Talking Point

  • Uncertain intentions

    Valuers assess US election implications

    The US has had its 'Brexit moment', according to a panel of valuations experts at a Duff & Phelps press briefing in London yesterday (9 November). However, while the timing of the Brexit vote gave funds but a matter of days to reflect the impact on asset valuations, the timing of the unexpected US election result should provide valuers more .......

    Talking Point 10 November 2016

  • Converging approach?

    Current status of capital relief trades discussed

    Representatives from Chorus Capital, Citi and Clifford Chance recently discussed the current status of capital relief trades 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 regulatory changes, the emergence of new assets and jurisdictions, and investor requirements. For a broader .......

    Talking Point 2 November 2016

  • Deleveraging opportunity

    Iain Balkwill, partner at Reed Smith, argues that securitisation is the answer to European NPL woes

    The balance sheets of European banks are currently stocked with huge volumes of non-performing loans (NPLs), which have largely festered while the banks have channelled their efforts towards recapitalisation. As recently demonstrated by the European Banking Authority stress tests, balance sheets have largely been strengthened, which has precipitated a marked shift in focus towards deleveraging the banks through the off-loading .......

    Talking Point 7 October 2016

  • Optimistic outlook

    Investors bullish on MPL, but changes needed

    Many interesting topics were raised about the current state and potential future of marketplace lending at SCI's Marketplace Lending and Securitisation Seminar in New York in June. During a panel on investor perspectives, several matters that concern buyers of marketplace loans were discussed.

    The turmoil at Lending Club was initially touched upon during the panel, as well as the subsequent .......

    Talking Point 11 August 2016

  • 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
×