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
More articles
More articles
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US president-elect Joe Biden’s student debt relief plan is a dialled down version of what Democratic candidates were proposing on the campaign trail in the run up to the 2020 election. But rather than focus on the incoming president’s priorities, observers should be thinking about the lasting impact of the Covid-19 pandemic on the $1.6tr of outstanding student debt. -
The European Central Bank is offering renewed support to the idea of the EU creating a ‘bad bank’ or an asset management company to manage a flood of non-performing loans engulfing European banks, fuelling expectations that this will be part of the European Commission’s forthcoming NPL strategy. Jon Hay and Owen Sanderson report.
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Alantra, the boutique investment bank in Spain, wants to expand its securitization franchise beyond its existing strengths in NPL deals, boosting its position as an advisor for specialist lenders in performing credit and structurer of risk transfer deals for Europe’s smaller banks. Francesco Dissera, who started at the firm in mid-October, will lead the team’s growth efforts.
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The Alternative Credit Council (ACC) has recommended allowing CLOs to obtain a ‘simple, transparent and standardised’ (STS) certification to increase the flow of funding to European borrowers. Investors have pushed back on such proposals, however, citing the heavy due diligence needed to invest in STS deals.
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Francesco Dissera, head of securitization at Banco Santander, is joining Alantra’s newly created securitization team.
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The ECON committee of the European Parliament has pushed back a meeting to agree on proposed amendments to the securitization market, making it unlikely that the UK will be able to adopt the same measures before Brexit. The divergence could pin ABS as the first capital market to see significant divisions between the UK and the EU after the two entities separate.
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Jefferies smashed its way into the European CLO primary market this year, hiring a team from the market’s top ranked arranger, Citi, and igniting a hiring merry-go-round. But the boutique bank doesn’t have the balance sheet muscle of its commercial rivals, and observers questioned how it planned to compete in the commoditised world of warehouse lending. Now however, GlobalCapital understands it has sourced external funding and has at least one warehouse already in the works.
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The newly established European Guarantee Fund has greenlit a further €1bn lending for risk sharing products, allowing the EIB to continue investing in significant risk transfer (SRT) transactions to support European SMEs.
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Petros PACE Finance, a commercial property-assessed clean energy lender, added Jerry Ellis to the business development team in its New York office. The move comes ahead of New York's expected approval of the C-PACE bill, enabling commercial property owners to tap PACE financing for new construction projects.
