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Latest news
Despite a tepid response in a 2024 consultation, there are signs EU authorities are laying the groundwork
European and high yield chiefs to take the reins
Kevin Duignan to retire after 33 years, mainly in structured finance
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Lloyds Banking Group is selling a £500 million ($790.6 million) portfolio of mainly U.K. leveraged loans earmarked for private equity buyouts to Sankaty Advisors, Bain Capital’s credit affiliate.
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The collateralized loan obligation market faces an “existential threat” in the Volcker rule, says the Loan Syndications and Trading Association, an industry group.
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Lan Pham, the former economist who claims she was fired from the U.S. Congressional Budget Office in 2010 because of her analysis of the role of securitization in banking and foreclosure fraud, says the agency appears to “deny or diminish” that mortgage securitization is a problem.
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Bank of America and JPMorgan Chase are said to be shrinking their mortgage-trading staffs amid a decline in the market for securitized products.
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Kelly Maier, a v.p. in high yield credit trading at Goldman Sachs in London, and Philip Ha, a New York-based secondary collateralized loan obligation and collateralized debt obligation trader, have both left the firm.
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BNP Paribas is exploring securitizing trade-finance loans to help deal with rising commodity prices, according to Jacques-Olivier Thomann, the bank’s head of structured finance.
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Lloyds Banking Group sold £170 million ($269.6 million) in new shares to raise money for interest payments to holders of hybrid bonds, the first such sale since the European Commission lifted its ban on Lloyds from paying dividends or making interest payments earlier this year.
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Goldman Sachs is said to have begun a new round of staff reductions in trading and investment banking as part of its annual review process.
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Goldman Sachs is considering a move into monoline insurance as a way of expanding its business in the wake of regulations that would ban it from proprietary trading.