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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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US lawmakers are moving towards securing an additional $250bn for the Paycheck Protection Program (PPP) as it becomes clear that businesses will burn through the amount originally set aside for the rescue. But more funding is just one of the many fixes the programme needs, sources say. -
GlobalCapital speaks with Funding Circle head of US regulatory affairs and social impact, Ryan Metcalf, about the pitfalls of the US government’s Paycheck Protection Program, the hurdles for fintech companies, and other measures the Trump administration can take to protect small businesses.
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Banks sponsoring asset-backed commercial paper conduits activated the liquidity lines backing up these vehicles in the days before Federal Reserve intervention started to stabilise commercial paper markets, as rates spiked and investors focused on only the shortest maturities.
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UBS has promoted Barry Donlon to run its debt capital markets business for Europe, the Middle East and Africa, alongside several other job changes.
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Companies in sectors that lack government support packages are having to weigh moving quickly to secure costly private-sector rescue capital against waiting and hoping governments extend existing bailout or liquidity schemes to them. The cost of Carnival Corp’s $6.25bn package last week showed how expensive private sector cash can be, but many sectors’ prospects of receiving public money are better than the Panama-domiciled cruise company.
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Lenders are scrambling to process an overwhelming number of applications without clear guidelines for the Paycheck Protection Program (PPP), a government-backed lending program that kicked off last Friday. From certifying lenders to accepting applications, sources have described the process as "a disaster", with many small businesses running out of time and cash.
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The European Banking Authority has made it clear when loans subject to Covid-19 moratoria should be classified as forborne exposures or distressed restructurings, following calls from the industry for further guidance in this area.
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Together Money has hired former LibreMax European ABS head Steven Harrison to oversee its loans, mortgage and finance arms.
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