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New hire to be US head of digital infrastructure finance for combined firm
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The final templates for the EU Securitization Regulation have once again been held back from the finish line, now set to be released together alongside other technical standards, despite the templates officially passing the three-month scrutiny period. -
ICG, the asset manager, has hired Rob Faulkner as managing director responsible for European CLOs.
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The Bank of England turned up the heat on Libor this week with plans to publish a compounded Sonia index and averages in a move that will drive the transition to the new risk-free rate with a simpler coupon calculation methodology. It will also increase haircuts on Libor-linked collateral which is intended to accelerate the switch out of Libor FRNs maturing after 2021.
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Eurobank has submitted applications for the senior tranches of a securitization backed by a €7.5bn loan portfolio to qualify for the Hellenic Asset Protection Scheme, known as ‘Hercules’, making it among the first to qualify for the programme if it is approved.
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The CLO industry is expected to make an exodus from the Netherlands as managers with deals in the pipeline look to domicile their warehouses in Ireland. This follows a court ruling in the country, where up to a fifth of the market is located, which stings managers for a tax on management fees in a move that could shrink their income and reduce deal volumes. Tom Brown reports
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Metro Bank is looking to become a more profitable institution after launching a review of its strategy this week, but the lender still faces the challenge of having to raise a further £500m of debt to meet its capital needs.
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The Bank of England has said it intends to publish compounded Sonia averages and a Sonia index using a ‘shift’ calculation method by the end of July, subject to feedback on a series of questions it has asked sterling market participants. This follows the first deal using that method from the European Bank for Reconstruction and Development Bank last week.
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Assicurazioni Generali, the Italian insurance company, has launched a framework to show how insurance-linked securities can be structured to contribute towards investments in green assets.
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Remarks delivered by the Securities and Exchange Commission’s director of the office of credit ratings at SFVegas on Monday hinted at the possibility that the regulator could re-evaluate the effectiveness of Rule 17g-5, a post-crisis rule intended to address conflicts in the issuer pay model.
