a quick return to the market for a large loan this year. It is a decision that risks putting a strain on relationships and frustrating all concerned.
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If Europe is serious about growth, it needs to get serious about securitisation. The PCS initiative should help.
