Encumbrance problem weighs on European bank debt buyers
CreditSights points out in a report published yesterday that asset encumbrance has become a hot topic for investors in European unsecured bank debt
What report is this? Thanks.
The rating agencies SHOULD focus attention since increasing encumbrance means that ratings of banks' unsecured debt should be trending down due to the effective subordination. Given that LTRO and ELA funding require encumbrance of collateral and that covered bonds have been popular in recent years, I expect total encumbrance level should be high.
CLOs
- Black Diamond returns to the CLO primary market with a 2019 refi 2 days ago
- Low-levered CLO gets a reset 2 days ago
- Vibrant refis 2021 vintage US CLO 2 days ago
- HPS prices its second US BSL CLO of the year 3 days ago
- CSAM resets “print and sprint” CLO from 2021 3 days ago
Comment by: Sayed Kadiri. Posted 11 years ago [2012-06-07 08:25:27]