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(Possibly) balance-sheet insolvent issuers, rejoice
Some light securitisation reading on Thursday; actually, more like some general ‘how much of western capitalism might be insolvent, anyway?’ reading. It’s the UK Supreme Court’s judgment in the the...
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NPLs and lights in dark places
Consider this chart from JP Morgan’s Flows & Liquidity team. It shows the evolution of non-performing loan ratios (as percentages of total loans) across three different Euro area blocks: Germany,...
View ArticleA BS solution?
Buy equities said man owning equities. Maybe buy loans hinted man at the ECB: We think that a revitalisation of a certain type of ABS, a so-called plain vanilla ABS, capable of packaging together...
View ArticleThe €1,000,000,000,000 question, revisited
Unanimous in its commitment to using also unconventional instruments within its mandate in order to cope effectively with risks of a too prolonged period of low inflation… – Mario Draghi, April ECB...
View ArticleCalling European ABS sellers…
Draghi: The Eurosystem will purchase a broad portfolio of simple and transparent asset-backed securities (ABSs) — ECB (@ecb) September 4, 2014Continue reading: Calling European ABS sellers…
View ArticleHow to spend it: ECB bond-buying edition
Securitisation has gotten a bad rap thanks to its association with dodgy underwriting during the bubble. Yet bundling loans originated by banks and selling them to investors in the capital markets...
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