Gerald Hayes - Podcast Details

Shows

Another Fine MezzComing out to playThere are several encouraging signs in the European ABS primary market for GlobalCapital's George Smith and Tom Hall to discuss this week.2025-05-1313 min

Another Fine MezzGetting back on trackGeorge Smith is joined by US securitization editor Oliver West to discuss a rare reperforming RMBS from Balbec and the pick up in public markets activity this week 2025-04-3022 min

Another Fine MezzCatching some raysGeorge Smith and Tom Hall discuss whether ABS and CLO issuers are managing to take advantage of period of calmer macro conditions and how to securitise sun light 2025-04-2413 min

Another Fine MezzSqueezing the brakesABS primary slows down, but George Smith and Tom Hall discuss one issuer bucking the trend and whether secondary selling has been orderly 2025-04-1712 min

Another Fine MezzPowers of retentionGeorge Smith and Tom Hall discuss whether the tariffs chaos will derail the European ABS market and how the ESA report left the CLO market scrambling 2025-04-1013 min

Another Fine MezzPrimary ponderingsSenior securitization reporter George Smith and reporter Tom Hall focus on deal activity in the European ABS this week, with a short trip to the Middle East.2025-03-2715 min

Another Fine MezzThe spice of lifeGeorge Smith and Tom Hall discuss all the action in a European securitization primary market that is becoming a little more adventurous across all sectors.2025-03-2016 min

Another Fine MezzHow do you like your buy-to-let mortgages?Covered bond editor Frank Jackman joins George Smith to discuss Paragon’s innovative buy-to-let covered bond, before George and regular podcaster Tom Hall discuss the prospects for UK bridging RMBS, Italian ABS pricing and capital treatment of subscription lines 2025-03-1220 min

Another Fine MezzGoing out in publicGeorge Smith and Tom Hall discuss the recent run of ABS debuts, the ECB's plans to fast-track SRT approvals and bumper CLO fundraising 2025-03-0518 min

Another Fine MezzDisclosure flaws and spread floorsGeorge Smith and Tom Hall discuss why ESMA’s consultation misses the mark, how another sponsors boosts CMBS, and whether euro CLO spreads are about to hit their floor 2025-02-2717 min

Another Fine MezzWhat happens in Vegas... will probably not stay in VegasSFA CEO Michael Bright joins George Smith and Oliver West to preview SF Vegas 2025-02-2027 min

Another Fine MezzLooking ahead, feeling goodMudasar Chaudhry, head of European structured finance research at Morningstar DBRS, discusses the market outlook with our reporters George Smith and Tom Hall.2025-02-1227 min

Another Fine MezzA deep dive on data centresGeorge Smith is joined by Diana Bravo and Nick Conforti to discuss the state of data centre financing in the US, while Europe's securitization market keeps ticking over.2025-02-0415 min

Another Fine MezzAll aboard the CMBS revival!George Smith and Tom Hall discuss the return of the European CMBS market, how to boost SME financing and why banks are restricting SRT investors use of leverage.2025-01-2816 min

Another Fine MezzThe adventure of yield hungry asset managersGeorge Smith and Oliver West discuss why asset managers snapped up Santander's Holmes, how Toyota and VW attracted big books despite differing disclosure on ESG.2025-01-2224 min

Another Fine MezzWill 2025 be RMBS prime time?First up our new hire, Tom Hall, gets into the weeds of what to expect in UK prime RMBS this year. Meanwhile, George Smith gets stuck into the surge of CLO ETFs in Europe and whether their impact will match up to how they have change the market in America. Tom is making his Another Fine Mezz debut this week, to cap a flying start to life at GlobalCapital. There’s lots more to come from both of Tom and George, so connect with Tom on LinkedIn or send him an email and get him to buy yo...2025-01-1407 min

Another Fine MezzBring on 2025European ABS reporter George Smith and freelance CLO reporter Victoria Thiele discuss whether 2025 can live up to a stellar 2024. Both discuss the features they wrote for GlobalCapital’s review of the year (ABS here and CLOs here).In CLOs, there might be a bit more of an ebb and flow to issuance next year, but expectations are for another strong year of supply, with a quick start in January. The European middle market CLO market could also take off, after Barings priced the first deal earlier this year.There is a similar optimism in ABS, wi...2024-12-2317 min

Another Fine MezzSRT Series: Natascha Winberg, MUFGFor the final episode of the Another Fine Mezz SRT Series, former securitization editor Tom Lemmon was joined by Natascha Winberg, MUFG’s head of financial institutions for Germany, Austria and Switzerland.They discuss what the next decade will look like for the SRT market, with regulators likely to push for more transparency. The investor base may also continue to grow, particularly as banks use more ESG assets to access impact funds.Natascha highlights the importance of third party arrangership for smaller issuers and debut issuers, or in deals with more unusual assets, like project fi...2024-12-2038 min

Another Fine MezzSRT Series: Georgi Stoev and Thomas Lupbrand, EIFIn the latest installment of GlobalCapital's SRT podcast series, host George Smith was joined by Georgi Stoev and Thomas Lupbrand from the European Investment Fund.The guests explored the unique role of the EIF in the SRT market, as well as reflecting on their careers to date. The pair discuss how the EIF has been instrumental in expanding the SRT market into new jurisdictions, by leveraging preexisting relationships with issuers.Georgi and Thomas also explain how, in a time of abundant liquidity, taking a more junior position in the capital structure helps the EIF achieve maximum impact...2024-12-1632 min

Another Fine MezzSpecial episode: Dipesh Mehta, Funding CircleFor a special episode of Another Fine Mezz this week, GlobalCapital’s senior securitization reporter George Smith was joined by Dipesh Mehta, Funding Circle’s chief capital officer.Funding Circle is one of limited number of issuers offering European ABS investors the opportunity to get SME exposure. Of late however, with regulators making the right noises and with more issuers bringing different types of deals online, the SME ABS market is deepening.Mehta was keen to see that continue, to bring more points of comparison and more liquidity to the market. He also said Funding Circ...2024-12-0922 min

Another Fine MezzOne Last TimeGlobalCapital's securitization podcasting trio reunite for one last episode. Former CLO reporter, now freelancer, Victoria Thiele is back on the show, but host Tom Lemmon said goodbye. George Smith meanwhile remains in post, stoic as ever. He attended DealCatalyst's ABSF conference in London on November 25 and shared his take on the big themes under discussion.There was also exciting news in the CLO market. Barings won the race for Europe's first middle market deal. Victoria explained the many challenges of getting the deal away.In ABS, 2024 has produced a bumper crop of ESG issuance. For a s...2024-12-0424 min

