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A podcast about the global securitization markets from GlobalCapital
109 Episodes
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With a host of special guests dominating the Another Fine Mezz podcast in recent weeks, this week's normal episode with host Tom Lemmon and European ABS reporter, George Smith, felt almost unusual. As was long-predicted, European securitization markets have been fairly quiet since Donald Trump's second election victory on November 5. However, a ruling by the UK Court of Appeal on motor finance meant there was plenty to chew over. The ruling found unexpectedly in the favour of the ...
This week on Another Fine Mezz, host Tom Lemmon welcomed Alantra's SRT specialist, senior advisor, Jeremy Hermant as the third guest in the SRT Series. Hermant discussed the increasing role of arranging banks in SRT transactions as the market increasingly opens itself up to smaller banks who need to efficiently manage their capital requirements. In addition, Hermant spoke about the regulatory changes in the UK making SRT more competitive, and explained why regulators are encouragi...
There was only one place to start this week's episode of Another Fine Mezz after Enpal's stunning debut solar ABS, the first of its kind in Europe. European ABS reporter, George Smith, explained why the deal from Germany's largest renewable energy provider had such strong demand, although both he and host, Tom Lemmon questioned whether the deal would see a host of others following in the its footsteps. Golden Ray 1 has clearly shown that things like solar ABS can be sold in the European...
This week on Another Fine Mezz, host Tom Lemmon sat down with Man Group's, co-head of credit risk sharing, Matthew Moniot for the second episode of GlobalCapital's SRT Series. Moniot explained how the world of risk sharing has changed since he first started dealing with "SRT-like" products in the late 90's. And now, senior leaders within banks have recognised that it's not just a regulation-driven product, but a key part of their toolkit when looking at efficiency. In the last 12 ...
On this week's episode of Another Fine Mezz, host Tom Lemmon and European ABS reporter, George Smith geared up for yet another busy week in ABS with the market's late-September slump looking well and truly over. As the US presidential election on November 5 draws ever closer, it seems more and more market participants are not terribly fussed about it, despite worrying about it for most of the year. That's particularly true for the sterling market with NewDay, LendInvest, Arval and...
After teasing it for weeks, the new SRT Series of Another Fine Mezz is here. European ABS reporter, George Smith sat down with Frank Benhamou, risk transfer portfolio manager Cheyne Capital to kick the series off. Prior to Cheyne Capital, Benhamou spent over 17 years at Barclays, where he was one of the key architects of the bank's SRT platform, making him the perfect person to begin the series. In this episode, Benhamou explains why SRT is proving so popular, growing at around 20...
The great regulatory war over European securitization could soon be coming to an end following the European Commission's launch of its consultation last week. Naturally, the Another Fine Mezz team were very excited to summarise the reaction so far, not least for host, Tom Lemmon. European ABS reporter, George Smith was also on hand to discuss what could happen, with many market bigwigs hopeful that this could be the beginning of the end of securitization's regulatory purgatory. At...
This week on Another Fine Mezz, host Tom Lemmon sat down with KBRA's head of European research, Gordon Kerr as part of a sponsored episode looking ahead to KBRA's structured finance symposium. Kerr spoke about the brilliant, record-breaking year for the European securitization market and the hope that this could be just the start with optimism building that transformative reforms for the sector are on the way. He also gave a sneak peak of what to expect at KBRA European Structured Finan...
With the summer holidays of the Another Fine Mezz team well and truly over, it was back to normal this week. Similarly, the European securitization market has eased into October with deal flow slowing to a much more manageable pace. WiZink bank completed a successful return to the market after a troubling debut in 2023 for its Portuguese credit card ABS. However, host Tom Lemmon argued that despite a much smoother ride this time around, the trade revealed familiar problems in European A...
“What's in a name? That which we call a rose by any other name would smell just as sweet," wrote William Shakespeare in his play, Romeo and Juliet. In this week's episode of Another Fine Mezz, it seems that the answer is quite a lot actually, Bill. European securitization issuers are known for their creative labelling of SPVs, but it has always seemed somewhat silly and meaningless. But following the success of specialist UK mortgage lender Paratus' new mixed pool RMBS shelf, the £564m ...
