Bishopsfield Capital Partners in the Press

Perspectives
We provide journalists with authoritative views and opinions in order to bring perspective to their articles.
Quotes
We are quoted in the international financial press as well as in specialist publications.
Opinions
We are often asked to comment upon a range of topics whether they are broad issues affecting the financial markets or specifics of a particular transaction.

Conventional wisdom states that investors gain comfort from additional ratings and that therefore extra ratings on a security would go hand-in-hand with lower coupon payments. However, based on the conclusions of a study undertaken alongside Frank Fabozzi and Dennis Vink, Bishopsfield Capital Partners partner and co-founder Mike Nawas has come to the opposite conclusion. “The evidence shows that investors actually demand greater compensation for additional ratings,” he says.

Author Photo
Flawed logic: Regulators' confidence in extra ratings 'misplaced'
— January 13th, 2017
“It is impossible to predict when the securitization market will re-emerge as a major source of liquidity. This could occur once the market believes that it has reached the final stages of the global regulatory response to the 2007-2008 securitisation market disruptions and therefore the regulatory environment has become stable. Alternatively, a re-emergence of securitization could be prompted by the paring back of the quantitative easing programs, when banks begin to experience a rising costs of liquidity.  In any event, at some point the market will begin to grow again, and supply and demand will re-find equilibrium. Therefore it is important to ask ourselves the question: what would equilibrium prices look like and what would determine them?” Mike Nawas
Author Photo
Securitization Pricing in a Post-Crisis Market
— June 15th, 2016

The capital that you have to hold against Mortgage Backed Securities is very high and the returns are low, so people are looking for yield pickup [via mortgages]… Because of the long fixed term, it helps pension funds and insurance companies with their asset liability management.Arjan van Bussel

Author Photo
Dutch pension funds turn mortgage lenders
— October 15th, 2015
“It’s a step in the right direction, but the issue is no longer over investor confidence. The regulators need to start aligning these regulations more appropriately to the risk associated with the product…People are realistic when it comes to securitisation, but there remain a number of fears. Along with uncertainty as to how any proposals on capital relief are policed, there is a worry that the costs of administering the necessary conditions to fit capital compliance could offset the potential benefits.”  Simon Collingridge
Author Photo
Capital plan - Definitional issues weigh on HQS progress
— August 21st, 2015
Simon Collingridge, formerly of Standard & Poor’s but now working at Bishopsfield Capital Partners, the boutique set up by former ABN Amro bankers Mike Nawas and Steve Curry, said ABS was the perfect asset class for a world with tougher due diligence requirements. “Securitization lends itself to surveillance in a way that other asset classes do not,” he said, pointing out that assets were segregated and transparent to investors.
Author Photo
ABS investors plead for regulatory harmony
— June 16th, 2015
Bishopsfield Capital has introduced a new standard for the surveillance of ABS investments in response to regulatory requirements. The standard entails a number of proposals that attempt to maintain formal monitoring procedures for ongoing, timely surveillance and stress-testing of securitisation investments, as well helping investors avoid stringent penalties for non-compliance.”

…A key principle of Bishopsfield’s standard rests on avoiding the preponderance of data. Although the firm states that the availability of data is at a strong level, the ability to use that data remains an issue. Therefore, its proposals attempt to provide investors with guidance in terms of creating a robust framework for using their data.”

Author Photo
ABS surveillance standard introduced
— May 27th, 2015
“The terms of the 2020 Project Bond initiative include the concept of a controlling creditor. The approach and structure varies, but Bishopsfield Capital Partners is performing this role on Project Castor. This requires it to make recommendations on amendments, consents and waivers on behalf of bondholders and is designed to provide an effective decision making procedure without disenfranchising bondholders.”
Author Photo
Opinion: why credit enhancement and active institutions are key to European infrastructure
— March 6th, 2015
According to research from financial advisory Bishopsfield Capital Partners, there has been good progress in efforts to create an efficient and effective debt capital markets solution for the funding of infrastructure projects, with some significant evolution over the past 12-18 months.

“The market has made significant strides towards matching institutional investors looking for longer-dated investment assets with borrowers seeking term finance”, said Iain Barbour of Bishopsfield Capital Partners and author of the report. “These institutional investors continue to adapt their ‘product’ to embrace loan-like features whilst borrowers recognise that institutional investors now offer competitive long-term funding solutions.”

Author Photo
Infra market ‘moving towards’ institutional investors
— April 17th, 2014
Another more promising initiative was the publication earlier this year of a proposition paper by a number of Dutch insurers outlining plans to step up their SME lending. “This is a step in the right direction, and although the amounts committed so far are relatively small, I believe that this will nonetheless have a positive impact on the SME funding gap,”

“The problem is that when the economy recovers, borrowers may find that banks have reached their exposure limits and will be looking to deleverage further in line with Basle III” Arjan van Bussel