Another Fine MezzThe new PPI?With a host of special guests dominating the Another Fine Mezz podcast in recent weeks, this week's normal episode with host Tom Lemmon and European ABS reporter, George Smith, felt almost unusual. As was long-predicted, European securitization markets have been fairly quiet since Donald Trump's second election victory on November 5. However, a ruling by the UK Court of Appeal on motor finance meant there was plenty to chew over. The ruling found unexpectedly in the favour of the consumer and is broader than first considered by many auto ABS market participants. As a result, it br...2024-11-2214 min

Another Fine MezzSRT Series: Jeremy Hermant, AlantraThis week on Another Fine Mezz, host Tom Lemmon welcomed Alantra's SRT specialist, senior advisor, Jeremy Hermant as the third guest in the SRT Series. Hermant discussed the increasing role of arranging banks in SRT transactions as the market increasingly opens itself up to smaller banks who need to efficiently manage their capital requirements. In addition, Hermant spoke about the regulatory changes in the UK making SRT more competitive, and explained why regulators are encouraging SRT as the capital management tool of choice. He also spoke about his own, varied career, having begun as...2024-11-2036 min

Another Fine MezzEnpal's golden dayThere was only one place to start this week's episode of Another Fine Mezz after Enpal's stunning debut solar ABS, the first of its kind in Europe.European ABS reporter, George Smith, explained why the deal from Germany's largest renewable energy provider had such strong demand, although both he and host, Tom Lemmon questioned whether the deal would see a host of others following in the its footsteps. Golden Ray 1 has clearly shown that things like solar ABS can be sold in the European securitization market, but it has also revealed just how difficult it c...2024-11-0719 min

Another Fine MezzSRT Series: Matthew Moniot, Man GroupThis week on Another Fine Mezz, host Tom Lemmon sat down with Man Group's, co-head of credit risk sharing, Matthew Moniot for the second episode of GlobalCapital's SRT Series. Moniot explained how the world of risk sharing has changed since he first started dealing with "SRT-like" products in the late 90's. And now, senior leaders within banks have recognised that it's not just a regulation-driven product, but a key part of their toolkit when looking at efficiency. In the last 12 months, the market has become more competitive and more transactional, Moniot said. But that isn't ne...2024-11-0524 min

Another Fine MezzOctober reboundOn this week's episode of Another Fine Mezz, host Tom Lemmon and European ABS reporter, George Smith geared up for yet another busy week in ABS with the market's late-September slump looking well and truly over. As the US presidential election on November 5 draws ever closer, it seems more and more market participants are not terribly fussed about it, despite worrying about it for most of the year. That's particularly true for the sterling market with NewDay, LendInvest, Arval and Yorkshire Building Society all offering up paper this week and beyond. Meanwhile, last wee...2024-10-2319 min

Another Fine MezzSRT Series: Frank Benhamou, Cheyne CapitalAfter teasing it for weeks, the new SRT Series of Another Fine Mezz is here. European ABS reporter, George Smith sat down with Frank Benhamou, risk transfer portfolio manager Cheyne Capital to kick the series off. Prior to Cheyne Capital, Benhamou spent over 17 years at Barclays, where he was one of the key architects of the bank's SRT platform, making him the perfect person to begin the series. In this episode, Benhamou explains why SRT is proving so popular, growing at around 20%-30% year on year for the last few years, and why it is se...2024-10-2127 min

Another Fine MezzOne last regulatory danceThe great regulatory war over European securitization could soon be coming to an end following the European Commission's launch of its consultation last week. Naturally, the Another Fine Mezz team were very excited to summarise the reaction so far, not least for host, Tom Lemmon. European ABS reporter, George Smith was also on hand to discuss what could happen, with many market bigwigs hopeful that this could be the beginning of the end of securitization's regulatory purgatory. At first look, everything is on the table. And with 167 questions to answer, that should be ample time to...2024-10-1726 min

Another Fine MezzSponsored episode: KBRA's Gordon KerrThis week on Another Fine Mezz, host Tom Lemmon sat down with KBRA's head of European research, Gordon Kerr as part of a sponsored episode looking ahead to KBRA's structured finance symposium. Kerr spoke about the brilliant, record-breaking year for the European securitization market and the hope that this could be just the start with optimism building that transformative reforms for the sector are on the way.He also gave a sneak peak of what to expect at KBRA European Structured Finance Symposium, which takes place on October 17 in London. There's plenty to look forward t...2024-10-1037 min

Another Fine MezzEasing into October with a little tippleWith the summer holidays of the Another Fine Mezz team well and truly over, it was back to normal this week. Similarly, the European securitization market has eased into October with deal flow slowing to a much more manageable pace. WiZink bank completed a successful return to the market after a troubling debut in 2023 for its Portuguese credit card ABS. However, host Tom Lemmon argued that despite a much smoother ride this time around, the trade revealed familiar problems in European ABS. Despite a record year of issuance, the investor base is still far too small and d...2024-10-0821 min

Sounds of BlueSOB 462 - Features: Michael Bloomfield, Danny Gatton, Luther Allison, Little Milton, Pat Metheny, Isaac Hayes, Joe Chambers, Gerald Albright, & Jay Ward.Artist Song Album Label Notes- The Crusaders Scratch (live) Scratch - 1974 Blue Thumb Records - MCA CD Reissue Alternate SOB ID- Jay Ward Rocky & Bullwinkle by Jay Ward (1959-1964) Television's Greatst Hits Volume II TeeVee Tunes Jay Ward - 104- Isaac Hayes Walk On By by Burt Bacharach & Hal David Hot Buttered Soul - 1969 Enterprise - Stax Records Isaac Hayes - 82- The Chambers Brothers Time Has Come Today by Joe & Willie Chambers (long 11:06 version) Time Has Come - 1967 Columbia Records Joe Chambers - 82- The Chambers Brothers Love, Peace and Happiness b...2024-10-054h 04

