Another Fine Mezz

Amid the hustle and bustle of DealCatalyst’s UK Mortgage conference, GlobalCapital’s Tom Lemmon and European DataWarehouse CEO Christian Thun managed to find a quiet enough spot to sit down and record a special episode of Another Fine Mezz. A self-proclaimed “data guy”, Christian did a PhD in AI nearly 25 years before the rise of ChatGPT. He got into the securitization market while working at Mood...

On this week's episode of Another Fine Mezz the podcasting duo of host, Tom Lemmon and European ABS reporter, George Smith barely had time to come up for air thanks to the wealth of supply in the market and the publication of Mario Draghi's report on European competitiveness.  Starting with Draghi's report, the former president of the ECB published his report for the European Commis...

“What's in a name? That which we call a rose by any other name would smell just as sweet," wrote William Shakespeare in his play, Romeo and Juliet. In this week's episode of Another Fine Mezz, it seems that the answer is quite a lot actually, Bill.  European securitization issuers are known for their creative labelling of SPVs, but it has always seemed somewhat silly and meaningless...

This week on Another Fine Mezz , the carnage well and truly began in European ABS with 11 deals in the market. European ABS reporter George Smith and host Tom Lemmon barely came up for air last week.  Issuer tactics will be interesting to observe from the sidelines, with many thinking that there's no reason to wait with demand so strong. However, George reckons that the US election won't...

In this week's episode of Another Fine Mezz, host Tom Lemmon was standing in once again for the travelling George Smith, and while he expected a quiet mid-August week, the European ABS market had other ideas.  The expectation was that the market would begin to stir following the UK bank holiday on August 26, but a number of auto ABS issuers began marketing deals early to ensure investors get...

This week on Another Fine Mezz was dominated by host Tom Lemmon's love of talking about a regulatory revolution in European securitization.  The European ABS market was quiet once again, but that gave time to dissect a research paper by Risk Control and authored by a who's who of securitization's regulatory big beasts.  There are number of transformative proposals put forward, but p...

After a manic Monday on which some ABS bankers wondered whether we would even have a market by the end of the week, the Another Fine Mezz team is happy to report that we do. Yet again, ABS reporter George Smith appears to have deserted his post just when all hands are needed. He spent the week driving through the Scottish Highlands blissfully unaware of volatility indices, while host Tom Lemmon an...

On this week's episode of Another Fine Mezz, it was something akin to podcasting musical chairs with CLO reporter, Victoria Thiele, taking over from usual host Tom Lemmon, alongside the return of new CLO reporter Austin Barnes while George Smith stayed firmly put as ABS reporter.  With August now upon us, it was perhaps no surprise that there were no publicly placed deals in European ABS this...

This week on Another Fine Mezz , the usual suspects of host, Tom Lemmon and CLO reporter, Victoria Thiele were a man down owing to European ABS reporter, George Smith losing his voice - of all things.  However, GlobalCapital now has a securitization podcasting production line not dissimilar to Australian cricket's fast bowling ranks, which meant it was time for a debut (more on the Australian...

On this week's Another Fine Mezz, usual host Tom Lemmon was taking a well-earned break to play golf, but it seems his enthusiasm for the sport has spread to European ABS reporter, George Smith. Perhaps he was also inspired by the professionals in Troon this weekend.  Away from golf, it seems European CLO equity may be getting easier to sell too. It's not quite "gimme" distance...

GlobalCapital's CLO reporter, Victoria Thiele, returned to her desk just in time from her trip to Germany this week, in what was a collection of the weary thanks to international football and growing babies.  With a less hectic week in the primary ABS market, securitization editor, Tom Lemmon, and European ABS reporter, George Smith discussed whether fine wine ABS might soon be a thing after...

At last, the Another Fine Mezz team's CLO Series is back with a bang after to chatting to potentially the hottest property in CLOs.  That is John Kerschner, head of US securitized products and portfolio manager at Janus Henderson. Also known as the man behind the mammoth CLO ETFs, JAAA and JBBB.  Together, the two CLO ETFs have just under $12bn in assets under management, roughly doubling in...

