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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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High yield companies facing a debt market crunch could turn to private trade receivables securitization to deliver a lower cost source of funds, with this market likely to see a boost in activity during the second half of the year. -
Last year was the first since the crisis that European markets ducked under NPL ratios of 3%. It would have been a cause for celebration, if not for the coronavirus outbreak marauding the continent, ready to bring a new generation of non-performing assets to bank balance sheets.
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Italy has announced a freeze on mortgage payments following the implementation of a nationwide lockdown to deal with the spread of the Covid-19 coronavirus, with RBS offering similar mortgage relief to those affected by the outbreak in the UK.
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The European Central Bank is widely expected to ramp up its efforts to prop up the eurozone economy on Thursday. It could spear the effects of an oil price shock and the spread of the coronavirus outbreak with a trident of bank lending, rate cuts and QE.
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The European Commission's Technical Expert Group will be publishing its much-awaited Taxonomy and Green Bond Standard on Monday. GlobalCapital has received leaked copies from a source in Brussels. The GBS endorses a use of proceeds approach and limits the inclusion of operating expenditure. The Taxonomy contains reassurance for companies whose activities are not yet covered by it and sets out human rights standards.
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UniCredit has appointed a new global head of debt syndicate, as the present one is leaving the bank.
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BNP Paribas has hired Ankush Chowdhury as the head of transportation finance in the Americas, a newly created position focused on driving the bank's strategy for aircraft, shipping and other transportation asset classes.
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Recently marketed CLO documents circulated to investors have included language to suggest that the European Union could require Ireland to bring its VAT tax laws in line with the rest of the EU, raising fears that CLOs domiciled in the country could suffer a similar fate to Netherlands-based transactions.
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Aberdeen Standard's Milligan to quit — Daiwa's Hultgren leaves over Frankfurt relocation — MUFG picks Domann