Another Fine MezzSpecial Episode: European DataWarehouse’s Christian ThunAmid the hustle and bustle of DealCatalyst’s UK Mortgage conference, GlobalCapital’s Tom Lemmon and European DataWarehouse CEO Christian Thun managed to find a quiet enough spot to sit down and record a special episode of Another Fine Mezz.A self-proclaimed “data guy”, Christian did a PhD in AI nearly 25 years before the rise of ChatGPT. He got into the securitization market while working at Moody’s, before joining European DataWarehouse in 2016.He told Tom about a recent report from his colleagues into whether better energy performance certificates on homes really means better credit quality mo...2024-09-2635 min

Another Fine MezzDraghi, I love your wayOn this week's episode of Another Fine Mezz the podcasting duo of host, Tom Lemmon and European ABS reporter, George Smith barely had time to come up for air thanks to the wealth of supply in the market and the publication of Mario Draghi's report on European competitiveness. Starting with Draghi's report, the former president of the ECB published his report for the European Commission and set out in rather more detail than before, how European securitization should be revitalised. One market participant said to GlobalCapital, it was no longer a "pious hope" of reform, but actionable c...2024-09-1722 min

Another Fine MezzWhat's in a name?“What's in a name? That which we call a rose by any other name would smell just as sweet," wrote William Shakespeare in his play, Romeo and Juliet. In this week's episode of Another Fine Mezz, it seems that the answer is quite a lot actually, Bill. European securitization issuers are known for their creative labelling of SPVs, but it has always seemed somewhat silly and meaningless. But following the success of specialist UK mortgage lender Paratus' new mixed pool RMBS shelf, the £564m Braccan 2024-1, the value of keeping everything neat and tidy is clear. As...2024-09-1022 min

Another Fine MezzGet the ABS party startedThis week on Another Fine Mezz, the carnage well and truly began in European ABS with 11 deals in the market. European ABS reporter George Smith and host Tom Lemmon barely came up for air last week. Issuer tactics will be interesting to observe from the sidelines, with many thinking that there's no reason to wait with demand so strong. However, George reckons that the US election won't create half as much panic as some syndicate desks assume.Finally, the podcasting quartet was in mourning for it was the last episode with CLO reporter (and co-founder o...2024-09-0220 min

Another Fine MezzABS gladiators - Are you ready?In this week's episode of Another Fine Mezz, host Tom Lemmon was standing in once again for the travelling George Smith, and while he expected a quiet mid-August week, the European ABS market had other ideas. The expectation was that the market would begin to stir following the UK bank holiday on August 26, but a number of auto ABS issuers began marketing deals early to ensure investors get a good look. It seems the expectation that September would be busy has been changed to September will be extremely busy. It could end up looking like a...2024-08-2719 min

Another Fine MezzTalking about a (regulation) revolutionThis week on Another Fine Mezz was dominated by host Tom Lemmon's love of talking about a regulatory revolution in European securitization. The European ABS market was quiet once again, but that gave time to dissect a research paper by Risk Control and authored by a who's who of securitization's regulatory big beasts. There are number of transformative proposals put forward, but perhaps the most crucial is the way it seeks to reframe the debate towards how securitization can help the EU economy grow.Meanwhile in CLOs, CLO reporter Austin Barnes might just ha...2024-08-2020 min

Another Fine MezzJust another manic MondayAfter a manic Monday on which some ABS bankers wondered whether we would even have a market by the end of the week, the Another Fine Mezz team is happy to report that we do.Yet again, ABS reporter George Smith appears to have deserted his post just when all hands are needed. He spent the week driving through the Scottish Highlands blissfully unaware of volatility indices, while host Tom Lemmon and the CLO duo of Victoria Thiele and Austin Barnes held the fort. Despite fears of a new global meltdown, Santander managed to add y...2024-08-1221 min

Another Fine MezzSetting the SRT record straightOn this week's episode of Another Fine Mezz, it was something akin to podcasting musical chairs with CLO reporter, Victoria Thiele, taking over from usual host Tom Lemmon, alongside the return of new CLO reporter Austin Barnes while George Smith stayed firmly put as ABS reporter. With August now upon us, it was perhaps no surprise that there were no publicly placed deals in European ABS this week. However, George did manage to find time to rage at the low-quality opinions circulating LinkedIn on significant risk transfer (SRT) deals. Meanwhile, in CLOs the resets keep on...2024-08-0623 min

Another Fine MezzFrom Australia with reverseThis week on Another Fine Mezz, the usual suspects of host, Tom Lemmon and CLO reporter, Victoria Thiele were a man down owing to European ABS reporter, George Smith losing his voice - of all things. However, GlobalCapital now has a securitization podcasting production line not dissimilar to Australian cricket's fast bowling ranks, which meant it was time for a debut (more on the Australian cricket references later). George's absence paved the way to welcome the newest CLO reporter, Austin Barnes to the show.In European securitization, just one deal was priced, Bletchley Park Funding 2024...2024-07-3026 min

Another Fine MezzTap, tap, tap in the equityOn this week's Another Fine Mezz, usual host Tom Lemmon was taking a well-earned break to play golf, but it seems his enthusiasm for the sport has spread to European ABS reporter, George Smith. Perhaps he was also inspired by the professionals in Troon this weekend. Away from golf, it seems European CLO equity may be getting easier to sell too. It's not quite "gimme" distance but for the biggest players, it is starting to feature in conversations more, CLO reporter, Victoria Thiele said. In European ABS, it was a delightful week for debut issuers wi...2024-07-2323 min

Another Fine MezzThe last days of RhoneGlobalCapital's CLO reporter, Victoria Thiele, returned to her desk just in time from her trip to Germany this week, in what was a collection of the weary thanks to international football and growing babies. With a less hectic week in the primary ABS market, securitization editor, Tom Lemmon, and European ABS reporter, George Smith discussed whether fine wine ABS might soon be a thing after an interview with a wine-backed lending platform.With the dust just about settling following the EU election, UK election and French parliamentary election, the big story of the week looked a...2024-07-1623 min

Another Fine MezzCLO Series: John Kerschner, Janus HendersonAt last, the Another Fine Mezz team's CLO Series is back with a bang after to chatting to potentially the hottest property in CLOs. That is John Kerschner, head of US securitized products and portfolio manager at Janus Henderson. Also known as the man behind the mammoth CLO ETFs, JAAA and JBBB. Together, the two CLO ETFs have just under $12bn in assets under management, roughly doubling in size since the start of 2024. On the episode, Kerschner explained how ETFs work in a CLO context and the challenges they will still face. One of...2024-07-1038 min

