Owen Sanderson

2 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. Excess Spread is off next week, back on 5 JuneWho should lend mortgages? I mean, anyone that wants to, within reason; jump through the relevant regulatory hurdles and off you go. But lending the largest sum most people ever borrow requires a lot of capital, and you have to get it from somewhere.

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. Europe had exactly one CRE CLO, and now it has none. When Starz Real Estate issued Starz Mortgage Securities 2021-1 in October 2021, it genuinely promised to open a new capital market. Other real estate debt funds, with bigger brands than Starz, were waiting in the wings to issue and hoping for a clean deal to fire the starting gun. This didn’t quite work out.

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 glory days of bank deleveraging are behind us, but there’s a new wave of disposals coming through. Banks are optimising their perimeters, tackling the corners of the balance sheet which are suboptimal, and casting a ruthlessly capital-efficient eye across asset holdings.

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. Shortly after Liberation Day I liberated myself from writing news about asset-based finance for a couple of weeks, and what a window to take holiday! The underpinnings of the dollar-based global financial system are now audibly creaking under the strain of unpredictability and lawlessness from the Trump administration.

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. 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.