Latest news
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 ECB needs to release the regulatory brake on European mortgage markets, said a leading real estate economist at the European Covered Bond Council plenary meeting in Düsseldorf on Wednesday. -
Policymakers speaking at the inaugural Marketplace Lending Policy Summit in Washington DC on Tuesday promised to fix problems created by the controversial Madden case, and referred to marketplace loan ABS as critical to sustaining lenders’ growth.
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Kroll Bond Rating Agency has hired Mauricio Noé to lead a new push into the European market, where it hopes to offer ratings on the whole range of credit types, from public sector to high yield.
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The Consumer Financial Protection Bureau is awaiting the ruling in the US Court of Appeals for the DC Circuit over whether an enforcement action made against PHH Mortgage was legal and constitutional, in the first such suit against the regulator.
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It’s not just the level of delinquencies in subprime auto ABS — which in March hit a record high — that threatens to put the securitization industry back in the spotlight of public disapproval.
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Nordea said that Barclays and JP Morgan, alongside its own investment banking arm Nordea Markets, worked on its landmark €8.4bn synthetic CDO, the bank’s first and the first from the Nordic region.
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Declining primary supply, an increase in buy-and-hold investors and the retreat of dealers has turned the European securitization secondary market into a difficult, illiquid place to trade. But investors are becoming increasingly frustrated even with the dealers that remain in the business.
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Deutsche Bank has replaced its head of European ABS syndicate, Bilal Husain, with an internal switch from its credit sales team.
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More banks than ever are turning to balance sheet CDOs to hedge their loan books, with a boost from Basel plans to increase risk weights for ordinary assets. Institutions such as Crédit Agricole, Credit Suisse and Deutsche Bank have ramped up their issuance programmes, while others are entering the market for the first time, as with Nordea.
