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2020年金融与市场全球洞察力报告 - 欧华律师事务所(英文版)(32页).pdf

上传人: Me****y 编号:21257 2020-10-21 32页 1.61MB

1、ISSUE 18/APRIL 2020 Finance and Markets Global Insight COVID-19 and European Collateralized Loan Obligations challengesandopportunities COVID-19 and primary markets considerations for issuers ofsecurities Bank of England Covid corporate financing facility COVID-19 and Fund Finance considerations for

2、FundManagers COVID-19 and its impact on the financial services sector COVID-19 Liability management and key considerations for debt issuers 2 FINANCE AND MARKETS GLOBAL INSIGHT Contents Foreword 3 COVID-19 and European Collateralized Loan Obligations challenges andopportunities 4 COVID-19 and primar

3、y markets considerations for issuers ofsecurities 6 Bank of England Covid corporate financing facility 8 COVID-19 and Fund Finance considerations for Fund Managers 10 COVID-19 and its impact on the financial services sector 12 COVID-19 liability management and key considerations for debt issuers 14

4、The road ahead for digital finance 16 Tackling the NPL mountain 20 Investment fund liquidity plugging the leaks 22 France introduces an innovative legal framework for digital assets 24 The demise of LIBOR: Is it an issue for Islamic banking? 26 FCA feedback statement on climate change and green fina

5、nce 28 3 WWW.DLAPIPER.COM Foreword Martin Bartlam Partner, International Head of Finance, Projects makealleffortstomeettheirregulatoryand other obligations in a timely manner, despite any operational obstacles they may be facing even thoughcertaindelayswithregardstofinancial reporting will be permit

6、ted; and seek advice and/or speak to their regulator where they deem they are unable to comply with their obligations. ESMA recommendations On 11 March, the European Securities and Markets Authority (ESMA) published its statement outlining how market participants should act in light of the coronavir

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本文主要讨论了COVID-19大流行对欧洲担保贷款义务(CLO)的影响,以及英国和欧盟监管机构对证券发行人的建议。 1. 欧洲CLO市场面临挑战:随着信贷环境的恶化,CLO资产的信用质量和价格下降,导致CLO次级档资产难以找到买家。此外,某些CLO资产的评级可能降至CCC+或更低,增加CCC级CLO资产的数量,从而影响CLO的资本充足率测试。 2. 欧洲CLO市场也存在机会:对于有现金储备并能够以折扣价购买资产的担保贷款管理者来说,当前的市场环境可能是一个购买廉价资产的机会。 3. 英国和欧盟监管机构的建议:ESMA建议发行人尽快披露任何可能影响其基本面、前景或财务状况的与COVID-19相关的重大信息。FCA则建议发行人尽一切努力按时履行其监管和其他义务,尽管可能会面临操作障碍。 4. 英国政府的支持措施:英国政府宣布了一项3500亿英镑的财政刺激计划,以支持受COVID-19影响的企业。 5. 英国央行(BoE)的Covid企业融资设施(CCFF):BoE将购买最高12个月期限的商业票据,以支持大型投资级企业。
欧洲CLO在COVID-19期间面临哪些挑战和机遇? 英国和欧盟如何为证券发行者提供COVID-19期间的指导? 英格兰银行如何通过COVID企业融资设施支持大型投资级企业?
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