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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.
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Bingham McCuthen partner Charles Sweet outlines the implications of the Commodity Futures Trading Commission's October and December 2012 interpretive guidance letters on commodity pools and how they relate to securitizations.
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Anthony Nocera, senior director at Kroll Bond Ratings, writes about the potential for asset-backed securitizations of property assessed clean energy (PACE) loans.
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Suzanne Mistretta and Dan Chambers of Fitch Ratings discuss the development of the REO-to-rental market and the whether the conditions are right for the securitization of such assets.
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Douglas Long, evp of business strategy at data provider Principia, examines the results of a survey of U.S. and EU investors on their uses of loan-level and collateral performance data.
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Paul Hastings partners Conor Downey and Charles Roberts take a look at the development of the European CMBS market, and examine what's next for the sector.
