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The PCS Secretariat is pleased to announce that the first PCS labels have been awarded for securitisations with Spanish assets. The two transactions have Spanish corporate loans and consumer loans respectively as their underlying assets

BBVA has successfully applied for and been awarded PCS labels for BBVA Consumo 2 FTA, Series A Bonds and BBVA-6 FYPYME FTA, Series A1 and Series A2(G) Bonds Further details can be found here.

European Banking Authority becomes a Permanent Observer to the PCS Association

Today, the European Banking Authority (EBA) became a Permanent Observer of the Prime Collateralised Securities Association, representing the first regulator to do so and a further sign of high-level European institutional support for the securitisation industry. The EBA will join other observers, such as the European Central Bank (ECB), the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and European Investment Fund (EIF) and KfW in providing input to future PCS meetings and decision-making. PCS is delighted and honoured by the EBA's decision and looks forward to obtaining the benefit of their insight in its deliberations.

Euroweek article: "Regulators must act on securitisation before it is too late" citing PCS as a possible solution

Euroweek published an article entitled "regulators must act on securitisation before it is too late". The article examines President Draghi's comment in Davos about the lack of securitisation issuance and the role of regulation in this state of affairs. Speaking of the need for a definition of high quality securitisation, it cites the PCS initiative as an example of how this can be achieved and quotes PCS' statements at the Las Vegas US securitisation conference. It also ties the issue of securitisation with that of the rebalancing of the European financial system away for the crushing preponderance of banks. The […]

PCS amends Checklist, Rule Book, and Eligibility Criteria for Dutch securitisations

Following the joint work of the past couple of months between PCS and the DSA, together with the input from the Dutch securitisation community, we are pleased to announce that updated PCS Dutch criteria are now in place and live as at today. The updated Dutch criteria are contained in the new version 6 of the PCS rulebook and checklist. The PCS website contains the updated PCS checklist for your use and can be found here. The PCS website also contains the updated Rule Book which together with a blacklined version can be found here. We would be grateful if you could circulate […]

Euromoney article looking back at 2013 - PCS is quoted

Today, Euromoney published its review of 2013 for European securitisation with its outlook for 2014. It picks up on the themes of the continued regulatory uncertainty and PCS is quoted. The article may be found here.

EBRD and ING Asset Management join PCS

At the recent general meeting of the PCS Association, the European Bank for Reconstruction and Development became a Permanent Observer of the PCS Association. Also, ING Asset Management joined the Association as a member. We welcome both organisations.

The key challenges for the European securitisation market as seen by PCS

In an interview for the Italian Bankers Association (ABI), Ian Bell, Head of the PCS Secretariat, outlined the key challenge for the European securitisation market today: with the current central banks' ultra-loose monetary policies, there is an absence of issuance not investors. The full interview may be found here.

PCS quoted in an article in the Financial Times regarding a possible threat to the survival of the ABS markets

The Financial Times published an article on the risk that the ABS market in Europe could collapse as a result of the low volume of issuance. The concern is that with so little issuance, investors may find it difficult to maintain a costly infrastructure that may not be compensated for by income generated by low volumes of ABS purchases. The article quoted PCS, described as a key industry group, and in particular mentioned that the causes of the low level of issuance was no longer investor diffidence vis-a-vis securitisation but the very cheap lending from central banks. This lending makes […]

PCS extends "Interim Period extension (version 4 Rule Book and Checklist for Dutch issuers only)" to 30th November 2013

In the PCS announcement dated 12th September 2013 it was noted that Dutch issuers may additionally benefit from an Interim Period extension (version 4 Rule Book and Checklist) until the earlier of (1) October 11th, 2013, and (2) the date upon which ‘conforming’ Dutch criteria changes have been introduced. Due to the later than expected introduction of Version 5 of the Rule Book and Checklist, which was finally announced on 9th October, 2013, the PCS Board has agreed to additionally extend (for Dutch issuers only) the applicability of the Interim Period extension (version 4 Rule Book and Checklist) to the earlier of (1) November […]

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