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03/01/2018

The Irish Debt Securities Association becomes a PCS Permanent Observer

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03/01/2018

First UK Master Trust PCS labelled transactions see pcsmarket.org/pcs-transactions

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03/01/2018

PCS extends the PCS interim period to 11th September 2013 for PCS Label applications, please see pcsmarket.org/news

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03/01/2018

PCS extends the PCS interim period to 11th October, 2013 for PCS Label applications. Please see pcsmarket.org/news

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03/01/2018

The PCS Secretariat is pleased to announce that the first PCS label has been awarded for a securitisation with Italian assets. The transaction has Italian residential mortgage loans as its underlying assets.

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03/01/2018

PCS amends Checklist, Rule Book, and Eligibility Criteria – 8th October 2013 go to pcsmarket.org/the-label/downloads

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03/01/2018

PCS amends Eligibility Criteria, Rule Book and Checklist go to pcsmarket.org/the-label/downloads

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20/12/2017

Year-end 2014 PCS has labelled 83 transactions with a total transaction value of 127.7 bn euros

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20/12/2017

PCS has labelled 93 transactions with a total transaction value of 145 bn €uros

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26/10/2017

STS - the end of a long march, maybe the start of a new dawn

Today, in the European Parliament 457 votes were cast in favour of the STS Regulation (out of 617) and a further 458 votes for the CRR Regulation. Six years after the industry argued for a bifurcated regulatory scheme that treated high quality securitisation fairly and after many twists and turns, the new regime has finally seen the light of day. (As a technical matter, the law still requires the final signature of the Council, expected next week and publication in the Official Journal, expected within a couple of weeks.) Overall, we believe that - whilst no more perfect than any […]

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31/05/2017

European Council and Parliament reach agreement over STS securitisation

At the trilogue meeting held yesterday, May 30th, an agreement in principle was reached as between the Council and the Parliament, according to a Parliament press release. Although the precise details remain sketchy and the final text still needs to be approved at the final trilogue scheduled for 16th June, two items will undoubtedly be welcomed by issuers and investors. These are the maintenance of retention levels at 5% and the use and regulation of third parties to assist with the verification of the STS status of issuance. With some of the agreements of principle on issues such as issuer […]

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23/02/2017

PCS launches a new label for risk transfer/synthetic securitisations

Today, PCS launches its new label to be awarded to risk transfer instruments that meet all the criteria devised by the PCS Association to identify the key elements for a simple, transparent and standardised instrument. This is the first new label from PCS since the creation of its original PCS True Sale Label in 2012. PCS hopes that its new label will, once again, help support the market by assisting both protection buyers and investors through standardisation and added transparency. It also hopes to contribute to a debate that may end in a new, better regulatory regime for this key […]

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21/02/2017

PCS Risk Transfer Terms and Conditions

The Applicant acknowledges and agrees to the terms and conditions set out below. Definitions "Appeal Procedures" means the procedures set out as an appendix to the Risk Transfer Label Procedures and dealing with any appeal against the refusal by PCS to award a Risk Transfer Label. "Applicant" means the person so named in the relevant Application. "Application" means an application to PCS for the award of a Risk Transfer Label, which seeks to incorporate these terms and conditions. "Application Documentation" means the Completed Checklist, the Protection Buyer Certificate, the draft transaction documentation provided by or on behalf of the Applicant […]

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21/02/2017

PCS Risk Transfer Procedures Manual

PCS RISK TRANSFER PROCEDURES MANUAL (link to the pdf of the manual) This document sets out the procedures laid down by Prime Collateralised Securities (PCS) UK Limited (the “PCS Secretariat”) for the award of a PCS Risk Transfer Label and which an entity applying for the Risk Transfer Label (the “Applicant”) will be required to follow. The PCS Secretariat shall use all reasonable efforts to follow these procedures but reserves the right to depart from them as it deems reasonable. These procedures are not binding on the PCS Secretariat. The PCS Risk Transfer Label is not a recommendation to buy, […]

