Talking Point

  • Going green

    Evolution of renewables ABS discussed

    Representatives from Renovate America, Kramer Levin and T-Rex recently discussed the development of the renewables ABS market during a live webinar hosted by SCI (view the webinar here). Focusing on the PACE and solar sectors, this Q&A article highlights the main talking points from the session, including structuring and performance considerations. For a broader and more in-depth exploration .......

    Talking Point 13 June 2016

  • Chasing ubiquity

    Marketplace lending sector prospects discussed

    Representatives from Prosper Marketplace, MountainView Capital and Credit Suisse recently discussed the growth of marketplace lending during a live webinar hosted by SCI (view the webinar here). This Q&A article highlights the main talking points from the session, including the impact of rising rates and the role of ABS in the sector. For a broader and more in-depth .......

    Talking Point 20 April 2016

  • Increased appetite

    European direct lenders moving towards US model

    Direct lenders tend to focus on assets that aren't mainstream securitisation candidates and in that sense can be complementary to banks. However, panellists at SCI's inaugural Marketplace, Direct Lending & Securitisation Seminar last month expected European direct lenders to gain more market share as the sector transitions towards the US model.

    Richard Green, partner at Venn Partners, anticipates the European .......

    Talking Point 10 March 2016

  • P2P cut-back

    Market consolidation dominates discussion

    As marketplace lending continues to rapidly evolve in Europe, the fate of small lenders is an emerging theme. SCI's inaugural Marketplace, Direct Lending & Securitisation Seminar in London last month featured a diverse set of views on how consolidation will foster securitisation through a concentration of more sophisticated platforms.

    Panellists at the seminar pointed to an increasing expectation that the .......

    Talking Point 1 March 2016

  • Lending harmony?

    CMU set to transform SME investment landscape

    Funding Circle is optimistic about the finalisation of the Capital Markets Union (CMU) and the possibility of a harmonised European regulatory framework to facilitate cross-border lending and investment. In particular, the firm believes that the regulatory package has the potential to transform the ability of investors on a global level to both invest in SME loans and securitise them.

    After .......

    Talking Point 24 February 2016

  • Synthetic disorder

    Risk transfer deals seek regulatory breakthrough

    Panellists at SCI's inaugural capital relief trades conference last month discussed regulatory developments in the sector and the push towards accommodating synthetic securitisations under the new umbrella of standardisation. However, doubts persist over the viability of harmonisation in such a diverse market.

    "The capital requirements regulation (CRR) has made some good progress with addressing harmonisation in detail, but there still .......

    Talking Point 27 January 2016

  • Alignment of interest

    Marketplace lending regulatory scrutiny discussed

    Representatives from Kaye Scholer, Fundation Group and PeerIQ recently discussed the impact of heightened regulatory scrutiny on the US marketplace lending industry during a live webinar hosted by SCI (view the webinar here). This Q&A article highlights the main talking points from the session, including the fall-out from the Madden versus Midland Funding ruling and the US Treasury's .......

    Talking Point 19 January 2016

  • Right to sue

    Macfarlanes partner Lois Horne and solicitor Alexa Segal exa...

    The Court of Appeal has overturned a decision at first instance that a valuer, Colliers, was liable for a negligent valuation of a commercial property that was collateral for a securitised loan while Quelle - the then biggest mail order company in Germany - was the tenant. In doing so, the Court of Appeal has made comments that an SPV .......

    Talking Point 15 December 2015

  • Proof of concept

    Risk transfer regulatory, structuring considerations discussed

    Representatives from Reed Smith and StormHarbour Securities recently provided an introduction to capital relief trades, focusing on regulatory and structuring considerations, during a live webinar hosted by SCI (view the webinar here). This Q&A article highlights the main talking points from the session. For a broader and more in-depth exploration of the risk transfer space, attend SCI's Regulatory .......

    Talking Point 30 November 2015

  • A bright future for securitisation

    James McEvoy, head of structured finance at Alter Domus, app...

    An increasing appreciation of how securitisation can help fund the real economy seems to be finally gaining traction, after a number of years of limited activity throughout Europe.

    The European Commission's green paper on building a Capital Markets Union published earlier this year set securitisation as a key pillar in creating a fully integrated single market for capital and funding .......

    Talking Point 2 September 2015

  • Demonstrating prudence

    Prudent valuation practices discussed

    Representatives from PricewaterhouseCoopers and Prytania Solutions recently discussed how IPV and prudent valuation practices are adjusting to new European regulatory requirements during a live webinar hosted by SCI (view the webinar here). Topics included the definition of a prudent valuation and investment bank key requirements, as well as the role of the risk management function. This Q&A article .......

