Tom Hall

Weston

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Articles

War and why primary credit markets are not as worried as you might think

1 week ago | globalcapital.com | Ralph Sinclair |Sarah E. Ainsworth |Tom Hall |Mike Turner

If you only consumed mainstream news, the escalating conflict between Israel and Iran — and potentially the US — might lead you to assume that such global turmoil would make it a bad time to be issuing debt. But if you only observed the capital markets to the exclusion of all wider news, you'd be forgiven for thinking the world was a stable, peaceful and certain place. Issuance in credit markets has boomed even as the prospect of a wider war ramped up this week.
What on ETF happened?

3 weeks 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.
A sigh of (capital) relief

1 month 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.
Coming out to play

1 month 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.
Squeezing the brakes

2 months 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.
Powers of retention

2 months 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.
Primary ponderings

Mar 27, 2025 | globalcapital.com | George Smith |Tom Hall

It was the first of two hectic weeks for GlobalCapital’s European securitization dynamic duo George Smith and Tom Hall. However, the UK securitization GC Live briefing, two Invisso conferences in two days, and our London Awards shindig were not going to stop them sitting down for their weekly chinwag about the happenings in the market.
The spice of life

Mar 20, 2025 | globalcapital.com | George Smith |Tom Hall

Another Fine Mezz returned to its traditional line-up this week, with senior securitization reporter George Smith hosting fellow ABS journalist Tom Hall. Recent deal making activity in European securitization has come in falvaours as varied as the continent's different cuisines. Tom hasn't even been at GlobalCapital for three months, yet CMBS is already is favourite subject — at least if you believe George. Who can blame him?
Going out in public

Mar 5, 2025 | globalcapital.com | George Smith |Tom Hall

It can be difficult to know what to make of all the recent debuts in European securitization. Indeed, George Smith argued a few weeks ago that the slew of recent and prospective inaugural first-time issuers doesn’t mean the market is functioning perfectly — or that regulatory reform can be forgotten. Overall, though, it’s certainly something to feel positive about. And Tom Hall struck a more upbeat note in this recent story, highlighting the rise in UK specialist lenders.
Disclosure flaws and spread floors

Feb 27, 2025 | globalcapital.com | George Smith |Tom Hall

Amid a busy week for regulatory developments, deal activity and some hiring, there have been a few landmark moments for European securitization issuers. First, long standing Obvion, owned by Rabobank, returned to the market this week with its 50th deal — a storming achievement. After a humbler five deals, Enra priced its first first-lien only deal at a remarkably tight 72bp over Sonia (with George Smith successfully pitching the deal for GlobalCapital cartoon).