Another Fine MezzABS resistance is melting (very slowly)Holiday season is in full flow it seems for the Another Fine Mezz team. Last week, usual host, Tom Lemmon, was enjoying an early Summer break, and so this week he stepped into cover for European ABS reporter, George Smith. This was a week characterised by election excitement, with every issuer still in the market looking to be done sooner rather than later. Deals from Cerberus and Ford's German branch followed with no hiccups but the visible pipeline is now quiet. In the meantime, building from Bank of America Research's report on insurance companies using Eu...2024-07-0827 min

Another Fine MezzCarnival of the (ABS) AnimalsThe weird and wonderful world of European securitization was in full view last week with a number of issuers showing off their creative sides through their penchants for animal-themed shelfs. Hyundai had an Auto ABS named Pony, while ING came out with yet another Green Lion, but most interesting of all in the animal ABS kingdom was from Cerberus' buy-to-let RMBS, Edenbrook Mortgage Funding.It's a one-off deal from a portfolio of loans that was not included in Cerberus' sale of CHL Mortgages to Chetwood Financial, and is expected to price on Wednesday. Th...2024-07-0224 min

Another Fine MezzCMBS shocks while solar hopes riseWhat a week it was for European securitization, filled with both encouraging and worrying events for the Another Fine Mezz team to get stuck into. Firstly, host Tom Lemmon stepped into his old European ABS shoes to cover the exciting news that some form of public renewable energy ABS might soon be a reality in Europe. On June 14, Hometree, a UK-based residential renewable energy provider completed the first ever renewable securitization warehouse in the UK, in a £250m deal with Barclays. That means the UK is now in a three-way race to be the first to...2024-06-2431 min

Another Fine MezzStunning Stellantis leads the wayStellantis grabbed the attention of the Another Fine Mezz team this week after pricing a huge €1.2bn Italian auto ABS with investors desperate to get their hands on it. The buzz from Barcelona is still continuing it seems with strong demand for a range of ABS paper, including Nationwide's second 'stock and drop' deal and yet more Italian paper, in the form of consumer ABS. Meanwhile in CLOs, the market is reopening at a slightly more leisurely pace. But Bain's decision to get out early has paid off, pricing at 141bp over three-month Euribor on Thur...2024-06-1828 min

Another Fine MezzThe jam-packed road to BarcaA jam-packed episode of Another Fine Mezz this week meant a full line-up of podcasters was needed, and they duly delivered. With European securitization reporter, George Smith, away for the last couple of weeks, he was forced to pick his favourite. As ever on the podcast, creativity in the market is rewarded and so it was perhaps unsurprising that the auxmoney-owned Lender & Spender deal named after a dog won out. CLO reporter, Victoria Thiele had been away for most of the week, leaving host Tom Lemmon to straddle both US and European CLO horses. The US...2024-06-0341 min

Another Fine MezzSqueezing out all the tiersThis week's episode of Another Fine Mezz had a distinctly American flavour to it, owing to CLO reporter, Victoria Thiele's trip to New York and the rapid tightening in the US CLO market. In addition, European securitization reporter, George Smith, was away taking a well-earned rest after his gigantic contribution for GlobalCapital's Global ABS special report (which delegates can get their hands on from June 4). The US CLO market has tightened dramatically in the last couple of weeks. Where once 150bp over Sofr on the triple-As was considered a hard line in the sand for in...2024-05-2824 min

Another Fine MezzCLO Series: Michael Herzig, First Eagle Alternative CreditThis week on Another Fine Mezz, securitization editor Tom Lemmon gave usual podcasters George Smith and Victoria Thiele a well-earned rest. That was to make way for Michael Herzig, senior managing director and head of business development at First Eagle Alternative Credit in the first episode of GlobalCapital's CLO series.The US CLO market is back firing again with some now even contemplating whether 2024 will exceed the banner year of 2021. Herzig discussed how he thinks the rest of the year will play out, how middle-market CLOs will grow in importance, and how the...2024-05-2244 min

Another Fine MezzEuropean CMBS, where the 'M' stands for 'data centre'This week on Another Fine Mezz, the spectre of challenging diaries due to time difference meant usual host and securitization editor Tom Lemmon had to miss out. However, European reporters George Smith and Victoria Thiele went on a whirlwind tour of securitization in super quick time. Although it seems some in the market may need to go back to school because there's a CMBS comprised solely of data centres, rather than the usual commercial real-estate mortgages. But as George said, the 'M' stands for data centre. There's also an update on the booming significant risk tr...2024-05-1313 min

Another Fine MezzRegs can only get betterThe UK had a lot going on politically with its local and mayoral elections last week, which perhaps explains why the future of UK securitization regulation wasn't on the front page of the nationals.However, for GlobalCapital's team of securitization podcasting hacks on Another Fine Mezz, it certainly was.European securitization reporter, George Smith discussed what changes have been finalised in the new UK regulations which will come into force on November 1. There is also hope that it will lay the groundwork for more radical reforms in the future. Surely, things can only get better. 2024-05-0730 min

Another Fine MezzAll you can ETF and Santander's big beautiful ABSIt was another week of 100% attendance from the Another Fine Mezz team, but such was the quality of stories this week, there was a fair bit of bickering over who got to go first. For the starter, European Securitization reporter, George Smith had Santander's mammoth German consumer ABS to discuss, where investors chose to fill up on mezz. Then, the main course was provided by CLO reporter, Victoria Thiele (and to a lesser degree, securitization editor, Tom Lemmon) as the European market salivates at the prospect of its first CLO ETF after seeing the boom in...2024-04-2928 min

Another Fine MezzDeals, deals and downgradesA full house again on Another Fine Mezz this week where CLO reporter Victoria Thiele was practically bouncing off the walls with three Euro CLOs to report on. However, host Tom Lemmon didn't quite burst her bubble as much as put into context how small it is with an update on the flood of primary market supply in US CLOs. The question across the Atlantic is whether spreads can tighten with so much in the pipeline. Finally, in less pleasing news, European securitization reporter George Smith explained the issues facing the first ever Green European CM...2024-04-2225 min

