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The adverse impact on value for KBC came to €600 million.
SGAM announced last Friday that it will sell its London-based asset management subsidiary to GLG Partners.
Fitch Ratings launched a CMBS performance analytics service for EMEA today.
SIFMA announced the launch of its European Covered Bond Dealers Association (ECBDA).
The European securitization market remains frozen despite new issuance volumes for 3Q08 roughly matching the volume of maturing securities.
The European securitization market looks set to keep on the same track it traveled throughout 2008. Government-sponsored programs are at the forefront of primary activity going into 2009. Until the market overhang dissipates and pricing issues are addressed, it's unlikely that the primary market will see any real activity, market sources said. Throughout the year, the central banks have made moves to accept a wider range of products as collateral to fund banks' balance sheets holdings.
Combing the market for unambiguously good news these days often feels like running tap water through a sieve in the hope of trapping gold. It's just not going to happen.
The securitization of mortgages and construction loans has slowed down to a listless sputter over the last few months in Mexico, a victim of blown-out spreads and investor aversion to debt from nonbank companies known as Sofols and Sofoms. But efforts are underway to pump new life - or at least millions of pesos - into the market all along the financing chain.
Fitch Ratings said it is reviewing RMBS backed by the Dutch National Mortgage Guaranty (nationale hypotheek garantie or NHG) as part of its criteria update for residential mortgage loans with this type of guaranty. The aim of this review is to provide these bonds with greater protection from counterparty exposure and the risk of counterparty default, given the recent weakening credit profiles of a number of financial institutions.
The U.K. government has finally succumbed to calls for it to step in and ease the growing repossession rates. Last week a new initiative was launched aimed at helping borrowers who are working to avoid default on their loans. This move could also have liquidity and credit implications for U.K. RMBS transactions, market players said. 'We are determined to do everything possible to ensure that hard-working households have the option to stay in their homes, if they suffer a loss of income during the downturn,' said Margaret Beckett, the U.K. housing minister. 'This scheme will give households the breathing space to get back on their feet again and help ensure they do not face or fear repossession. It shares the risk of home ownership at this difficult time across all the partners - the government, the lenders and the borrowers. We want to see all lenders signing up to this scheme as part of their efforts to ensure that repossession is always an absolute last resort.'
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