Commentaries

A dark hour for CMBS

September 11, 2009

The last week has been a bit of a shocker for Europe’s already crumbling commercial mortgage-backed securities market (CMBS).
Investors have had to cope with steep declines in the value of their bonds and a wave of downgrades by rating agencies.

Russia says “Da” to asset-backed debt

September 3, 2009

It’s interesting to see Russia proposing a new law to encourage a domestic securitisation market for consumer debt. Russia is still a novice when it comes to asset-backed debt but seems to have cottoned on to something that not all western regulators have fully grasped — securitisation may have helped get us into the current crisis, but we are also going to need it to get us out of it.

European Commission defanged by hybrid debt

September 2, 2009

Fans of the weird and wonderful world of hybrid debt will have enjoyed the European Commission’s U-turn with Belgian bank KBC.

Clear Channel’s debt covenant creep

September 1, 2009

There’s been a rush to return to business as usual among big banks itching for deal-making and investors wanting to ease the pain from last year’s financial crash.