Yearly Archives: 2014

Reg AB II and Covered Bonds

Updated: 12/28/2015 The United States Securities and Exchange Commission (the “SEC”) adopted revisions to Regulation AB on August 27, 2014, after a four year process of proposals and review. Regulation AB is the rule that governs the offering disclosure and … Continue reading →

Use CBs to Restart the PLS Market

In the United States there is a lot of discussion about how to reduce the taxpayers’ exposure to housing finance. The conservatorships of Fannie Mae and Freddie Mac were a pointed reminder of the extent of the government’s, and the … Continue reading →

SEC Finalizes Reg AB II

On Wednesday, August 27, 2014, the United States Securities and Exchange Commission finalized the changes to Regulation AB (commonly referred to as Reg AB II). The Commission issued a press release and a draft adopting release adopting the changes. The … Continue reading →

SEC Calls Reg AB II Meeting

The SEC announced today that it would hold a public meeting to consider amendments to Regulation AB on Wednesday, August 27: SECURITIES AND EXCHANGE COMMISSION Sunshine Act Meeting. Notice is hereby given, pursuant to the provisions of the Government in … Continue reading →

Moody’s expects lower predictability of government support for Canadian banks; changes banking system outlook to negative

On July 8, Moody’s followed up on its June 11 announcement regarding risk related to a “bail-in” regime in Canada with an announcement of the change to “outlook negative” in Global Credit Research.  Additionally, Moody’s notes that “high household indebtedness … Continue reading →

EBA report on favorable capital treatment

On July 1, 2014, the European Banking Authority published a favorable opinion on the preferential capital treatment of covered bonds.  The EBA also delivered a companion report entitled EBA Report on EU Covered Bond Frameworks and Capital Treatment.  See also … Continue reading →

Treasury trying to encourage private funding

Speaking in Washington on June 26 before the Making Homes Affordable Five Year Anniversary Summit, U.S. Secretary of the Treasury, Jacob Lew, gave a speech in which he addressed the need for housing finance reform. He also noted almost a … Continue reading →

Moody’s: Canadian Banks on Outlook Negative

On June 11, 2014, Moody’s Investors Service changed the outlook of the seven largest Canadian banks from stable to negative and confirmed each of their long-term ratings.  Moody’s stated that the action was taken in response to previously announced plans … Continue reading →

The Case for U.S. Covered Bonds

Updated: 5/18/2015 Two U.S. banks issued covered bonds in 2006 and 2007. No U.S. banks have issued covered bonds since, due in part to the complexity of issuing structure used by U.S. banks. Legislation to implement covered bonds in the … Continue reading →