- Entity formation
- Entity management
- M&A transaction support
- Private capital & hedge fund core services
- Private capital
- Hedge fund
- Technology solutions
- Other funds services
- SPV corporate services
- Agency services
- Loan administration
- Cross capital market services
- Structures implementation and management
- Private client services
- Reporting services
Explore content
Show all >Featured articles and media

Insights | Corporate Client Services
Voluntary carbon credits bolster green bonds
25 May 2023
Read >
Featured articles and media
Show all media for Private Capital & Hedge Fund Services >Featured articles and media
Show all media for Capital Markets >Featured articles and media
Show all media for Private Clients >Featured events

Events | Virtual
Bankruptcy and Restructuring: Navigating Distress in the Evolving Markets
22 Jun 2023
Learn more >
Events | Virtual
Private Funds Industry Live, Expanding Private Funds in Global Markets
10 Jan 2023
Watch the recording >
Events | Virtual
Private Funds Industry Live, Demystifying Private Capital Funds
6 Dec 2022
Watch the recording >- Home
- Our services
- Corporate Client Services
- Entity formation
- Entity management
- M&A transaction support
- Private Capital & Hedge Fund Services
- Private capital & hedge fund core services
- Private capital
- Hedge fund
- Technology solutions
- Other funds services
- Capital Markets
- SPV corporate services
- Agency services
- Loan administration
- Cross capital market services
- Private Clients
- Structures implementation and management
- Private client services
- Reporting services
- Corporate Client Services
- Our locations
- About us
- News & Insights
- Login
The seal has been broken; first Eurozone deal for 2019
25 January 2020
The start of 2019 has been slow. We haven’t seen one issuance in the first three weeks of the year. Compare this to the same period of 2018 with circa €30bn of deals issued. Finally, after three weeks of a drought, Blackstone is the first to announce a new deal in the Eurozone, a EUR CLO – CROSTHWAITE PARK CLO.
Why the lack of activity?
As of 1 January, the new harmonised securitisation rules have been applied (STS). Issuers visited the market before the year end to ensure they didn’t delay deals in early 2019 whilst they put in place the processes and necessary infrastructure to comply with STS regulations. This resulted in an unseasonal spike in December issuance.
Alongside this, the European market is still awaiting an outcome on Brexit. A no-deal scenario, a new government and a second referendum all hang in the balance. The economic uncertainty is creating significant volatility in the market and causing secondary ABS spreads to gap out, making primary issuance unattractive.
What now?
The unfavourable issuing market is likely to mean that Q1 remains sluggish. However, many issuers will still require funding through the public wholesale markets. So, once the details of the new regulations are clear and there’s an established pathway to compliance, we expect issuance to pick up. We understand that there’s a pipeline of new deals waiting to go – will this trade by Blackstone break the seal and other deals start to trickle through?
Intertrust Capital Markets
We’re experts in management and administration services to debt issuances, securitisation, structured and alternative finance transactions across the world. We lead in adopting governance and compliance standards and can give you accurate, valuable, actionable information and investor reports.
Talk to one of our Capital Market experts on how we can support you in your business.