Excess Spread - Investors in charge, directing traffic

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Market Wraps

ABF

Excess Spread — The almighty dollar, financing logistics

The old exorbitant privilege might be looking a bit creaky, with the 10-year nudging over 5% and absolutely no political prospect of prudence, but still, there’s only one capital market to go to if you absolutely must borrow gigantic sums of money.

18 Sept 2026

| Europe

| US

Market Wraps

ABF

Excess Spread — Servicers and lenders, more scandal, really green

We do a lot of interesting news at 9fin and mostly people like it! This column is just the top of the iceberg — there’s a whole lot behind the paywall.

11 Sept 2026

| Global

Market Wraps

ABF

Excess Spread — Public deals are good, where eagles dare, what if your securitisation wasn’t?

Private securitisation comprises several distinctive activities. On-balance-sheet receivables finance accounts for a lot of the action, but really serves as a complement to banks’ corporate lending activities, offering clients working capital lines secured on invoices.

29 Jul 2026

| Europe

Market Wraps

ABF

Excess Spread — Selling misselling, Blue solution, who buys CMBS?

Would you like a 15% risk-free return, backed by REAL ASSETS*? Several years ago, I saw an advert for whiskey-backed bonds — having an interest both in whiskey and in asset-backed bond structuring, I naturally clicked and entered my details. A VERY enthusiastic salesperson was soon connected with me, who hung up as soon as I said I was a journalist and interested in understanding the collateral package. Red flag!

24 Jul 2026

| Europe

Market Wraps

ABF

Excess Spread — Aussie giant, Ibiza classics, structuring sensitivities

Fair dinkum, this really is a hell of a deal! Cashmere Funding 2026-1 is backed by A$17.8bn ($12.45bn) of Australian mortgages, and funds one of the largest portfolio sales on record, KKR and Pimco’s purchase of Westpac’s RAMS book.

17 Jul 2026

| Europe

Market Wraps

ABF

Excess Spread — PayPal print, farewell to Mileway

We don’t always spend much time on the public markets in this column, but when there are this many fascinating deals to examine, how could we do otherwise? Last week saw the launch of the mighty Lendable into the public securitisation market, and this week we have the first public slice of an absolutely emblematic private asset-based deal — KKR’s forward flow with PayPal Europe.

10 Jul 2026

| Europe