Another Fine MezzBelmont Green gets its flowersThis week on Another Fine Mezz, the full podcasting trio was on hand to digest yet another hectic week for European Securitization. First up, ABS reporter, George Smith - with his wonderful new microphone - explained why Belmont Green's buy-to-let RMBS deal took the plaudits amongst a packed field, and even got the GlobalCapital cartoon as reward for printing just 40bp wide of UK prime RMBS.In CLOs, reporter Victoria Thiele spent the week continuing to analyse how the Altice debacle would affect CLO managers, and in particular, their triple-C buckets. Securitization Editor, Tom Lemmon a...2024-04-1529 min

Another Fine MezzMy kingdom for a second lienIn an admirable effort to bring securitization to the people, George sat down on a Monday morning straight out of a holiday, beard still wild and unkempt, to discuss the latest movements in the ABS and CLO market with Victoria.Unusual activity in the second lien UK RMBS market kept the GlobalCapital reporters busy last week. George dug into the drivers of growth in this niche sector. For listeners who cannot get enough of second charge mortgages, Victoria spoke about Equifinance's recent debut deal on AFM's sister podcast in George's absence on FridayPrimary CLO...2024-04-0917 min

Another Fine MezzWhen Altice said and done◆ Don't sweat the downgrade ◆ ABS rush ahead ◆ Another Fine Member for the teamThree became four this week on everyone's favourite securitization podcast. GlobalCapital's newest reporter Diana Bravo joined the team from New York to say hello and discuss an interesting development in the US solar ABS market.Rating agencies downgraded Altice in the wake of a fateful investor call. This was bad news for European CLO managers, given that the French telecoms company is the single most widely held name in their portfolios. The situation made for some thunderous headlines, but fear...2024-04-0224 min

Another Fine MezzIf I could turn back time (I'd do more credit work)Victoria Thiele took on hosting duties for this week's episode of Another Fine Mezz with usual host, Tom Lemmon, off playing golf somewhere. With so many ABS deals in the market, Victoria also had to ease the load on George Smith earlier in the week. But Victoria and George weren't the only ones in need of a little extra time. European ABS investors were so stretched that the question is not around whether there's enough demand to keep issuance flowing, rather if there's enough time to do the necessary due diligence. In European CLO...2024-03-2619 min

Another Fine MezzThe ABS show must go onThis week's episode of Another Fine Mezz had a certain morning after the night before feel, with Tom Lemmon and Victoria Thiele still a bit fragile from their midweek fun. Fortunately, George Smith had youth on his side to lend a steadier hand. The trio reflected on a bustling (and boozy!) night at GlobalCapital's 2024 European Securitization Awards.While the event was a great success, it was not enough to stop a pickup in activity in ABS, particularly in euros. Plus in sterling, the market looked on with intrigue as Nationwide initiated its first "drop" of S...2024-03-1825 min

Another Fine MezzRecovering from Sin CityThis week on Another Fine Mezz, it was a case one step forward and two back as host Tom Lemmon returned only to find CLO reporter, Victoria Thiele away from her desk and enjoying the beauty of South Korea. With Tom only just back in one piece after SFVegas 2024, there was much to discuss. From spying who's visiting from their European bases, to paying homage to the superior knowledge residing in GlobalCapital's marketing team, and of course, the unofficial winners of the Swag awards.With many European teams out in Vegas, George had time to i...2024-03-0422 min

Another Fine MezzGood job(s) all aroundAs much the three hosts of Another Fine Mezz love talking about deals, this episode is dedicated to the people who make them happen. At the start of a new year, some of our listeners may be thinking about the next steps in their careers, while others are looking to grow their teams.We are very pleased that Edward James, structured finance recruiter and founder of RCQ Associates, agreed to sit down with Victoria and chat about his expectations for job opportunities and compensation in 2024.But of course, George and Victoria can not resist a...2024-02-2937 min

Another Fine MezzSpecial Episode: SFA’s Michael BrightWith SFVegas just hours away, Tom Lemmon sat down with Michael Bright, CEO of the Structured Finance Association (SFA) to hear how preparations for the huge annual gathering was going.Around 9,000 attendees expected this year, which means Bright and the team at the SFA are constantly looking improve the offering at the Aria Hotel to keep the securitization market coming back. That included dealing with some of the nuances required for the most high-profile of guests.Bright has had an extremely varied career, which includes stints at Wachovia Bank, BlackRock, Ginnie Mae and working for...2024-02-2630 min

Another Fine MezzSpecial Episode: Gibson Dunn's Madalyn MillerOn Another Fine Mezz this week, European reporters George Smith and Victoria Thiele were given a little break while Tom Lemmon gears up for the SF Vegas 2024 conference next week.This episode is the second in the US Securitization mini-series where market participants across the sector discuss their area of expertise, but also how they got there and what it’s really like to do day in day out.For this episode, Tom sat down with Madalyn Miller, partner and co-head of transportation and space at law firm Gibson Dunn.Mi...2024-02-1946 min

Another Fine MezzGood morning CLOs, all quiet on the ABS frontVictoria Thiele and George Smith were left to their own devices as Tom Lemmon had the audacity to take a week off, although he still managed to launch a mini series that will supplement the regular Another Fine Mezz episodes in the coming weeks. ABS issuance seemed to be taking a breather after the January rush, but that only gave George the time to dive into a particularly juicy story (and to coin the term Bridgegate-gate). Victoria had a slew of CLOs to cover, and not just any CLOs - from CVC's first ever static de...2024-02-1320 min

Murder, Mystery & Mayhem Laced with MoralityGerald Everett Jones-Discusses His Fascinatng Work in Film & LiteratureAnot Gerald Everett Jones lives in Santa Monica. He is a member of the Dramatists Guild and Women’s National Book Association, as well as a board member of the Independent Writers of Southern California (IWOSC). He is a Film Independent (FILM) Fellow. He holds a Bachelor of Arts with Honors from the College of Letters, Wesleyan University, where he studied under novelists Peter Boynton (Stone Island), F.D. Reeve (The Red Machines), and Jerzy Kosinski (The Painted Bird, Being There). Make sure to check out this episode🙌🏾 You can listen to the podcast on Apple Podcast, Spotify, Google Podcast, or visit...2024-02-1157 min

Another Fine MezzSpecial Episode: Dv01's Vadim Verkhoglyad◆ No need to panic for consumer ABS ◆ Trusting your gut with career opportunities ◆ From the USSR to structured financeThis week’s episode of Another Fine Mezz with the full team may have come and gone but this bonus episode, is the first in a mini-series where global securitization editor Tom Lemmon, talks to market participants from across US Securitization.Tom and his guests will focus not only on market trends but also each guest’s career and personal development.The guinea-pig for the first episode was Vadim Verkhoglyad, head of re...2024-02-0850 min

