People & Markets

  • ‘Apprehension’ ahead as CLO market hopes to dodge 2018 repeat

    ‘Apprehension’ ahead as CLO market hopes to dodge 2018 repeat

    CLO managers are hoping to avoid a repeat of the ugly end to 2018, with some credit buyers opting to sit on their hands and wait out what is expected to be a period of thin liquidity and shaky sentiment. Despite a spate of nervousness and some late-cycle behaviour, however, underlying metrics in the market still look mostly sound, according to Steve Vaccaro, chief executive of CIFC, one of the largest CLO issuers.

  • Gas wins concessions, but EIB makes big step away from fossil fuels

    Gas wins concessions, but EIB makes big step away from fossil fuels

    In a marathon board meeting that lasted into the evening on Thursday, EU member states have approved a new Energy Lending Policy for the European Investment Bank, ending a dispute over how fast it can cut out fossil fuel financing. Those arguing for gas still to receive financing won substantial concessions, compared with the EIB's first draft of the policy.

  • Principal losses loom for risk transfer buyers after accounting wrinkle

    Principal losses loom for risk transfer buyers after accounting wrinkle

    European bank supervisors have switched their approach to excess spread in risk transfer securitizations, paving the way for the stream of full stack capital relief deals issued this year by banks including BNP Paribas and Santander. But questions remain about how the deals handle IFRS 9 accounting, with Santander’s approach potentially boosting principal losses for investors. Owen Sanderson reports.

  • Agricole’s Gay raises d’Intignano, Lamarque and Sodhi in reshuffle

    Agricole’s Gay raises d’Intignano, Lamarque and Sodhi in reshuffle

    Crédit Agricole announced on Thursday a reorganisation of its global markets financing and funding solutions (FFS) division, which includes several senior job changes, including the promotions of Atul Sodhi and Jean-Luc Lamarque, reported by GlobalCapital on Wednesday.

  • Mediobanca plots advisory, mid-cap push

    Mediobanca plots advisory, mid-cap push

    Mediobanca’s plan for the next four years involves boosting advisory origination and using capital more efficiently in its corporate and investment bank (CIB). It is also committed to issuing a sustainability themed bond.

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