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21/02/2017

Risk Transfer Securitisation Eligibility Criteria

LIGIBILITY CRITERIA For full definitions of the capitalised terms in this section, please consult the Glossary in the Schedule. 1. Common Eligibility Criteria To obtain a PCS label the following criteria need be met by all securitisations: (a) Balance Sheet Asset (i) In the case of a regulated bank or insurance company, the Underlying Assets must be at or before the Specified Date on the regulatory balance sheet of the Protection Buyer or one of its affiliates; (ii) In the case of any other type of Protection Buyer, the Underlying Assets must be owned by the Protection Buyer or a […]

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08/12/2016

European Parliament agrees the text on STS securitisation

This morning, the ECON Committee of the European Parliament voted on its compromise text for the draft STS securitisation legislation. This text is not the actual legislation but is an amended version of the original European Commission text. This amended text will now be brought together with the Council text agreed last December and the two will be subject to a reconciliation process involving the Commission, the Council and Parliament - the trilogue negotiation. The result of this negotiation will be the final text to be voted on and become the STS law. The trilogue will, in all likelihood, begin […]

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22/11/2016

PCS awards its 150th PCS label certificate

Prime Collateralised Securities (PCS) UK Limited (“PCS”) is pleased to announce that it has awarded its 150th Label Certificate for Dutch Residential Mortgage Portfolio II B.V., a Dutch residential mortgage securitisation from Achmea Bank. The transaction size was Eur 692.2 million across Class A, B and C Notes with Class A being publicly placed to investors across Europe. The PCS Label Certificate was awarded in respect of the Class A Eur 600 million Notes. PCS was established in 2012 with the aim to strengthen the asset-backed securities market as sustainable investment and funding tools for both investors and originators with […]

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20/06/2016

Bloomberg covers the securitisation world's outreach efforts

Bloomberg publishes a brief article covering the securitisation world's efforts to explain often complex issues to a legitimately confused public (PCS is quoted). As the debate on securitisation moves - through the work of the European Parliament - from a world of technical experts to the public sphere, it is incumbent on securitisation stakeholders to acknowledge the stigma created in the public by the crisis and their concomitant duty to explain clearly and simply to an understandably suspicious audience how the lessons of the crisis have been learned.

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13/06/2016

PCS appears at the European Parliament hearing on securitisation

Today PCS, together with the EBA, Santander, LBBW and an academic presented to and answered questions from Members of the European Parliament at a hearing in Brussels. Each person invited to the hearing was able to give a five minute presentation before being required to respond to queries. PCS’ presentation to the European Parliament on the STS proposal acknowledged that the starting point of any investigation of the proposal should be the crisis of 2007/2008 and what lessons can be learned from the performance of some types of securitisations during that crisis. Having learned those lessons, the question before the Parliament […]

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20/05/2016

Rapporteur report on STS securitisation is published

Today, Paul Tang, as Rapporteur, published his preliminary report on STS securitisation. This report will form the basis for the discussions that will now take place within the European Parliament, starting with the first exchange of views amongst ECON Committee members next Tuesday.

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15/04/2016

The Board of the PCS Association publishes its framework for analysing jurisdiction specific PCS Label criteria

It is not uncommon for PCS to be approached by market participants suggesting new criteria or amending existing criteria to reflect the specificities of a given jurisdiction. To assist with the task of analysing such requests, the PCS Board has created an an analytical framework designed to provide consistency in the process and the intellectual approach. To assist stakeholders who may wish to approach PCS with requests for jurisdiction specific criteria, the Board has chosen to publish a description of this framework. Attention must be drawn, however, to the final paragraph of this paper which stresses that this approach is […]

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06/04/2016

Bloomberg covers the industry joint-note

Bloomberg covered the joint-note on STS securitisation in an article stressing some of the issues that required attention. (PCS is quoted). Although Bloomberg’s article legitimately covers the problems with the project, it should also be stressed that the joint-note, in our view, was aimed at correcting essential elements of an otherwise very positive initiative from policy makers and should not be seen as expressing a negative perspective on the initiative as a whole.