Another Fine MezzVolkswagen's green crash◆ VW misses ESG deadline ◆ Good times for ABS ◆ CLO triple-A funds fear fall from powerAll three podcasters were reunited once again after a good week all around. While Tom tried the best burger in NYC (second best, everyone knows Corner Bistro is the best - Ed) and Victoria had reason to feel famous, George held the Big Car to account. Volkswagen broke its promise to provide loan level emissions data for its ABS transactions. Worse, the car maker did not offer GlobalCapital a good explanation for why it missed the deadline.2024-02-0519 min

Another Fine MezzPush it to the (spread) limitThis week's episode of Another Fine Mezz was a tale of determination, of squeezing every last drop you have left. Firstly, the clouds look to be finally clearing for UK buy-to-let (BTL) lenders, leading OneSavings Bank subsidiary Charter Court to drive its latest UK BTL RMBS tighter. Then in European CLOs, managers continued to take advantage of strong sentiment as they crunched spreads tighter and tighter with some now eyeing the 140bp range on the triple-As. That's better than the US market, and about 30bp tighter than the end of 2023. And finally, Securitization Edi...2024-01-2918 min

Another Fine MezzNo ECB, no problemAnother week, another episode of Another Fine Mezz with a man down as Tom Lemmon faced yet more roadblocks on his path to being a complete US employee. Back in London, Victoria Thiele stood in as host to proudly proclaim herself as a dark horse for securitization podcast host of the year. As the newest jet-setter in the podcasting trio, George Smith reported back from a hectic week where he moderated a panel at IMN's CEE Securitization Summit in Vienna. Meanwhile, there was a glorious resumption of issuance in the euro ABS market with issuers gr...2024-01-2218 min

Another Fine MezzOf crawlers and sprinters◆ Europeans want UK RMBS ◆ ESMA perplexes investors ◆ CLO amortisation: a vanishing actJust two weeks into the year and Another Fine Mezz is one man down. The cold, the jet lag and a US bank holiday conspired to take Tom Lemmon out; leaving Victoria Thiele and George Smith to discuss the latest in European securitization between themselves. With deals galore in the UK RMBS market, it was a near miracle that George found the time to talk to investors about their confusion at the European Securities and Markets Authority's suggestion that they could have be...2024-01-1522 min

Another Fine MezzBack in fashion: Permms and moustachesWith 2024 upon us, the Another Fine Mezz team are calling this week's episode the first of season 2. All three of Tom Lemmon, Victoria Thiele and George Smith were recording this week, while George was particularly needed after a rapid start to the new year in UK prime RMBS. Lloyds' Permanent deal also got a rather snazzy cartoon for George to brag about. However, Victoria may feel that she could have had a couple more days recovering from her NYE exploits with loan prices looking like they might delay Euro CLO issuance in January.Me...2024-01-0825 min

Another Fine MezzEU ABS dreams of a green ChristmasIn the last episode before Christmas, George Smith and Victoria Thiele discuss why Europe’s ESG securitization issuers are still feeling upbeat despite the lack of a clear ‘greenium’.Tom Lemmon was off this week, hopefully brushing up on his golf skills, after George Smith’s exploits at the GlobalCapital Christmas party put his status as Another Fine Mezz’s resident putting expert into doubt.Victoria also had an update on the CLO market this week and the pipeline for January, which is heating up too. 2023-12-1813 min

Another Fine MezzThe robots are coming for ABS jobsThis week's episode of Another Fine Mezz went all Sci-Fi thanks to reporters George Smith and Victoria Thiele. Intrigued by some survey data on the use of tools like ChatGPT, the question was whether artificial intelligence could start becoming more widely used in securitization and CLOs. It's unclear exactly how it'll be used and whether avid listeners to the podcast should be fearful for their jobs. Meanwhile, host Tom Lemmon endured a manic week at Opal's CLO Summit in Dana Point, California. As is becoming increasingly common, a lot of talk was around the...2023-12-1220 min

Another Fine MezzCLO performance, ABS outlooks... and chicken wingsHost Tom Lemmon retuned for this week's episode of Another Fine Mezz, while reporters Victoria Thiele and George Smith were well-recovered from their midweek escapades with some unnamed contacts. It seems European CLO investors are feeling pretty happy with themselves after a successful year where the asset class outperformed a number of competitors. It's outlook season and so George was in London to hear a range of forecasts before giving his own, which argued that 2024 should be strong for European securitization, regardless of recession risks. And finally, Tom explains why the chicken wing ind...2023-12-0423 min

Another Fine MezzTo C or not to CWith Tom Lemmon off giving thanks for a conveniently timed move to New York, Victoria Thiele and George Smith held the fort on this week’s episode of Another Fine Mezz.Over the week, George and Tom had done a deep dive into Nationwide’s ‘stock and drop’ tactic for speeding up RMBS distribution, briefly mentioned on the previous episode. George explains why it’s a great idea, but won’t spare the market a bigger conversation about regulation.Meanwhile, a commercial mortgage RMBS deal by Together illustrated the danger of over-categorising in the securitization market - at...2023-11-2718 min

Another Fine MezzLock, stock and... dropOn this week's episode of Another Fine Mezz, reporters George Smith and Victoria Thiele put up with a rather exhausted and jet lagged host, Tom Lemmon. Arini priced its long-awaited debut European CLO but as is becoming the norm for new entrants into the market, both in Europe and the US, the firm had to pay a slight premium. However, that in itself is not a bad thing, as Victoria also wrote on Thursday. Meanwhile, European securitization was beginning its descend into holiday hibernation with little primary market activity. However, Nationwide's fully retained Sil...2023-11-2020 min

Another Fine MezzTime is of the essence for funds and reformersThis week's episode of Another Fine Mezz saw GlobalCapital's Tom Lemmon host from the comfort of his home in London for the final time, at least this year as he boards a plane to New York City. European ABS reporter George Smith was a little under the weather, but CLO reporter Victoria Thiele stepped up to take the limelight and explain how raising capital for captive CLO equity funds is getting trickier. Meanwhile, Tom discussed the significance of "hamming up" securitization in Afme's Capital Markets Union report, that new people and markets reporter Gaia Freydefont wr...2023-11-1424 min

