Publications

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30/09/2022

Securitisation:ghosts of crisis past

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04/08/2022

Comparing CB, ABS and Corporate Bond Liquidity

This study examines the relative liquidity of Asset Backed Securities (ABS), Covered Bonds (CBs) and Corporate Bonds (Corps). The measure of liquidity that the study employs is half the bid-ask spread divided by the mid-price. This equals half the round-trip cost of buying and selling the security per unit of value of the position as reflected in current market quotes. The study focuses on Investment Grade (IG), GBP-denominated securities and senior ABS. The study compares the liquidity of different categories of ABS, namely Simple Transparent and Standardised (STS) versus non-STS ABS. To compare the liquidity of any two categories of […]

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31/07/2022

Monitoring systemic risks in the EU securitisation market

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18/07/2022

PCS' Response to EIOPA’s Consultation on the prudential framework under Solvency 2 (July 2022)

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18/07/2022

Synthetic securitisation as a key capital and risk management tool for the Greek banking sector

Key takeaways HFSF in collaboration with PCS published a bulletin focusing on the role Synthetic Securitisation can play in managing capital and credit risk for Greek Banks. This analysis describes the basic structures, the main practices applied and the benefits that can be derived for Greek Banks and the Greek economy as a whole, from using Synthetic Securitisation. The inclusion of synthetic securitisation to the Simple, Transparent and Standardised (STS) framework provides additional benefit due to the lower capital requirements under the Capital Requirements Regulation. Synthetic securitisation is a mechanism that allows banks to reduce their exposure to specific sectors […]

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02/07/2022

PCS' Response to the Joint-Committee's Consultation on Sustainable Disclosure for STS (July 2022)

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03/06/2022

Is my asset class allowed under STS

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03/06/2022

Synthetic Workshop

Synthetics Workshop – A presentation setting out information on synthetics

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03/06/2022

A quick guide to STS Buy to Let transactions

We will go over the basic issues that need to be addressed in order to achieve STS status for Buy to Let portfolio

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03/06/2022

A quick guide to STS warehouse facilities

We will go over the basic issues that need to be addressed in order to achieve STS status for a warehouse facility

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01/06/2022

ICMA Green Bond Principles

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01/06/2022

EBA Report on developing a framework for sustainable securitisation

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28/02/2022

PCS' Response to EBA consultation on STS triggers for synthetics (February 2022)

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01/02/2022

EUROFI- EU securitisation relaunch: critical political decisions and timing

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02/12/2021

Securitisation Quo Vadis?

As the year winds up, there will be many presentations looking into 2022 and seeking to map out the course of European securitisation in the coming months. They will focus on the many securitisation specific developments we can anticipate for next year. In our “Quo Vadis?” webinar, PCS will seek to look both a little further and a little wider to reflect on the forces that may impact the European securitisation market not only in 2022 but beyond, from ESG to Basel 3, and how these may interact with each other. The original answer to the question “quo vadis?” was, […]

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26/09/2021

PCS' Response to European Commission Consultation on the Securitisation Regulation (September 2021)

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02/09/2021

PCS' Response to HMT call for evidence (September 2021)

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01/09/2021

Securitisation: the indispensable reform

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23/08/2021

The Joint Committee of the ESAs’ report on securitisation is published - Newsletter June

Today, the Joint Committee of the European Supervisory Authorities (EBA, ESMA and EIOPA) issued their long-awaited report on the regulation of European securitisation. This report was mandated in the 2017 Securitisation Regulation and ...

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15/07/2021

HFSF & PCS STS Workshop

In order to mark the occasion of HFSF joining the Prime Collateralised Securities Association, you are cordially invited to attend our joint session on Securitisation. The webinar is designed for all stakeholders, from those with only the most basic knowledge of securitisations but interested in understanding synthetics, to practitioners who seek to measure the impact of the new STS regime on their documentation and transaction structures. Agenda 0:00 0:10 Opening Remarks- Ilias Ε. Xirouhakis, Chief Executive Officer, HFSF- Michael Haralabidis, Chief Risk Officer, HFSF 0:10 0:25 Introduction to the PCS Association- Ian Bell, Chief Executive Officer, PCS 0:25 0:45 The basic mechanics […]

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08/07/2021

Synthetic STS Part 2

PCS has crafted an online workshop for all those who want to better understand the new STS regime for synthetic/on-balance-sheet securitisations. It is designed for all stakeholders, from those with only the most basic knowledge of securitisations but interested in understanding synthetics to practitioners who seek to measure the impact of the new STS regime on their documentation and transaction structures. The aim of the workshop is to provide insight and understanding around the rationale and approach of the new regime rather than be a “laundry list” of provisions and rules copied from the legislation. We will also go through […]

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08/07/2021

Synthetic STS Part 1

PCS has crafted an online workshop for all those who want to better understand the new STS regime for synthetic/on-balance-sheet securitisations. It is designed for all stakeholders, from those with only the most basic knowledge of securitisations but interested in understanding synthetics to practitioners who seek to measure the impact of the new STS regime on their documentation and transaction structures. The aim of the workshop is to provide insight and understanding around the rationale and approach of the new regime rather than be a “laundry list” of provisions and rules copied from the legislation. We will also go through […]

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06/05/2020

EBA Report on a Framework for synthetic STS Securitisations (2020)

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01/03/2020

TEG Green Bond Report 2020

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25/11/2019

PCS' Response to the Discussion Paper on Synthetic Securitisations (November 2019)

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06/05/2019

EBA dicussion paper on STS Framework for Synthetic Securitisation (2019)

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01/01/2019

EC Financing Sustainable Growth

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20/07/2018

PCS' Response to Guidelines on the STS criteria for ABCP and non-ABCP securitisation (July 2018)

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01/07/2018

The New STS Regime - Presentation

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01/06/2018

The New STS Regime - An Introduction

PCS Insight