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Clifford Chance

Clifford Chance


Covid-19 and Securitisation: Locking Down the Lessons

27 April 2022

This is a reprint of an article originally published on 16 March 2022 as part of our publication "Structured Debt in a New World", accessible here.

In a briefing published in 2020 entitled “FCA Payment Deferrals for Consumers and the Securitisation Market”1 we concluded that lessons would need to be learned from the first wave of the Covid-19 pandemic in the United Kingdom and that changes would need to be put in place to ensure that financings of consumer assets are robust enough to withstand the prevailing macro-economic headwinds.

In this article, we offer a view as to what changes may be needed by drawing on patterns observed in the responses of market participants to the impact of Covid-19 and the measures taken by the UK government and regulators to manage the pandemic on securitisation structures.

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