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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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The Bank of England’s unscheduled decision to cut rates and encourage banks to lend to the real economy on Wednesday morning was viewed as a powerful step by some in the market, although it is very unlikely to put to bed economic uncertainty over the impact of coronavirus. -
Members of the European Parliament have still not found the right balance between cleaning banks’ balance sheets and ensuring appropriate control of debt servicers and protection of retail borrowers, causing a delay to plans to reform non-performing loan sales.
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High yield companies facing a debt market crunch could turn to private trade receivables securitization to deliver a lower cost source of funds, with this market likely to see a boost in activity during the second half of the year.
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Last year was the first since the crisis that European markets ducked under NPL ratios of 3%. It would have been a cause for celebration, if not for the coronavirus outbreak marauding the continent, ready to bring a new generation of non-performing assets to bank balance sheets.
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Italy has announced a freeze on mortgage payments following the implementation of a nationwide lockdown to deal with the spread of the Covid-19 coronavirus, with RBS offering similar mortgage relief to those affected by the outbreak in the UK.
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The European Central Bank is widely expected to ramp up its efforts to prop up the eurozone economy on Thursday. It could spear the effects of an oil price shock and the spread of the coronavirus outbreak with a trident of bank lending, rate cuts and QE.
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The European Commission's Technical Expert Group will be publishing its much-awaited Taxonomy and Green Bond Standard on Monday. GlobalCapital has received leaked copies from a source in Brussels. The GBS endorses a use of proceeds approach and limits the inclusion of operating expenditure. The Taxonomy contains reassurance for companies whose activities are not yet covered by it and sets out human rights standards.
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UniCredit has appointed a new global head of debt syndicate, as the present one is leaving the bank.
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BNP Paribas has hired Ankush Chowdhury as the head of transportation finance in the Americas, a newly created position focused on driving the bank's strategy for aircraft, shipping and other transportation asset classes.
