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Hire follows launch of new asset backed finance fund
Karen Anzalone joins law firm's structured finance and securitization practice
Bank continues to build in priority area
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Spanish bad bank Sareb is reducing NPL portfolio sales in 2019 after increased competition made large sales unprofitable, and is instead focusing on converting NPLs into real estate assets via foreclosure. Tom Brown reports. -
A list of competent authorities under article 29 of the new Securitization Regulation published by the European Securities and Markets Authority (ESMA) showed that Spain is still without a securitization regulator, in an example of the teething difficulties of the new European securitization regime.
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ICAP Energy has appointed Nicholas Ernst and Eric Ernst to spearhead a drive into the weather derivatives market.
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There were widespread hopes earlier this year that not only would Italy’s Garanzia sulla Cartolarizzazione delle Sofferenze (GACS) scheme be extended, but it would also include a provision for loans classified as unlikely-to-pay (UTP).
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Nationwide Building Society this week priced the first securitization benchmarked over Sonia, the UK’s alternative rate for sterling Libor. The Silverstone RMBS deal, which is also eligible for ‘simple, transparent, standardised’ regulatory treatment, was heavily subscribed by investors.
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The UK government is consulting on legislation to abolish Section 21 evictions, dubbed ‘no-fault evictions’, in order to stop private landlords from removing tenants at short notice. The change in the law would effectively create open-ended tenancies in England and Wales.
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The European Banking Authority (EBA) has published draft regulation allowing banks to use internal credit risk models for the Securitisation Internal Ratings-Based Approach (SEC-IRBA) when investing in securitization positions, and have included a provision to help banks shift NPLs.
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The European Parliament decided this week to cancel a vote on the draft text for a directive that would boost the secondary market for non-performing loans. Final negotiations with member states are now unlikely to start before September.
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Nationwide announced the first distributed Sonia-linked RMBS on Monday, a milestone for the securitization market, which has lagged behind public sector and covered bond markets in switching to the post-Libor benchmark. The UK building society also switched the basis of its whole balance sheet to the new benchmark at the start of its new financial year on Friday.
