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◆ What now for European Secured Notes ater long-awaited debut?

◆ The mood in European securitization amid MFS fallout and reg reform 

◆ Digitalisation of bond market is up to the regulators

Bpifrance achieved a world first this week, pricing the inaugural European Secured Note. The deal was a success but it has taken about a decade to get the product from concept to market. 

The question is now where next for ESNs? This twist on a covered bond has clear applications as a capital market instrument that can help fund the real economy but it could be argued that its future lies in the hands of the regulators and how they choose to treat it. We discuss the different paths ESNs might be led down and the alternatives open to issuers.

Meanwhile, GlobalCapital's European securitization team is back from Global ABS in Barcelona — that market's major gathering for the year. We find out what is giving the market cause for fear and cheer. 

We discuss how specialist lenders, banks and funds are adjusting to prevent or mitigate another scandal like the one that befell Market Financial Solutions earlier this year, and how the securitization market feels about the direction of regulatory reform.

Sticking with the topic of all-powerful financial regulators, we also discuss why it is they rather than the technologists that will decide the fate of bond market digitialisation.

Now read on:

ESNs arrive: regulatory recognition may follow French first
European Secured Notes needn’t rush to Brussels
Funds eye ABF market share as banks pull back
ABS conference delegates emit mixed feelings of trepidation and optimism
On DLT, regulators could bring order — or disruption