Unexpected Jeopardy

Unexpected Jeopardy

Thankfully, bankruptcies of financial institutions which are also originators of consumer loan or residential mortgage backed securitisation transactions are rare. Why do we say “thankfully”? Aren’t securitisations “bankruptcy remote”, i.e., structures that can withstand a bankruptcy of the originator? They are indeed. But, in practice, originator bankruptcy has resulted in impairment to the value of noteholders’ securities and clear weaknesses have been uncovered in typical securitisation structures and the analysis and thinking that underpinned them. In this Market Insight we look at what lessons can be learned from the bankruptcy of DSB, a small Dutch consumer bank active in securitisation, and how this case might shape the securitisation market in the Netherlands – an active securitisation market post crisis.

Market Insight 29-11-2010 Unexpected jeopardy

Borrower push and investor pull: Will the European Private Placement market take off?

Borrower push and investor pull: Will the European Private Placement market take off?

Ask any European CFO or treasurer what have been the salutary lessons from the credit crisis and their list will almost certainly include the need to move away from an over-reliance on bank funding. With private placements being hailed by many market commentators as part of the solution for companies seeking diversification of funding, we explore what can be learned from the US market, whether there is a need for a European private placement market and in which way a European market could evolve.

Market Insight 09-11-2010 Borrower push and investor pull: Will the European Private Placement market take off?

REGULATED BY THE FCA

Headquartered in London, Bishopsfield Capital Partners is authorised and regulated by the Financial Conduct Authority ('FCA') in the UK. Bishopsfield Capital Partners has been passported by the FCA to act as an arranger and investment advisor in other EU jurisdictions such as the Netherlands, Germany, Belgium, Luxembourg, France, Ireland, Italy and Spain.

ACCREDITED BY EURONEXT

Bishopsfield Capital Partners is an accredited listing sponsor of Euronext for equity or debt listings on Euronext Growth, Euronext Access and Access+.