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3 weeks ago | 
9fin.com | Owen Sanderson
Excess Spread is our weekly newsletter, covering trends, deals and more in structured credit and ABS — subscribe to this newsletter here. On Tuesday, Brookfield released the terms on its planned restructuring of the debt secured on the CityPoint tower in London’s Moorgate. CityPoint is a big prestige asset, let to brand-name institutions (Simpson Thacher, Wilkie Farr, Simmons & Simmons, SquarePoint Capital) and with a chequered securitisation history.
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1 month ago | 
9fin.com | Owen Sanderson
Excess Spread is our weekly newsletter, covering trends, deals and more in structured credit and ABS — subscribe to this newsletter here. Most fintechs do not change the world, and most don’t set out to do so. They do existing things better, faster, smoother, more pleasantly, or serve hitherto untapped niches in credit, data, or payments. They work within the system, not seek to overturn it. Perenna is different.
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1 month ago | 
9fin.com | Owen Sanderson
Excess Spread is our weekly newsletter, covering trends, deals and more in structured credit and ABS — subscribe to this newsletter here. The European commercial mortgage-backed securities market has been essentially dead for the past five years, with nothing more than a trickle of transactions heavily concentrated by sponsor (Blackstone) and asset class (logistics).
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1 month ago | 
9fin.com | Owen Sanderson
Excess Spread is our weekly newsletter, covering trends, deals and more in structured credit and ABS — subscribe to this newsletter here. JP Morgan and Quilam Capital announced their joint venture a couple of weeks back, but in my view it didn’t get the attention it deserved. Quilam is very well known in UK specialty finance circles but it’s not got the headline-grabbing potential of an Apollo or a Blackstone.
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1 month ago | 
9fin.com | Owen Sanderson
Excess Spread is our weekly newsletter, covering trends, deals and more in structured credit and ABS — subscribe to this newsletter here. Excess Spread has been in Vegas this week, alongside with an increasingly large contingent from the European securitisation market, most of whom are in the Las Vegas airport lounge as I scribble this down. We hear the UK issuers' dinner, once a small affair for the few Brits stranded 10 hours from home, has swollen to some 50 people.
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2 months ago | 
9fin.com | Owen Sanderson
Excess Spread is our weekly newsletter, covering trends, deals and more in structured credit and ABS — subscribe to this newsletter here. The first post-crisis waves of bank disposals in Europe were products of weakness. Portfolios came from banks that collapsed (the Northern Rock and Bradford & Bingley portfolio sales) or from institutions that were tottering or took state support, such as the CaixaCataluyna portfolio.
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2 months ago | 
9fin.com | Owen Sanderson
Excess Spread is our weekly newsletter, covering trends, deals and more in structured credit and ABS. Find out more about 9fin for structured credit. Metro Bank is a curious institution that often zigs while others zag. While the UK clearers were scrambling to shut branches, Metro signed leases in prestige locations for airy, attractive branches (with the famous dog facilities). It kind of lost the argument here, and good app-based banking is now table stakes.
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2 months ago | 
9fin.com | Owen Sanderson
Excess Spread is our weekly newsletter, covering trends, deals and more in structured credit and ABS. Find out more about 9fin for structured credit. There is still much to come out on the fate of Stenn International, the trade receivables ‘fintech’ formerly valued at $900m, and now little more than a smoking ruin, with around £2m of cash to cover £90m or so in liabilities, according to administrators Interpath. But we’re getting more details as the dust settles.
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2 months ago | 
9fin.com | Owen Sanderson
The energy was high and the sessions were packed at DealCatalyst's Future of Fund Finance conference at the Landmark Hotel on Tuesday. European fund finance is at an inflection point, as a market once dominated by sleepy institutional relationships has become one of investment banking's most exciting corners. Goldman Sachs, for one, sees financing funds as an essential driver of returns in its fixed income business.
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2 months ago | 
9fin.com | Owen Sanderson
Excess Spread is our weekly newsletter, covering trends, deals and more in structured credit and ABS. Find out more about 9fin for structured credit. Interpath, the administrator for stricken trade receivables platform Stenn, has published its proposal, and it is not pretty. The UK entities have £1.89m in cash with which to satisfy £91.93m in creditors. Admittedly some of this is £58m to Stenn’s Luxembourg entity, now in its own process, but recoveries are not going to be good.