Cafè JazzEl clàssic de la setmana: el bateria Louis Hayes "Exactly right!"Música que sona al programa: "Work song" (de l'àlbum "Them dirty blues", 1960) Julian "Cannonball" Adderley, saxo alt; Nat Adderley, corneta; Barry Harris, piano; Sam Jones, contrabaix; Louis Hayes, bateria. "Blues etude" (1966) Oscar Peterson, piano; Sam Jones, contrabaix; Louis Hayes, bateria. "Breath of life" (de l'àlbum "Breath of life", 1974) Louis Hayes, bateria; Tex Allen, trompeta; Gerald Hayes, saxo alt; Charles Davis, saxo baríton; Ronnie Mathews, piano; David Williams, baix. "For the love of what" (de l'àlbum "Light and lively", 1989) Louis Hayes, bateria; Charles Tolliver, trompeta; Bobby Watson, saxo alt; Kenny Barron, piano; Clint Houston, contrabaix. "The two o...2023-11-0628 min

Another Fine MezzAre we heading for New York on Thames?It was back to normal for this week’s episode of Another Fine Mezz as Tom Lemmon welcomed back reporters Victoria Thiele and George Smith.With market activity drifting towards hibernation, that normally means it’s time for regulators to take centre stage. And so, the UK’s Prudential Regulation Authority (PRA) did, with its consultation paper on securitization and how it relates to the capital markets.The paper hints at the UK attempting to align more closely with the US. However, as a lawyer told GlobalCapital, the UK must tread carefully between Basel 3.1 standards and UK...2023-11-0620 min

Another Fine MezzABS rat race descends upon MiamiIn this week's episode of Another Fine Mezz, Tom Lemmon reported from Miami at IMN and FIIN's ABS East 2023 conference, while the usual suspects, Victoria Thiele and George Smith, were given a well-earned rest. Jennifer Thomas, vice president and portfolio manager at investment firm Loomis Sayles joined the podcast in between her hectic schedule as her team looked for opportunities amidst an uncertain macroeconomic backdrop. GlobalCapital's US bureau chief, Oliver West made his first appearance on the podcast, from his vantage point of the exhibit hall. And, US RMBS and CMBS reporter Kunyi Yang also ma...2023-10-3121 min

Another Fine MezzIt was a dark and stormy weekTom Lemmon had his head in the clouds this week as he took off for Miami (if you’re at ABS East, get in touch for a meeting). So, it was up to Victoria Thiele and George Smith alone to discuss European securitization.Equity release mortgages have been securitized in mostly private transactions for a long time, but George has heard good reasons why they might be on the verge of progressing into a public market.While geopolitical tumult is shaking the market, Victoria discovered that uptier priming in European CLOs is about to lose it...2023-10-2317 min

Another Fine MezzWhy did the banker fall off his chair?Over the past week, host Tom Lemmon has (almost) come to terms with being the wrong side of 30, and is ready to apply the wisdom of old age to European Securitization with reporters George Smith and Victoria Thiele.BPCE's prime French RMBS shocked bankers this week, but George Smith thinks it might be a sign that the market can finally move on from its summer struggles with the triple-As.Meanwhile, Victoria armed herself with a yellow marker and dug into the European Leveraged Finance Association’s new guide to CLO carbon reporting and found a nu...2023-10-1619 min

Another Fine MezzAres leads private credit’s push into ABSFor this week’s episode of Another Fine Mezz, Tom Lemmon was joined by Ares Management’s co-head of alternative credit, Joel Holsinger to discuss the Private Credit Summit at ABS East 2023.Ares are one of a number of private credit firms set to descend on Miami in two weeks’ time. Holsinger, also a keynote speaker at the conference, explained why firms like his are taking an even greater interest in securitization and how the two sectors can work together to grow the market. He also found time to suggest his favourite restaurant, although booking ahead is strong...2023-10-1038 min

Another Fine MezzFrom Berlin to MiamiThis week's episode of Another Fine Mezz was something of an international tour with a wrap of the annual TSI Congress in Berlin and a discussion about the upcoming ABS East conference in Miami. European ABS reporter George Smith was in Berlin last week and with the help of European CLO reporter (and German national) Victoria Thiele, discussed why this year's conference had a distinctly political tone. Meanwhile, Victoria talked through her scoop on Man GLG's return to CLO management and how CLO mezzanine investors are urging caution as arguments around documentation heats up. F...2023-10-0234 min

Another Fine MezzTiers, tiers and more tiers 2023-09-2524 min

Another Fine MezzFull steam ahead for European ABSWith GlobalCapital's CLO reporter Victoria Thiele taking in the last of the summer holidays, remaining podcast presenters George Smith and Tom Lemmon were left considering taking the show in a new creative direction. Away from team politics, the European ABS market continues to fire. Curiously, it seems the mezzanine notes are getting considerably hotter than the seniors. We try to explain why.Adding to the momentum, the French and German finance ministers publicly called for securitization to feature more prominently in the European capital market ecosystem. Whether this leads to any action any time soon, r...2023-09-1834 min

Another Fine MezzNo rest for the wickedBleary-eyed, European ABS reporter George Smith returned for this week's episode of Another Fine Mezz after the birth of his first child three weeks ago.However, there was no gentle easing in as the European securitization market kicked into gear with a flurry of issuance.In particular, prime UK RMBS continued its resurgence with Principality Building Society yet another UK issuer that was back in the fold.In CLOs, it's also getting hectic, although not quite to the same degree. However, Victoria Thiele discussed how while issuance might be picking up for now...2023-09-1122 min

Another Fine MezzGreen RMBS leads the prideAt one point last week, Another Fine Mezz host Tom Lemmon worried he might be recording a podcast all alone as his colleagues got their last bits of summer holidays (and paternity leave) completed. However, CLO reporter Victoria Thiele was on hand to save the day. It was a timely intervention as the European ABS market reopened with 8 deals entering the pipeline last week. Santander kicked things off, pricing its second of the year from the prime UK RMBS shelf, Holmes Master Issuer 2023-2. But stealing the limelight was ING's Green Lion, a green...2023-09-0422 min

Another Fine MezzIsn't SRT lovelyAnother Fine Mezz remains only two thirds full as European ABS reporter George Smith enjoys fatherhood and sleep deprivation. Thankfully, securitization deputy editor Tom Lemmon was kept company by European CLO reporter Victoria Thiele. European Significant risk transfer (SRT) is set for another record year in 2023 after various regulatory disasters were averted. Meanwhile in the US, there is hope that banks will soon come to a compromise with regulators. Onex priced its first European CLO of the year, and was the first in the region to split the single 'B' tranche. However, the slightly strange ra...2023-08-2926 min

