Securitization - European Archive

  • UK mortgage moratoriums clash with Libor deadline

    UK mortgage moratoriums clash with Libor deadline

    The Financial Conduct Authority has ruled out an extension of Libor, leaving the UK RMBS market to face the challenges of transitioning legacy deals before the end of the year. Because of the Covid moratorium extension, this leaves little time to move on to the new benchmark while the market digests new mortgage affordability data.

  • FCA moratorium guidance to lessen RMBS protections

    FCA moratorium guidance to lessen RMBS protections

    The UK’s Financial Conduct Authority (FCA) has encouraged banks not to record mortgage loans with payment moratoriums as being in default, delaying default related triggers designed to protect noteholders and causing concerns around RMBS deal performance.

  • Credit funds said to see opportunity in UK SME loan scheme

    Credit funds said to see opportunity in UK SME loan scheme

    Credit hedge funds are looking to finance books of SME loans originated under the UK government’s Coronavirus Business Interruption Loan Scheme (CBILS), subscribing for the equity in private securitization vehicles backed by the loans. The government guarantees are likely to improve the financing terms on offer, boosting returns for funds that can access these assets — but there are still questions over the details of the scheme.

  • BWIC volume highest since 2016 YTD

    BWIC volume highest since 2016 YTD

    European securitization bids wanted in competition (BWIC) volume has already reached €4.6bn in 2020, the highest level since JP Morgan's research team began collecting BWIC data in 2016. The secondary market is rallying following an improved equity market and a reopened European primary.

  • EIB turns to securitization for green finance, SME relief

    EIB turns to securitization for green finance, SME relief

    The European Investment Bank (EIB) has invested in a Portuguese RMBS collateralised by green assets as part of a wider ESG programme. The group has also revealed details of its significant risk transfer (SRT) programme designed to support SME loans during the lockdowns.

  • BoE explores further measures to expand Covid support

    BoE explores further measures to expand Covid support

    The Bank of England is mulling ways to support businesses left out of Covid-19 support schemes, with a focus on sub-investment grade corporates and encouraging lending into the real economy. A securitization structure is being comtemplated via the setting up of an intermediary bank.

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