This week on Another Fine Mezz, the carnage well and truly began in European ABS with 11 deals in the market. European ABS reporter George Smith and host Tom Lemmon barely came up for air last week. Issuer tactics will be interesting to observe from the sidelines, with many thinking that there's no reason to wait with demand so strong. However, George reckons that the US election won't create half as much panic as some syndicate desks assume. Finally, the podcasting quartet was in mourn...
In this week's episode of Another Fine Mezz, host Tom Lemmon was standing in once again for the travelling George Smith, and while he expected a quiet mid-August week, the European ABS market had other ideas. The expectation was that the market would begin to stir following the UK bank holiday on August 26, but a number of auto ABS issuers began marketing deals early to ensure investors get a good look. It seems the expectation that September would be busy has been changed to Sept...
This week on Another Fine Mezz was dominated by host Tom Lemmon's love of talking about a regulatory revolution in European securitization. The European ABS market was quiet once again, but that gave time to dissect a research paper by Risk Control and authored by a who's who of securitization's regulatory big beasts. There are number of transformative proposals put forward, but perhaps the most crucial is the way it seeks to reframe the debate towards how securitization can help ...
After a manic Monday on which some ABS bankers wondered whether we would even have a market by the end of the week, the Another Fine Mezz team is happy to report that we do. Yet again, ABS reporter George Smith appears to have deserted his post just when all hands are needed. He spent the week driving through the Scottish Highlands blissfully unaware of volatility indices, while host Tom Lemmon and the CLO duo of Victoria Thiele and Austin Barnes held the fort. Despite fears of a new gl...
On this week's episode of Another Fine Mezz, it was something akin to podcasting musical chairs with CLO reporter, Victoria Thiele, taking over from usual host Tom Lemmon, alongside the return of new CLO reporter Austin Barnes while George Smith stayed firmly put as ABS reporter. With August now upon us, it was perhaps no surprise that there were no publicly placed deals in European ABS this week. However, George did manage to find time to rage at the low-quality opinions circulating Li...
This week on Another Fine Mezz, the usual suspects of host, Tom Lemmon and CLO reporter, Victoria Thiele were a man down owing to European ABS reporter, George Smith losing his voice - of all things. However, GlobalCapital now has a securitization podcasting production line not dissimilar to Australian cricket's fast bowling ranks, which meant it was time for a debut (more on the Australian cricket references later). George's absence paved the way to welcome the newest CLO reporter, Aus...
On this week's Another Fine Mezz, usual host Tom Lemmon was taking a well-earned break to play golf, but it seems his enthusiasm for the sport has spread to European ABS reporter, George Smith. Perhaps he was also inspired by the professionals in Troon this weekend. Away from golf, it seems European CLO equity may be getting easier to sell too. It's not quite "gimme" distance but for the biggest players, it is starting to feature in conversations more, CLO reporter, Victoria Thiele said...
GlobalCapital's CLO reporter, Victoria Thiele, returned to her desk just in time from her trip to Germany this week, in what was a collection of the weary thanks to international football and growing babies. With a less hectic week in the primary ABS market, securitization editor, Tom Lemmon, and European ABS reporter, George Smith discussed whether fine wine ABS might soon be a thing after an interview with a wine-backed lending platform. With the dust just about settling following the...
At last, the Another Fine Mezz team's CLO Series is back with a bang after to chatting to potentially the hottest property in CLOs. That is John Kerschner, head of US securitized products and portfolio manager at Janus Henderson. Also known as the man behind the mammoth CLO ETFs, JAAA and JBBB. Together, the two CLO ETFs have just under $12bn in assets under management, roughly doubling in size since the start of 2024. On the episode, Kerschner explained how ETFs work in a C...
Holiday season is in full flow it seems for the Another Fine Mezz team. Last week, usual host, Tom Lemmon, was enjoying an early Summer break, and so this week he stepped into cover for European ABS reporter, George Smith. This was a week characterised by election excitement, with every issuer still in the market looking to be done sooner rather than later. Deals from Cerberus and Ford's German branch followed with no hiccups but the visible pipeline is now quiet. In the meantime,...
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