Week inAdvance Monday | Apr 6, 2020

Mon Apr 6 Big banks submit capital plans to Fed ahead of stress tests. OPEC+ meets to stabilize oil prices. | Tue Apr 7 EU finmins discuss econ strategies for pandemic. | Wed Apr 8 SEC meets on business development companies. FOMC minutes released. | Fri Apr 10 U.S., Canada markets closed for Good Friday holiday. All times are Eastern and subject to change.

please join us

Wednesday, Apr 8 INVESTORS CMBS industry update 3 - 3:15 pm Thursday, Apr 9 INVESTORS market practices industry update 11:30 am - noon Come when you can. Leave when you have to. Take your calls. for more info: Matthew Jones, executive director mjones@association.institutionalINVESTORS.org (202) 712-9050

at the agencies

Monday, Apr 6 FEDERAL RESERVE Wall Street banks with more than $100 billion in assets must submit capital plans and  stress test data  to the Fed. The tests were devised in 2009 to reassure investors that banks could withstand a hypothetical doomsday scenario. Banks are opposing suggestions that the tests be postponed as a real global crisis unfolds. The Fed will release the results in June. Monday, Apr 6 FEDERAL RESERVE The Fed opens a  temporary repurchase agreement facility  for foreign central banks to support the smooth functioning of financial markets. The program is a new weapon in the Fed’s arsenal to stabilize dollar funding markets. Wednesday, Apr 8 FEDERAL RESERVE The Federal Open Market Committee releases the minutes from its special March 15 meeting, at which it cut rates to .25 in a surprise move to address the coronavirus crisis. It was the biggest one-day rate reduction since the Volcker era. 2 pm EDT. Wednesday, Apr 8 SECURITIES AND EXCHANGE COMMISSION Open meeting to consider adopting rule and form amendments that would “improve access to capital and facilitate investor communications by business development companies.” The SEC will consider these changes, in part, to implement some provisions under the Small Business Credit Availability Act and the Economic Growth, Regulatory Relief, and Consumer Protection Act. The SEC may consider whether to modify the registration, communications and offering processes for BDCs (business development companies). BDCs, largely lenders to small- and medium-sized businesses, have about $110b in assets currently. See agenda here .

on the hill

House out of session. No hearings of note in the Senate.

across the globe

Monday, Apr 6 VIRT UAL MEETING OPEC+ members,  including Russia , meet in a desperate bid to stabilize oil prices amid a price war, as Covid-19 knocks out as much as a third of global demand. At the same time, the oil-price slump threatens the budgets and political stability of oil-dependent nations, the existence of the U.S. shale industry, and millions of jobs in a sector already in turmoil. Tuesday, Apr 7 VIDEO CALL EU finance ministers  meet to discuss how to fund measures to protect and restart an economy battered by the shutdowns caused by Covid-19, after a March 26 summit of EU leaders failed to provide a solution.

other events

Wednesday, Apr 8 SUPERMOON The full Pink Moon , the biggest and brightest supermoon of the year, will be on the opposite side of the earth from the sun. The moon’s face will be fully illuminated and at its closest approach to the earth. Friday, Apr 10 The Good Friday holiday starts Easter weekend in countries including the U.S., U.K., France and Germany.