LatAm Weekly — The year races on, deadlines slip and Venezuela tests creditors’ patience

European IG Wrap — SSAs dominate as iTraxx index continues to rise

Asia Weekly — NWD loan extension, Australia data center deal

US IG Wrap — Bank supply underwhelms as TMT, data center debt sells off

Excess Spread — Forward flow bank, insolvent retention

This is a newsletter about securitisation, which also makes it a newsletter about how to separate, recombine and remix elements of the financial system in new and innovative ways. The medium term trend has been for banks to be providers of money in senior format, and to step back from some of the messy business of origination.

Excess Spread — Borrowing long, kind of Blue

The biggest trend in the past few years of credit markets has to be insurance capital, whether its fuelling CLO creation, private investment grade, private placements, related party capital for credit managers or just bidding up most of the bond market. American retirement is a booming business, and, as one credit manager told us this week, “if every other annuity provider could have a balance sheet like Athene, they would”.

European IG Wrap — France continues to weigh on activity