As the largest promoter of a well-functioning, simple and transparent European ABS market, The European Central Bank wins 2015’s IIR Leadership Award. An independent advisory board hands out the award at the 11th Securitisation Event on 23 April in Amsterdam, The Netherlands.
IIR’s Leadership Award recognizes ECB’s successful introduction of the loan level data initiative, working closely with key market participants. ECB also started multiple initiatives to iron out some undue regulatory discriminations. It’s ABS Purchase Program in late 2014 could lead to more healthy new issuance volumes, away from the dominance of (artificially) retained deals.
The Award ceremony forms part of this year’s Securitisation Event, featuring keynote speakers such as Stef Blok, The Dutch Housing Minister. With just four weeks to go before the event, the advisory board also announced the nominee shortlist for the prestigious Securitisation Award 2015, which are:
Arena 2014-I & II transactions: Delta Lloyd
Arena 2014-I represents an innovative RMBS transaction by Delta Lloyd. This transaction does not feature the traditional Dutch balance guaranteed swap, but instead accomplishes a hedge between its assets and liabilities using a cap and innovative features in the notes coupon. Arena 2014-I is the first post-crisis RMBS transaction without a balance guaranteed swap that was placed with investors in full.
CFHL-1 2014: Credit Foncier
CFHL-1 2014 is the first post-crisis RMBS transaction out of France that was publicly placed with third-party investors. Besides opening up the ABS market from a jurisdiction that was dormant for a long time, the CFHL structure involves several structural innovations. These include a re-pricing mechanism after 5 years that will operate in the capital markets without direct involvement from the originator. The transaction achieved full deconsolidation from the originator’s balance sheet. It also paved the way for other issuers across Europe in using securitisation as a balance sheet management tool.
STORM 2014-III: Obvion
With 35 RMBS transactions totaling over € 40 billion in the last 12 years, Obvion maintained its position as one of Europe’s prime and frequent issuers in 2014. The STORM program is highly appreciated by investors because of its consistency in terms of structure & portfolio quality and performance. 3 new securitisation transactions in 2014, totaling over € 3 billion, demonstrated excellent performance in terms of volumes and spread levels. STORM 2014-III in particular was impressively oversubscribed and delivered a record low post-crisis print. This transaction was considered to be the one transaction that underlined the Dutch RMBS renaissance.
About the Securitisation Awards 2015
The Securitisation Award recognises outstanding achievement or a transaction, initiative or organisation that had a significant positive contribution to or impact on the (Dutch) securitisation market in 2014/2015. All nominees will have a chance to illustrate their initiative during the 11th IIR Securitisation Event, which will take place on 23 & 24 April at the Hilton Hotel in Amsterdam, the Netherlands. Participants will determine this year’s winner by popular vote. The independent advisory board consists of Hendrik Jan Luikinga (Amstelhuys, Delta Lloyd Bank), Chris Kruthoffer (APG), Sjoerd Wegener Sleeswijk (NIBC), Harmen van den Hondel (RBS), Marc van Lent (ABN AMRO Bank), Mirjam Bos (Rabobank International) and Amir Maani Shirazi (Robeco).
Institute for International Research (IIR)
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Geplaatst op: 22 april 2015
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