Winding up securitisation issuers: who pays?
Andrzej JaniszewskiFollowing the boom years of securitisation origination and the well documented post-Lehman troubles securitisation transactions are now coming to the end of their life cycles as...
View ArticlePractical implications of insolvent originators
Grace HuiJust a few blissful years ago, one would never think of originators getting wound up or sellers being liquidated. In the world of structured finance, the possibilities of that doomsday...
View ArticleSecuritisation: a nationalised pastime?
Simon HugoI was encouraged to see Virgin Money announce its second securitisation of the year, Gosforth 2012-2, particularly so as Virgin Money is also one of the 30 or so banks that have now signed up...
View ArticleLoan-level data – implications
Nick StainthorpeEuropean Central Bank and Bank of England liquidity schemes require that loan-level data be disclosed on a regular basis (no less than quarterly) with respect to asset-backed securities...
View ArticleBasel Committee proposes changes to the Basel II securitisation framework –...
Nick Stainthorpe and Theano ManolopoulouA new consultation paper published earlier this week by the Basel Committee on Banking Supervision will inevitably cause uncertainty and is likely to affect...
View ArticleWhat the Fitch??!
Andrzej Janiszewski and Simon HugoAs some of you may have seen, Fitch helpfully issued a press release last week clarifying its position on providing rating agency confirmations (RACs) during the...
View ArticleCFTC Rules – When is a European SPV a commodity pool?
Thomas Watterson and Nick StainthorpeAs part of the Dodd-Frank financial reforms, the U.S. Commodity Futures Trading Commission (“CFTC”) increased its oversight of “swaps”. One change stemming from...
View ArticleNoteholder Meetings – If you snooze, you should lose
Grace HuiAccount banks, swap counterparties and liquidity facility providers getting downgraded is now the new norm. Not being able to locate replacements with the requisite ratings and/or the...
View ArticleIrish Stock Exchange announcements – Its all change at the Exchange!
Simon HugoThose issuers, corporate services providers, collateral managers, servicers and special servicers that regularly submit debt announcements on the Irish Stock Exchange will know how...
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‘Point of no return’ is not the point says Supreme Court
Andrzej JaniszewskiSo Eurosail-UK 2007-3BL plc (Eurosail) is not ‘balance sheet’ insolvent, no event of default has occurred under the RMBS notes it has issued and a post-enforcement call option (PECO)...
View ArticleTrade Receivables Securitisation
Nick Stainthorpe and Bronwen WhiteheadOver the last 12 months we have seen a marked increase in interest in trade receivables financing in general and trade receivables securitisation in particular....
View ArticlePlaying with New Toys: How investor guidelines are shaping new CMBS transactions
Andrzej Janiszewski and Theano ManolopoulouLast week’s new Debussy DTC/Toys’R’Us CMBS transaction , which we were happily involved in, has sparked media attention as a sign of recovery of investors’...
View ArticleFABULOUS MUMBO JUMBO
Tamara BoxFor some time now I have struggled to give an abbreviated version of what I do. When “I’m a lawyer” elicits the question, “What sort of law do you practice?” I find that there is no short,...
View ArticleRegulation of Money Market Funds and Securitisation
Nick Stainthorpe and Bronwen WhiteheadOn 4 September 2013, the European Commission published a draft regulation on the regulation of European money market funds. Money market funds are important...
View ArticleVictoria Funding (EMC-III) PLC: (I can’t get no) Satisfaction
Andrzej JaniszewskiAnother day, another CMBS transaction declares an insolvency related event of default (after the REC6 default), this time based on the ‘balance sheet’ event of default. The notice...
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Sunshine backed bonds – time to look on the sunny side?
Ranajoy Basu and Jason MarettSo called ‘sunshine backed bonds’ are one of the newest and most exciting asset classes to enter the asset-backed securities market since the financial crisis. The...
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Clash of the Titan 2007-1 (Part II): Zeus has spoken
Angelina Soon and Simon Hugo Well, maybe not Zeus but Richard Snowden QC no less. On Valentine’s Day this year, we published our blog entitled “Clash of the Titan 2007-1”. Now that the red roses have...
View ArticleClash of the Titan 2007-1 (Part III): Controversy Thunders On
Angelina Soon and Simon Hugo Previously in Clash of the Titan 2007-1: Zeus has spoken, we took a brief look at the judgment delivered by Richard Snowden QC. Another interesting aspect of the case...
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Quelle horreur!
Andrzej Janiszewski €32,000,000. A horror indeed for Colliers International UK (plc) (Colliers) as Mr Justice Blair awarded that amount to the issuer of the Titan Europe 2006-3 CMBS (Titan). The...
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The issue of sanctions
Andrzej Janiszewski Much has been written regarding the recent EU and US sanctions targeting the Russian capital markets, military and oil sectors (our own commentary can be found here) and the broad...
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