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Investor previously headed consumer ABF at Barings
Norton Rose also recruits experienced partner from Paris law firm to its structurization team
Asset manager's AUM could grow $20bn in 10 years
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Credit Suisse and Deutsche Bank have settled with the US Department of Justice, putting an end to some of the worst uncertainties hanging over both banks. But Barclays said that it had been sued by the DoJ in connection with RMBS underwriting, and that it was going to fight the case. -
Banca Monte dei Paschi di Siena's share price plummeted this morning, then rebounded, then fell back again, as fears have shifted to whether the bank can remain solvent, and the Italian government moved to be ready to bail it out.
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The confirmation on Tuesday morning that Lloyds had won the race to buy MBNA, the UK credit cards business owned by Bank of America, means the portfolio has little chance of returning to the securitization market.
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Rabobank, the largest mortgage lender in the Netherlands, announced on Tuesday that it was seeking to register a new Dutch covered bond programme.
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The immediate irony of the securitization industry’s efforts to create a “simple, transparent and standardised” framework to boost the market is that once Europe’s politicians got hold of it, it became a complicated, opaque and idiosyncratic way of holding it back.
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The European securitization industry’s attempt to soften the regulatory treatment of “simple, transparent and standardised” (STS) asset-backed securities was dealt a significant setback by a hawkish European Parliament on Thursday.
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UBS is exploring opportunities in 'asset-side projects', GlobalCapital understands, though it won't be relaunching its cash ABS franchise. It has brought Rob Baston, who once structured ABS and bank capital at the bank, back as a senior adviser to work on specific private projects for the firm.
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The non-performing loan securitization at the heart of Monte dei Paschi di Siena’s rescue package could pay out fees of €2.72bn — including €1bn of servicing commission and a €710m legal bill. The bank has also revealed details of the planned issue’s structure, and the spread it hopes to achieve on the senior notes. Owen Sanderson reports.
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The European Parliament's Economic Affairs committee is set to vote on Thursday on its position on the future European securitization framework. According to a draft compromise seen by GlobalCapital, originators will be asked to keep 'a material net economic interest' in each securitization, equal to at least 10% of the total amount.
