Excess Spread — High five, case for the defence

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Market Wraps

ABF

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.

25 Sept 2026

| Europe

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