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InsightsExcess Spread - Not with a bang but a whimper, PE vs venture capital, Call Me Definitely
Market Wraps

Excess Spread - Not with a bang but a whimper, PE vs venture capital, Call Me Definitely

Owen Sanderson2 Dec 2021 | Europe | 10 minute read

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

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Excess Spread — Selling misselling, Blue solution, who buys CMBS?
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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
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Excess Spread — Aussie giant, Ibiza classics, structuring sensitivities
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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
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Excess Spread — PayPal print, farewell to Mileway
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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
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Excess Spread — Lendable lessons, bad bunch
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Excess Spread — Lendable lessons, bad bunch

Among UK non-bank lenders, Lendable probably has the most extreme public presence vs balance sheet ratio — that is, a very large and successful lending business, with a very limited public profile. In general the firm has stayed out of the limelight (a notable exception being an enthusiastic FT article this May), and we haven’t written much either. So let’s make up for lost time, as the firm readies its debut public securitisation, Hoxton Consumer Loan Funding 2026-1.

3 Jul 2026
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Excess Spread — Buying a bridge lender, sticky syndication, taxing times
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Excess Spread — Buying a bridge lender, sticky syndication, taxing times

We talked a bit in May about how to trade the collapse of Market Financial Solutions, which was very speculative! There are no real instruments to trade, no action in related securities, no way to go short if the worst isn’t priced in and no way to go long if it’s time to bounce back.

26 Jun 2026
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