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Bank’s relationship with SpringCash is ‘commercial’
Stefan Jost will take over the role
Koning to leave in the next year
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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. -
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.
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Lee Rochford, the former head of FIG at RBS and more recently, chief financial officer of Virgin Money, has taken over as chief executive of debt purchaser Arrow Global.
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German investment giant Allianz Global Investors has bought US alternative investment manager Sound Harbor Partners for an undisclosed sum.
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The European Commission proposed on Wednesday to extend its ‘SME supporting factor’, which gives easier regulatory treatment to SME lending, and to create a new regulatory subsidy for infrastructure.
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The markets haven’t accepted that negative coupon bonds could become anything but an anomaly, even in a world of ongoing quantitative easing and persistently low or negative rates — but the European Central Bank is preparing for that eventuality.
