Tom Hall

4 days ago | globalcapital.com | George Smith |Tom Hall

Before jumping into the BIG NEWS on European regs, George Smith sat down with Fran Rodilosso and Bill Sokol of VanEck to discuss how CLO ETFs in the US fared during the post-tariff volatility in April. Much was made of ETF outflows at the time by some. After all, it was the first real test of how CLO ETFs would stand up in the face of volatility, making this a timely conversation with two people who were in the heart of the action.

1 week ago | globalcapital.com | George Smith |Tom Hall

It took a while to get going this year, but the cash capital relief pipeline is now in full swing. Santander remains the main supplier of paper, despite such deals becoming increasingly popular and programmatic from other banks in recent years. The bank has been active, issuing from its German, Spanish and now Italian consumer shelves in recent weeks. Notably, last week, BBVA also placed a large quantity of mezz: over €330m from an enormous €2.7bn Spanish deal.

3 weeks ago | globalcapital.com | George Smith |Tom Hall |Oliver West

Host and senior reporter George Smith this week welcomed Tom Hall back from an extended holiday in Australia, with our intrepid reporter having been gifted a didgeridoo to take back as a memento. Of course, playing a didgeridoo requires a special technique known as circular breathing. Tom returned just as the optimists in the European ABS market reckon new issue primary is about to come full circle and return to March spread levels after April's tariff-driven widening.

1 month ago | globalcapital.com | George Smith |Tom Hall

The long weekend in the UK comes at a welcome moment for the GlobalCapital Securitization team, after frenetic run in to Easter, with deals delayed, regulatory shocks and even new asset classes emerging. In his book The Misbehaviour of Markets, mathematician Benoit Mandelbrot describes the concept of trading time. Everyone in capital markets will intuitively grasp the idea. Time flies during high volatility. Weeks worth of market movements happen in mere hours.

1 month ago | globalcapital.com | George Smith |Tom Hall

You can see why risk retention is an intuitively appealing idea. If you think of securitization as banks selling loans to investors who are blindly buying based on a credit rating, then one thing you can do is at least make the banks keep some "skin in the game". Obviously, that’s not how it works. But in the case of banks securitizing their own loan books, at least, it’s easy enough to see why you might like the idea of risk retention.