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04/04/2016

A new joint-note shows the depth of consensus over the European Commission’s securitisation proposals

A note on STS securitisation signed by 32 associations and market participants sets out aspects of the Commission’s simple, transparent and standardised securitisation proposals that would need modifications if the project is to revive the European securitisation market. The joint-note on STS securitisation, together with a similar joint position paper published by AFME/EFAMA/ICMA and Insurance Europe, shows the very strong, and unusual, degree of consensus amongst stakeholders over the additional steps necessary to allow securitisation to help fund the European economy. The signatories of the note – and the earlier joint position paper – represent issuers and investors, large and small […]

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23/03/2016

An excellent corrective piece on securitisation in the Financial Times

Today, the Financial Times published an excellent article penned by Alexander Batchvarov. The article on European securitisation (which lies behind a pay-wall) is a much needed corrective to the rich collection of “urban myths” that sadly still plague the general public’s perception of securitisation. As the article makes plain, securitisation is a technology and, like any other, can be used for good and not-so-good. But the record of this technology as it was deployed in Europe more than stands comparison with its peers.

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25/01/2016

Kirti Vasu joins the board of PCS UK as a non-Executive Director

PCS is delighted to announce that Kirti Vasu has joined the board of the Prime Collateralised Securities (PCS) UK Limited (“PCS UK”) as a non-Executive Director. Kirti was a partner at Clifford Chance, with a significant track record in the Securitisation area, until her retirement last year. PCS UK is the operating entity of the PCS initiative and is responsible for the issuance of the PCS Label. PCS welcomes Kirti’s participation and future contributions to PCS UK.

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20/01/2016

Updated version 10 of the PCS Rulebook, PCS Eligibility Criteria and PCS Checklist now available

PCS has issued Version 10 of the PCS Rulebook, PCS Eligibility Criteria and PCS checklist. These documents together with blacklined versions of the PCS Rulebook and PCS Eligibility Criteria (comparing Version 10 with Version 9) can be found by clicking here. The criteria changes are in relation to concentration limits for RMBS, in particular smaller transaction sizes

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17/12/2015

Rapporteurs and some shadow rapporteurs are appointed by the European Parliament

Today the S&D and the EPP groups have appointed the rapporteurs and shadow rapporteurs on the two key securitisation files to be dealt with in 2016. On the STS securitisation file, as expected, the rapporteurship went to the S&D group in the person of Paul Tang, the Dutch MEP. The EPP shadow rapporteur will be Mr Karas, from Austria. On the CRR file, dealing with changes to the capital requirements for banks investing in securitisations, the rapporteurship will be held by the EPP in the guise of Pablo Zalba Bidegain from Spain. The S&D shadow rapporteur on the CRR file […]

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08/12/2015

Baroness Sharon Bowles and Waleed El-Amir join the board of PCS

PCS is delighted to announce that Baroness Sharon Bowles and Waleed El-Amir have joined the board of the PCS Association. At the General Meeting of the PCS Association, the current board was unanimously re-elected. In addition, Waleed El-Amir, Head Group Strategic Funding and Portfolio at Unicredit was elected to replace Mirco Bianchi who has taken on extensive new responsibilities within the Unicredit Group. Also Sharon Bowles, a member of the British House of Lords and former Member of the European Parliament and former Chair of its Economic and Monetary Affairs Committee has joined the PCS Board. She will be replacing […]

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01/12/2015

The Council text on CRR Regulation is published

The Council text on the CRR Regulation, which now reflects the position that will be forwarded to the European Parliament has just been published. We expect to issue a fuller analysis as soon as possible.

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01/12/2015

The Council text on STS Regulation is published

The Council text on the STS Regulation, which now reflects the position that will be forwarded to the European Parliament has just been published. Upon a quick perusal this text seems to be another large step forward from the already excellent work done by the Commission. It appears to address many of the residual concerns that had been expressed by stakeholders, including ourselves, and in particular issues around ABCP and third party certification. We expect to issue a fuller analysis as soon as possible.

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