Two regulators, opposite directions Changing capital charges and the focus on insurance capital as a source of liquidity in ABF On 23 June the National Association of Insurance Commissioners adopted new C-1 capital factors for insurer holdings of CLO tranches. A position rated Baa3 carries a charge of 3.281%. One notch lower, at Ba1, the…
It was lodged in April We commissioned research to show that a group structure had hidden the exposure. It showed the opposite, which is the more useful answer The intended article was about invisibility. A property group running several hundred project vehicles, forty-odd lenders each facing a different one, and an aggregate that nobody could…
The File is the Product Twelve asset-based finance frauds, US$9.4bn of headline quantum, and one failure common to every one of them. We have spent some of the summer building a register of fraud events in asset-based finance. Using public data we have Fifteen cases, twelve of them between September 2023 and August 2026, with…