    Talking Point 4 August 2015

  • Europe emerging

    European CLO, loan markets discussed

    Representatives from Thomson Reuters, Credit Suisse, CVC Capital Partners and Goldman Sachs discussed the European CLO and loan markets in a live webinar hosted by SCI earlier this month (view the webinar here). Topics included primary CLO issuance, loan market developments and the impact of developments in Greece.

    Q: How has the European primary CLO market fared?
    A:     Alex Lembcke, .......

    Talking Point 28 July 2015

  • Liquidity squeeze

    Osmo Timonen, an expert in bank regulation at management and...

    Since 2012, the Basel Committee on Banking Supervision has been working on a major overhaul of market risk capital requirements for banks´ trading-book positions. The regulatory initiative - entitled the Fundamental Review of the Trading Book (FRTB) - will increase regulatory capital requirements and, as a result, drive up the cost of trading. The secondary market for securitised products is .......

    Talking Point 15 June 2015

  • Call for clarity

    Transparency at the forefront of CRA debate

    Panellists at SCI's recent London conference discussed the implications of credit rating agency (CRA) regulation in Europe. While they welcomed the increased competition and transparency brought by CRA 3, some issues remain outstanding.

    Andrew Currie, md of structured finance at Fitch, believes that CRA regulation has not been the biggest driver of the way rating agencies are managed. "The financial .......

    Talking Point 23 December 2014

  • Reg AB 2 in review

    Shelf-eligibility and data disclosure discussed

    Representatives from Lewtan and Dentons recently discussed the considerations for implementing Regulation AB 2 in a live webinar hosted by SCI (view the webinar here). Topics included privacy concerns, data requirements and practical implications going forward.

    Q: What is the background to Regulation AB 2?
    A:     Ned Myers, svp, Lewtan: Reg AB 2 rules were initially proposed back in 2010 .......

    Talking Point 9 December 2014

  • At the edge

    Peripheral RMBS prospects examined

    Representatives from Bloomberg, Prytania Group and DBRS discussed peripheral European RMBS in a live webinar hosted by SCI last month (view the webinar here). Topics included the development of the peripheral RMBS market versus core RMBS, a detailed look at the Irish and Spanish markets, pricing challenges and the impact that the ECB's ABSPP will have.

    Talking Point 27 November 2014

  • Can't test our way to trust

    Mike Manning, co-founder and ceo of DealVector, argues that...

    We may be working on the wrong issues. And when you're in a hole, stop digging.

    Those were two thoughts I took from SFIG's very well-designed conference on reforming private label RMBS last week. Three moments stood out in particular:
    • Treasury's Michael Stegman announcing that the government has decided it is not appropriate to create an "unambiguous fiduciary standard" for .......

    Talking Point 21 November 2014

  • A closer look at US credit risk retention rules

    Morrison & Foerster of counsel Melissa Beck, senior...

    In a flurry of regulatory actions on 21 and 22 October, the FDIC, the OCC, the Federal Reserve Board, the SEC, the FHFA and the Department of Housing and Urban Development each adopted a final rule implementing the credit risk retention requirements of section 941 of the Dodd-Frank Act for ABS. The section 941 requirements were intended to ensure that .......

    Talking Point 11 November 2014

  • Bondholder communications reviewed

    The ICMSA discusses how the trustee community has worked to...

    A lively discussion between investors and trustees at the 2010 Global ABS conference was a catalyst for the ICMSA1 to revisit bondholder communication processes. Given the rise in bondholder meetings due to the fall-out from the financial crisis, bondholder communications were put squarely under the spotlight.

    Trustees are one link of the bondholder communication chain, but are seen as .......

    Talking Point 10 June 2014

  • Credit picking

    CLO investing in an evolving regulatory environment discussed

    Representatives from Thomson Reuters, Prudential Fixed Income and Guggenheim Securities discussed the CLO investment landscape in an evolving regulatory environment during a live webinar hosted by SCI last month (view the webinar here). Topics included the impact of risk retention requirements and the Volcker Rule, as well as current drivers of relative value. This Q&A article highlights some .......

    Talking Point 16 April 2014

  • Decisive action

    Katie Skeels, associate at Hogan Lovells, examines current t...

    Hogan Lovells recently published a report - entitled 'Global Currents - Trends in Complex Cross-Border Disputes 2014' - which surveys current trends in cross-border disputes. The results suggest that senior executives and in-house counsel are proactively developing their dispute management strategies, including for securitisations, to suit the increasingly global business landscape.

    In an increasingly globalised economy, there are significant benefits .......

    Talking Point 15 April 2014

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