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New hire to be US head of digital infrastructure finance for combined firm
Norton Rose Fulbright and Katten have added to their legal teams
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Secondary securitization activity has accelerated since the first weeks of January, with strong prints on a large list of mainly euro-denominated auto ABS. Several market participants note that the ABS market is becoming less risk-averse as the year goes on. -
End of year earnings calls at the US banks all featured anxieties about the exposure of the firms to a leveraged finance market that was looking increasingly stretched through year end, with some bridges said to be hung and discounts offered on risk positions.
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The European Central Bank has slapped the institutions under its supervision with deadlines for dealing with their stocks of non-performing loans, giving the weakest lenders up to 2027 to raise their coverage levels to 100%. The revelation hit Italian banks hard in the market this week, though some commentators said that the new recommendations should hardly have come as a shock to investors.
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Barclays is on the road this week with a CLO that it is looking to sell this quarter for Credit Suisse Asset Management.
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EU banks have drastically reduced their non-performing exposures over the past year, and the weakest lenders in terms of provisioning shortfalls are not from Europe’s periphery, according to research by Axiom Alternative Investments. However, two banks named as some of the worst performers disagreed with this label.
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Greenwich, Connecticut based Wellfleet Credit Partners, the performing credit business of Littlejohn & Co, has promoted Dennis Talley and Scott McKay to managing director with a focus on CLOs.
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Kensington Mortgages has renewed a warehouse line of credit with BNP Paribas and Citibank, giving it the ability to fund nearly £1bn worth of new originations.
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Capital markets veteran Sandeep Agarwal speaks to GlobalCapital about his decision to leave the sector after a period of more than 20 years, reflecting on what he describes as the "best learning experience" he could have asked for following the financial crisis. As he prepares for a new challenge outside of banking, Agarwal warns that the industry is not "out of the woods yet".
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A handful of prime UK RMBS deals are rumoured to be in the pipeline, along with several prime euro transactions, with issuers said to be targeting US investors while they wait for the fog to clear around new ‘simple, transparent, standardised’ (STS) rules.
