Securitisation

Red dawn for Russian securitisation

It has been a dark time for Russia's securitisation market, but the addition of RMBS to the list of eligible assets for the central bank repo facility is raising hopes that a wave of new deals will herald a return of investor demand and re-energise the…

CMBS re-Remics could make Talf obsolete

A wave of downgrades to highly rated commercial mortgage-backed securities (CMBS) is threatening plans by the US Federal Reserve to rehabilitate the market for existing deals. But a recent trend towards restructuring the transactions could render the…

Retention rage

The European Parliament and the US Treasury are pushing ahead with plans to introduce retention charges for securitisation deals in an effort to align the interests of investors and originators. But market participants complain the move is ill-conceived…

Lobby urges Geithner to delay consolidation rules

The US Financial Accounting Standards Board (FASB) is facing resistance to its plans to force banks to account for their links to off-balance-sheet vehicles, which could require them to raise billions more in Tier I capital.

Help or hindrance?

The financial crisis has caused significant pain to Russian securitisation issuers. But an amendment by the Bank of Russia to include mortgage-backed securities on the list of instruments eligible for its repurchasing facility is fanning hopes of a…

Fed steps in to support CMBS market

The US Federal Reserve will start accepting legacy commercial mortgage-backed securities (CMBS) as collateral under its Term Asset-backed Securities Lending Facility (Talf), as the US commercial real estate market continues to struggle.

New FASB standards threaten off-balance-sheet vehicles

The US Financial Accounting Standards Board (FASB) has completed new rules on off-balance-sheet holdings that will compel US companies to consolidate on balance sheet billions of dollars of assets previously kept in special-purpose entities (SPEs).

The big clean-up

The US Treasury's Public-Private Investment Program aims to cleanse balance sheets of toxic assets and revive financial markets. But questions remain over who will participate, how assets will be priced and how big a dent the scheme will actually make on…

Financial pricing for the 21st century

Putting a price on assets for which no active market exists is a process mired in complexity and no little controversy. But the pricing models of yesteryear are simply not up to the job. David Patrikarakos looks at the new generation of valuation models…

Column: Paul Taylor

Ratings downgrades reflect a decline in creditworthiness, not an admission that the ratings were wrong in the first place. But that doesn't mean the rating process can't be improved. Paul Taylor

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