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Norton Rose Fulbright and Katten have added to their legal teams
Asset manager wants to offer more products to institutional investors
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Changes to the Volcker rule allowing US CLOs to hold bonds as well as loans ought to survive the shift to a new administration, but market participants will be counting the days and hoping the changes, enacted at the beginning of October, aren’t caught up in a Congressional review.
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Covid-19 has transformed the secondary market in securitization in various ways — from forcing the market to take trading online to shifting the peak trading hours. Panellists at ABS East this week said the changes enacted during the spring sell-offs are here to stay, and traders have already begun to adapt to the new normal. -
Institutional investors are on the verge of a huge opportunity in private debt, as assets migrate out of the banking system, according to Thierry Adant, who joined Newmarket Capital this week as its chief investment officer.
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With Joe Biden as president, and a split Congress, the prospect of sweeping progressive change and a comprehensive stimulus package has been dampened. However, the market expects to see substantial progress on the environmental, social and governance (ESG) front and Libor transition, despite the deep divide in government.
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Law firm Alston & Bird has hired a three person CLO team from Cadwalader, Wickersham & Taft.
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Green bond specialists have criticised the buildings section of the European Union’s proposed sustainable finance Taxonomy as impractical, creating unhelpful incentives and excluding most bank financing, including green senior unsecured, RMBS and covered bonds.
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Felix Fletcher has joined Investec’s power and infrastructure finance team as a senior coverage banker, originating for lending and advisory business across the group.
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The Basel Committee has backed down from tough new changes which could have raised the costs of financing non-performing loan portfolios, allowing banks to use external ratings to assess the risk of NPL securitizations.
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Fitch Ratings appointed Michael Paladino as the new head of structured finance for North America, its latest update from a global reshuffle.
