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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. -
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.
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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.
