Excess Spread — Borrowing long, kind of Blue

Owen Sanderson9 Oct 2026 | Europe, US | 7 minute read

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Excess Spread — High five, case for the defence

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Excess Spread — High five, case for the defence

For months, we have been asking Paresh Raja’s representatives for comments on….just about everything. Generally little has been forthcoming, and much of our reporting (there’s a comprehensive guide here) has been informed by the comments and filings from the administrators of the various Market Financial Solutions funding vehicles. Now, however, founder Paresh Raja, via his lawyers at Mishcon de Reya, has filed an extensive defence to some of the claims.

Excess Spread — Just deserts, private IG’s special sauce

Last week we ran a piece on Blackstone’s Project Quasar, the biggest trade in European NPL history. It was part of the clean-up of the collapsed Banco Popular Español in 2017, which saw Santander buy the firm for a symbolic euro, after regulators had road-tested the new European bank resolution framework and toasted all the hybrid capital. Even after these writedowns, Santander still fortified itself with a huge rights issue, anxious to bulk up and get well clear of any residual Spanish-banking-system jitters.

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.

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.

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.

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

Excess Spread — Borrowing long, kind of Blue

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