Author Photo
Financing European SMEs – Netherlands: Tight funding for a minority
— January 3rd, 2014
“There’s been a groundswell of investors not actually talking about it but doing it,” says Steve Curry, partner at Bishopsfield Capital, a structured finance adviser. “For banks, making commitments to lend for 20-30 years when their funding costs are higher is unprofitable – as a result you’re now seeing deals exclusively with institutional investors…The more the deals are done, the more deals will come.” 
Author Photo
Infrastructure bonds grab investor attention
— December 4th, 2013
Press Coverage
Structured Credit Investor
January 13th, 2017
Flawed logic: Regulators’ confidence in extra ratings ‘misplaced’
Finance Research Letters
September 28th, 2016
Exploring rating shopping for European triple A senior structured finance securities.
Inspiratia
September 15th, 2016
Bishopsfield’s project agent service caters to institutional investors
IJGlobal
September 15th, 2016
Bishopsfield Capital Partners adds project agent service
Financial Times
October 15th, 2015
Dutch pension funds turn mortgage lenders
Structured Credit Investor
August 21st, 2015
Capital plan – Definitional issues weigh on HQS progress
Global Capital
June 16th, 2015
ABS investors plead for regulatory harmony
Structured Credit Investor
May 27th, 2015
ABS surveillance standard introduced
EDHEC Working Paper
April 28th, 2015
Do Multiple Credit Ratings Signal Complexity? Evidence from the European Triple-A Structured Finance Securities
InfraNews
March 6th, 2015
Opinion: why credit enhancement and active institutions are key to European infrastructure
IJGlobal Magazine
March 6th, 2015
Trust issues and proactive agents
International Financial Law Review
September 1st, 2014
Bonds fund UK greenfield renewables plant
Partnerships Bulletin
June 1st, 2014
Monitoring the investment decision
Project Finance International
May 1st, 2014
Monitoring the needs of a project
Global Capital
April 24th, 2014
Bishopsfield Capital hires Fox to expand infra debt offering
Partnerships Bulletin
April 17th, 2014
Infra market ‘moving towards’ institutional investors
Project Finance International
January 15th, 2014
Bishopsfield takes over Trifinium
Infrastructure Journal
January 9th, 2014
BCP acquires monitoring adviser contracts from Trifinium
Euromoney
January 3rd, 2014
Financing European SMEs – Netherlands: Tight funding for a minority
Financial Times
December 4th, 2013
Infrastructure bonds grab investor attention
IP Real Estate
October 1st, 2013
Sharpening a blunt tool
Private Placement Letter
August 21st, 2013
Say Bonjour to France’s New PP Market
Het Financieele Dagblad
July 15th, 2013
Banken hebben interesse voor transactie ING met hypotheken
Vastgoed Journaal
May 24th, 2013
Gebreken toezichtregime Solvency II vermindert aantrekkelijkheid vastgoedbeleggingen
IP Real Estate
May 23rd, 2013
Real estate capital charges under Solvency II ‘unjustified’
PropertyEU
May 21st, 2013
Bishopsfield sounds Solvency II warning
Investment Europe
April 27th, 2013
European stock exchange bond platforms offer SME finance as banks pull back
Nu Zakelijk
April 20th, 2013
Volop kansen voor mkb op obligatiemarkt
Euromoney
February 1st, 2013
Disintermediatie: regelgeving verandert rol van banken
Het Financieele Dagblad
April 19th, 2012
Obligaties lonken voor MKB
Asset Securitisation Report
March 1st, 2012
European Buybacks
IFR
January 9th, 2012
ABS news
Euroweek
January 6th, 2012
ABS market in liquidity drive with twin boost
Het Financieele Dagblad
December 5th, 2011
Veiling Nederlandse kantoren mislukt
Asset Securitization Report
December 1st, 2011
U.K. RMBS and CC deals pack on the US$ weight
Real Estate Finance and Investment
November 28th, 2011
Whole biz structures offer potential OpCo-PropCo alternative
Total Securitization
November 28th, 2011
Whole biz structures offer potential OpCo-PropCo alternative
Property EU
November 22nd, 2011
Opco-Propcos face ‘painful’ refinancing challenge, report warns
IFR
October 1st, 2011
Securitisation – role to play in overcoming crisis
Financial Times
September 30th, 2011
Debt crisis efforts carry boom-era echoes
Euroweek
September 30th, 2011
Tough job ahead for new PCS initiative adviser
OECD Journal, Financial Market Trends
September 10th, 2011
Outlook for the securitisation market
Credit
March 4th, 2011
Borrowers look to private placements as substitute for bank lending
The Treasurer
March 1st, 2011
The need for a European private placement market
The Banker
February 18th, 2011
Europe lags US securitisation revival
Euroweek Review of the Year 2010 and Outlook 2011
January 1st, 2011
Securitisation and the search for the new normal
Het Financieele Dagblad
December 3rd, 2010
Faillissement DSB Bank schudt grote beleggers wakker
Total Securitization
December 2nd, 2010
Bishopsfield study questions bankruptcy remoteness
Structured Finance News
November 9th, 2010
Europes private placement market has room for growth
Het Financieele Dagblad
November 1st, 2010
Gestructureerde lening terug
Euroweek
September 28th, 2010
Borrowers have M&A options but still lack confidence
Investment Week
July 5th, 2010
Ex-rated? The judging of the ratings industry
Structured Credit Investor
June 16th, 2010
Surveys show positive signs, but growth could be stifled
Dow Jones Newswires
June 16th, 2010
European ABS investors growing more positive
Financial Times
June 15th, 2010
Investors bypass rating agencies
De Telegraaf
May 1st, 2010
Verkoop van pakketten leningen weer uit slop
IFR
April 26th, 2010
Vesteda prices first European CMBS of 2010
Financial Times
April 21st, 2010
Vesteda raising marks revival of CMBS
Het Financieele Dagblad
April 20th, 2010
Vesteda plaatst voor het eerst sinds crisis bundle leningen door
Financial Times
February 23rd, 2010
View of the Day – by Mike Nawas
Euroweek
February 19th, 2010
Time running out for bank financing, says Bishopsfield
Financial Times
February 11th, 2010
Post-crisis wrangle over best way to measure value
Het Financieele Dagblad
January 26th, 2010
Voormalige zakenbakiers ABN Amro zetten in op heropleving markt complexe schulden
Financial News
January 12th, 2010
Structured finance bankers return with new venture
Euroweek
January 8th, 2010
High quality names to dominate slim ABS mart in early 2010

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+.