Holiday season is in full flow it seems for the Another Fine Mezz team. Last week, usual host, Tom Lemmon, was enjoying an early Summer break, and so this week he stepped into cover for European ABS reporter, George Smith.  This was a week characterised by election excitement, with every issuer still in the market looking to be done sooner rather than later. Deals from Cerberus and Ford's Ger...

The weird and wonderful world of European securitization was in full view last week with a number of issuers showing off their creative sides through their penchants for animal-themed shelfs.  Hyundai had an Auto ABS named Pony, while ING came out with yet another Green Lion, but most interesting of all in the animal ABS kingdom was from Cerberus' buy-to-let RMBS, Edenbrook Mortgage Funding....

What a week it was for European securitization, filled with both encouraging and worrying events for the Another Fine Mezz team to get stuck into.  Firstly, host Tom Lemmon stepped into his old European ABS shoes to cover the exciting news that some form of public renewable energy ABS might soon be a reality in Europe.  On June 14, Hometree, a UK-based residential renewable energy provider complet...

Stellantis grabbed the attention of the Another Fine Mezz team this week after pricing a huge €1.2bn Italian auto ABS with investors desperate to get their hands on it.  The buzz from Barcelona is still continuing it seems with strong demand for a range of ABS paper, including Nationwide's second 'stock and drop' deal and yet more Italian paper, in the form of consumer ABS.  Meanwhi...

A jam-packed episode of Another Fine Mezz this week meant a full line-up of podcasters was needed, and they duly delivered.  With European securitization reporter, George Smith, away for the last couple of weeks, he was forced to pick his favourite. As ever on the podcast, creativity in the market is rewarded and so it was perhaps unsurprising that the auxmoney-owned Lender & Spender deal name...

This week's episode of Another Fine Mezz had a distinctly American flavour to it, owing to CLO reporter, Victoria Thiele's trip to New York and the rapid tightening in the US CLO market.  In addition, European securitization reporter, George Smith, was away taking a well-earned rest after his gigantic contribution for GlobalCapital's Global ABS special report (which delegates can ge...

This week on Another Fine Mezz, securitization editor Tom Lemmon gave usual podcasters George Smith and Victoria Thiele a well-earned rest. That was to make way for Michael Herzig, senior managing director and head of business development at First Eagle Alternative Credit in the first episode of GlobalCapital's CLO series. The US CLO market is back firing again with some now even contemplatin...

This week on Another Fine Mezz, the spectre of challenging diaries due to time difference meant usual host and securitization editor Tom Lemmon had to miss out. However, European reporters George Smith and Victoria Thiele went on a whirlwind tour of securitization in super quick time.  Although it seems some in the market may need to go back to school because there's a CMBS comprised solely o...

The UK had a lot going on politically with its local and mayoral elections last week, which perhaps explains why the future of UK securitization regulation wasn't on the front page of the nationals. However, for GlobalCapital's team of securitization podcasting hacks on Another Fine Mezz, it certainly was. European securitization reporter, George Smith discussed what changes have been fi...

It was another week of 100% attendance from the Another Fine Mezz team, but such was the quality of stories this week, there was a fair bit of bickering over who got to go first.  For the starter, European Securitization reporter, George Smith had Santander's mammoth German consumer ABS to discuss, where investors chose to fill up on mezz.  Then, the main course was provided by CLO reporter,...

A full house again on Another Fine Mezz this week where CLO reporter Victoria Thiele was practically bouncing off the walls with three Euro CLOs to report on.  However, host Tom Lemmon didn't quite burst her bubble as much as put into context how small it is with an update on the flood of primary market supply in US CLOs. The question across the Atlantic is whether spreads can tighten with so...

This week on Another Fine Mezz, the full podcasting trio was on hand to digest yet another hectic week for European Securitization.  First up, ABS reporter, George Smith - with his wonderful new microphone - explained why Belmont Green's buy-to-let RMBS deal took the plaudits amongst a packed field, and even got the GlobalCapital cartoon as reward for printing just 40bp wide of UK prime RMBS....

In an admirable effort to bring securitization to the people, George sat down on a Monday morning straight out of a holiday, beard still wild and unkempt, to discuss the latest movements in the ABS and CLO market with Victoria. Unusual activity in the second lien UK RMBS market kept the GlobalCapital reporters busy last week. George dug into the drivers of growth in this niche sector. For listener...