European Securitization
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Tight loan market makes it tricky to ramp CLO portfolios -
Despite a revival for the asset class, some sponsors are turning towards private credit for funding
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Janus Henderson’s US ABS ETF provides one possible model for European market
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Triple-As land 8bp back of recent tights as manager keeps the equity
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Demand is expected to come from Europe, LATAM and Asia
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The point of 'Simple, Transparent and Standardised' is that these deals are safe
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Lender will consider a bridging RMBS once it reaches a suitable scale
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In a regulation-heavy episode of Another Fine Mezz, George Smith and Tom Hall discuss the FCA’s decision to regulate Buy Now, Pay Later and the EU’s proposed changes to Solvency II
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Heavy supply continues to weigh on spread tightening
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Spreads are marginally wider this week but within the normal range
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Looming regulation represents a stamp of legitimacy for BNPL lenders, which will lead them to public ABS issuance
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Bold cuts to capital charges across deals with CMBS and CLOs set to benefit
