Special purpose vehicle (SPV)
EU banks fear green asset ratios paint an unfair picture
Industry lobbyist clashes with lawmaker over usefulness of new sustainability disclosure
Chill winds blow for Capitolis’s equity swap platform
Fintech’s effort to revive off-balance-sheet funding runs into market and regulatory turbulence
Shadow banks muscled in on traditional lenders’ turf in 2019
NBFIs grew 8.9% last year
Eurozone securitisation dealmaking bounced back in Q2
Special purpose vehicles bought €19.2 billion of securitised bank loans in Q2
Structural snags frustrate STS for synthetics
Curbs on excess spread and collateral stymie route to ‘high-quality’ signifier
Synthetic securitisations and Europe’s capital sweetener
Regulator weighs high-quality label for synthetic deals, but without favourable capital treatment
Non-banks muscle in on UK financing
Non-banks account for 51% of total financial sector assets
Eurozone securitisation engine sputters in Q1
Holdings of eurozone bank loans by SPEs are contracting
Off-balance sheet items up $28 billion at US G-Sibs
Morgan Stanley and Goldman Sachs grow exposures 4.3% and 3.8%, respectively
US G-Sibs increase off-balance sheet exposures
BAML, Citi, Goldman, Morgan Stanley and Wells Fargo boost amounts by $124 billion
Duelling repack platforms find common ground
Standard documentation initiative mulls shared SPV model as founders seek to join rival
EU sparks hopes of securitisation margin reprieve
Optimism over EU Council amendment, but Parliament will still have to approve
Banks eye synthetic securitisation to cut IFRS 9 loan-loss spikes
New structures would help mitigate estimated 44% increase in loan-loss provisions from revised accounting framework
Emir review could push securitisations into the dark
Subjecting deals to margin requirements would be a further blow to STS securitisation concept
AIFs may struggle to meet March margin deadline
Lawyers warn some AIFs may not be ready for the start of Europe's variation margin regime
Fitch cautious on bank swap ratings
Agency to consider framework but suggests it will be limited
Bond repack capabilities – Simplicity, security, independence
Sponsored video: Societe Generale
Morabanc takes safety-first message beyond southern Europe
Morabanc extends its safety net
Cat bond ‘lite’ structures raise contamination risk and insolvency fears
Investors and lawyers voice concerns about using segregated accounts structure to issue streamlined cat bond instruments
AIFMD confusion threatens banks issuing offshore SPV structured products
The Financial Conduct Authority has exempted structured products from the Alternative Investment Fund Managers Directive in the UK, but products issued by offshore special purpose vehicles could still be caught under the new rules
FCA narrows AIF definition for SPVs
The UK regulator calms reclassification fears by exempting SPVs that issue debt securities from being classed as alternative investment funds