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Banker had been at NatWest for three years
New hire to be US head of digital infrastructure finance for combined firm
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Struggling UK small and medium-sized enterprises could see their debts sold to insurance companies or other institutional investors in a scheme similar to that used to securitize student loans in the country, according to proposals floated by finance lobby group TheCityUK in a report published on Monday. -
Participants in the sustainable bond market are considering allowing issuers to publish their sustainability frameworks after issuing bonds, instead of before. This would be a major change in market practice.
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Shearman & Sterling has hired Mark Chorazak as partner in its global financial institutions advisory and financial regulatory practice in New York.
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There were more calls this week for the UK government to support non-bank lenders that are unable to access the Term Funding Scheme, with market participants preferring a simple extension rather than alternative funding options.
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Owl Rock Capital, an alternative asset manager focused on middle market credit, has hired Jesse Huff from Oaktree Capital Management.
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Cairn Capital has hired Bank of Montreal's Charis Edwards as junior portfolio manager for risk transfer.
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The capital markets have been working to transition operations to a digital format for years, but bank incumbents have been reluctant to make a wholesale shift, largely because there was no urgent need to do so. Coronavirus has changed that, and banks are accelerating plans to update legacy systems, muscling in on territory once held firmly by fintechs.
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The UK chancellor has doubled the mortgage moratorium period to six months, but has not allowed mortgage lenders more discretion when deciding to grant payment holidays on their mortgages. This is making RMBS performance difficult to assess, market participants say.
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Credit hedge funds are looking to finance books of SME loans originated under the UK government’s Coronavirus Business Interruption Loan Scheme (CBILS), subscribing for the equity in private securitization vehicles backed by the loans. The government guarantees are likely to improve the financing terms on offer, boosting returns for funds that can access these assets — but there are still questions over the details of the scheme.
