Special purpose vehicle (SPV)
XXX financing market braced for increased captive scrutiny
Reserve financing using offshore captives is big business in the US. Yet what started as an innovative method of moving excessive reserve requirements off balance sheet has turned, in some regulators’ minds, into a dark art that puts policyholder…
US securitisation groups seek clarity on June 10 clearing deadline
US clearing rules do not exempt SPVs, but industry is split on whether other exemptions - for unclearable swaps - would apply
Asian covered bond market set to take off
Running for covered
Return of the DPCs
Return of the DPCs
Banks plan to relaunch off-balance-sheet derivatives units
At least six banks are talking to lawyers and rating agencies about reviving derivatives product companies, although AAA ratings may now be off the table
Non-financial corporate bonds: the future for structured products?
Using non-financial corporate bonds instead of bank bonds to underpin structured products could encourage more investors to consider them, as it would help diversify the counterparty risk within a portfolio, say industry participants
Best in Italy
Best in Italy
Deal of the Year, Asia: Deutsche Bank
Deal of the Year, Asia: Deutsche Bank
Ban on SPV-issued structured products will ‘prevent regulatory arbitrage'
A proposed ban on the promotion of Unregulated Collective Investment Schemes and ‘similar products', drafted by the UK's Financial Services Authority, will include some structured products issued by special purpose vehicles
Securitisation market seeks SPV clearing carve-out
Securitisation would be "a lot less viable" if SPVs do not qualify for clearing exemption, says Isda
Banks look to offload structured credit assets as prices recover
Making good on bad assets
Trade of the month: collateralisation
Trade of the month: collateralisation
HK structured product providers warm to 'cooling off' period
The Securities and Futures Commission's new rules will force dealers to offer secondary pricing and give investors a five-day option to back out of longer-dated trades
The Lehman flip clause flap
The decision of a US bankruptcy court to void contractual provisions that shield investors from the credit risk of swap counterparties in structured finance deals has put the legal systems of England and the US on a collision course. It also has…
Collateral replacement
At the height of the financial crisis, manufacturers were quick to mitigate mounting counterparty risk concerns by deploying products issued by collateralised special purpose vehicles. But now, as the yield junkies return and retail appetite for…
Stung by BEE
Black economic empowerment has been a big source of profits for South African banks in recent years. But market turmoil means many deals are underwater, and some market participants have likened the situation to the US subprime mortgage crisis. Mark…
A tangled web
One year on from the collapse of Lehman Brothers, administrators are still trawling through the complex web of special-purpose vehicles launched by the broker-dealer. A number of lawsuits have resulted - and the rulings could see US and UK courts at…
FDIC seeks feedback on SPV FASB accounting changes
US regulatory authorities are to consult financial institutions over impending changes to accounting principles that could bring billions of dollars in off-balance-sheet conduits and other vehicles back onto bank balance sheets, ramping up firms' capital…
Into account
The US Financial Accounting Standards Board has released new rules on off-balance-sheet exposures, which will compel US companies to consolidate billions of dollars of assets previously kept in special-purpose entities on to their balance sheets. How…
Back to repack
Despite the flak off-balance-sheet vehicles have received since the onset of the financial crisis, dealers report increased use of special-purpose vehicles by investors looking to repackage assets. Why are investors looking to these repackaging vehicles…