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1 week 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. It’s going to be another Excess Spread going big on regulation, which may not be to everyone’s taste, but you’ll eat your boiled cabbage and enjoy it.
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2 weeks ago | 
9fin.com | Owen Sanderson |Celeste Tamers
Excess Spread is our weekly newsletter, covering trends, deals and more in structured credit and ABS — subscribe to this newsletter here. Another Barcelona conference done, with just a few changes to time-honoured tradition. Under the new ownership of FT Live, the folks stuck behind the booths were blessed with natural light, carpets and an altogether more pleasant environment.
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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. We’re heading to Barcelona for FT Live’s Global ABS next week, along with most of the European market. If you haven’t sent Excess Spread a drinks invite yet, there’s still time.
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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 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.
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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. 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.
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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 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.
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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. 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.
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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. 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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Mar 20, 2025 | 
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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Mar 13, 2025 | 
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).
