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President Barack Obama last week signed into law the most extensive overhaul of the U.S. financial regulatory system in history.
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Almost everyone in the market noticed the flurry of activity in new issue commercial mortgage-backed securities in both the U.S. and this side of the Atlantic at the end of April. In this article we consider how these new issues differ from pre-crisis CMBS, the investor appetite, the stance of the rating agencies towards such deals, and what these new issues may signal to the market. -
The ECB has been the single most influential institution in European structured finance for the past three years.
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How is trading CMBS today different than it was five years ago? There is significantly more price volatility today. A big part relates to the market meltdown and the anxious disposition of investors postmarket meltdown. In general, there is less overall confidence, which leads investors to want to shoot first and ask questions later. That is not only true for CMBS, but practically all financial markets.
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The July 2009 Edition of the Securitisation & Structured Capital Markets Newsletter contained an article reviewing the gradual tightening of the eligibility criteria for the European Central Bank's asset repurchase facility, which allows asset-backed securities to be used as collateral for funding.
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Amid the glow of the French Riviera, MIPIM 2010--one of the biggest real estate conferences in the world with nearly 18,000 in attendance--just ended.
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According to standard practice, a fixed-income obligation insured by a monoline simply acquires the rating of the monoline regardless of the latter's stand-alone rating.
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During the April 7, 2010 open meeting of the Securities Exchange Commission, the SEC unanimously approved the release, for a 90-day public comment period, of a proposal to revise Regulation AB and other rules regarding the offering process, disclosure and reporting for asset-backed securities.
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A number of significant changes are under way with respect to the credit default swaps market.
