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Latest news
European and high yield chiefs to take the reins
Kevin Duignan to retire after 33 years, mainly in structured finance
First European buy now, pay later securitization expected next year
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The diversity in finance roundtable at Global ABS on Wednesday struck a dismal tone in noting that not a great deal has changed with regard to the representation of women and minorities since the market began having these conversations, leading the panel to urge more novel approaches to addressing the problem. -
The European Banking Authority could push forward a new set of regulations designed to make sure the securitization market can play a full role in resolving the non-performing loan problem faced by Europe’s banks, according to Adam Farkas, executive director of the EBA, speaking in a keynote address at the IMN/Afme Global ABS conference in Barcelona.
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Regulatory issues over the past year have been a drag on what could have been achieved in the European ABS new issue market, with teething issues surrounding the introduction of the new Securitization Regulation, due to kick in January 2019, potentially contributing to a dip in issuance at the start of next year, said panellists speaking at Global ABS on Wednesday.
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Deutsche Bank’s head of corporate finance EMEA, Alasdair Warren, has become the highest profile casualty of new CEO Christian Sewing’s cost-cutting drive, after failing to re-establish Deutsche at the summit of the European corporate finance rankings.
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IFRS 9 accounting rules are cutting certain investors out of some ABS asset classes all together, with auto lease ABS likely to be hardest hit, according to panellists speaking at Global ABS on Tuesday.
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Scor said that being able to launch a catastrophe bond from the UK provided it with a useful alternative for issuance, after it sold the first catastrophe bond from the country with an unusual dual layer structure last week.
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The proposed changes to the Volcker rule include an invitation for comments on whether CLO managers should once again be able to hold high yield bonds in their portfolios, a move that would bring US managers back in line with their European counterparts.
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Risk retention in securitization, designed to make sure players have ‘skin in the game’, has driven a trade that seems almost the opposite – investment banks profiting by using their market stature to hold risk retentions instead of their clients. Barclays is the most recent player to take advantage, and for the lowest fee yet.
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Fitch Group has reached an agreement to acquire Fulcrum Financial Data, which includes financial analysis brands such as Covenant Review, LevFin Insights and Capital Structure.