Another Fine MezzThe equity strikes backFor this week's episode of Another Fine Mezz, securitization deputy editor Tom Lemmon is kept company by European CLO reporter Victoria Thiele as European ABS reporter George Smith is off to become a Dad.In the US, specialist CLO equity funds believe they're "winning the argument" as limited partners (LPs) who invest in the manager-retained equity (known as captive funds) become frustrated at squeezed returns.In European CLOs, triple-A investors are also frustrated. They're looking to limit the power of CLO managers that are happy to be dragged along into amend and extend deals, by...2023-08-2127 min

Another Fine MezzAin't no mountain (of debt) high enoughFor this week's episode of Another Fine Mezz, securitization deputy editor Tom Lemmon returned from his holidays (and golfing misery) to host, while all in the GlobalCapital stable are hoping this episode will be ABS reporter George Smith's last before he takes a breather to become a father.Patrick Drahi, founder of telecom and media giant Altice tried to calm the nerves among CLO managers (and other obligors) last week, as the crisis around the company's debt and corruption allegations continues. With European CLOs exposed to around €4bn of Altice's debt, our reporters discuss the pervading sense of...2023-08-1422 min

Another Fine MezzNew power for the PRA, new life for CLOsRegular podcast host Tom Lemmon was away for another week, but Victoria Thiele and George Smith held the fort and put together a brand-new episode of Another Fine Mezz.The UK government is handing the power to make securitization rules over to the FCA and PRA. Market participants are pleased by the prospect of speedier processes and speculate about life after EU regulation.Apollo plots the first European CLO reset in a year. A dozen other issuers that priced at spreads above 200bp in the terrible market last year could follow.Last but...2023-08-0720 min

Another Fine MezzJapanese whales and US gatecrashersOne week into the new and improved second life of Another Fine Mezz, host Tom Lemmon is taking a well-deserved holiday.Markets never stop, of course, and so Victoria Thiele and George Smith sat down to discuss the biggest stories in European Securitization, as well as some interesting bits and pieces that were not featured in GlobalCapital articles this week.Bankers and investors expect more European SRT deals by US banks, who were held back by regulatory uncertainty in the past. Appetite for US collateral straight from the market leaders is there – if the price is...2023-08-0118 min

Another Fine MezzReturn of the MezzAfter a long hiatus, GlobalCapital's dedicated securitization podcast, Another Fine Mezz makes its return. The podcast also underwent a mini makeover, with two more reporters joining Tom Lemmon to discuss the biggest stories of the week in European securitization. Middle-market CLOs in Europe are struggling to get off the ground with the companies behind the loans often too small to meet the criteria for the big three rating agencies, Moody's, S&P and Fitch. However, UK private lender ThinCats is still hoping to press ahead with a transaction soon. Mea...2023-07-2423 min

Another Fine MezzViva SF VegasGlobalCapital's dedicated securitization podcast, Another Fine Mezz, makes its long awaited return as market participants from across the world gather for SF Vegas 2023.Michael Bright, the Structured Finance Association's CEO, joined GlobalCapital's Tom Lemmon to discuss what to see at the conference, what the tone will be after the rollercoaster year of 2022, and who he's most looking forward to hearing from on the panels.2023-02-2333 min

Tackle Talk - Bass Fishing PodcastICAST 2022: Complete Recap (With MEGA Guests!)On today’s episode, we have a complete recap of ICAST 2022. I flew down and attended ICAST myself for the first time, JUST so that we could talk about it on today’s episode. The good, the bad, the ugly.. the newest baits, the most anticipated rods and reels, the award winners, the junk and duds, we cover it all and we're joined by some awesome guests, including: Kevin Van Dam, Gerald Swindle, Brent Ehler, Chris Zaldain, Ott DeFoe, Mark Rose, Brett Hite, Matt Robertson, John Crews, David Fritts, Michael Neal, Alton Jones Jr., Alex Rudd, Kevin Brightwell, Alex Davis...2022-07-261h 59

Another Fine MezzThe end of the CLO partyWelcome to the second episode of Another Fine Mezz, GlobalCapital’s new podcast about securitization where we explore the most pressing issues in the market with some its most senior figures. In this episode we take a dive into the CLO markets in the US and Europe. 2021 was a bumper year for CLOs with record issuance in both markets. 2022 however, has been a rather more chastening experience, particularly in Europe as inflation and the war in Ukraine hit global markets. So, is the CLO party over? Will spreads drift wider still? How will CLOs fare in a...2022-07-1334 min

Another Fine MezzBarcelona: it was the first time that we metWelcome to Another Fine Mezz, GlobalCapital’s new podcast about securitization where we explore the most pressing issues in the market with some of its most senior figures. Global ABS, the biggest securitization conference in Europe, is returning to Barcelona on June 14 for the first time since 2019. Everyone who’s anyone in European securitization will be there and so in anticipation of the event, we asked Owen Muller from NatWest Markets, Peter Cui from Natixis and Merryn Craske from Morgan Lewis what they were most looki...2022-06-1029 min

Founders Trust PodcastPlanning and Executing a Product Launch: Gerald and Colton Horn, BreinfuelToday, we’re discussing how startups can successfully plan and execute an initial product launch. I spoke with Gerald and Colton Horn, the founders of Breinfuel, one of the hottest startups in Chicago that just launched its premium line of cerebral beverages. Stay tuned for their pitch to kick off our conversation! Gerald, Colton, and I then discuss their approach to product development and branding to launch a successful consumer product. They are two of the most energetic founders to emerge on the Chicago startup scene this year and offer some terrific advice on how to ta...2021-02-0950 min

Inside The Play Call with Orange ArrowSeason 2: Gerald HayesGo Inside the Play Call with today’s guest, Gerald Hayes, as he discusses his decision to play football at Pitt after experiencing the energy of Forbes Avenue and feeling at home in the bustling city environment. He also walks Shawn through his time as a linebacker for the Arizona Cardinals and discusses the difficulty of transitioning from college to the NFL, a place where you sometimes feel as if you are treated more like a machine than a human. They finish by discussing his new business venture and the importance of applying the team mentality of sports to your ev...2020-06-2053 min