This 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…

This week we sit down with Chamath De Silva, Head of Fixed Income at Betashares to discuss US Government Bonds and briefly, its new Australian Major Bank Subordinated Debt ETF (ASX:BSUB). Betashares currently have over $37 billion in funds under management, and $10.5 billion in fixed income funds.

There are good reasons to think about adding global bonds to your portfolio. In this educational podcast episode, Richard Rauch from Brandywine Global Investment Management delves into government and corporate bonds and active and passive investment. The beauty of being global is the third in a series of four Fixed Income Building Blocks podcasts t…

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 scho…

The 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 S…

Join ABS analysts Todd Swanson, Director, and Nicholas Eklund, Associate Director, for a look into performance trends in the subprime auto ABS space, including some unique post-pandemic drivers and how they may impact performance going forward.By Fitch Ratings

How do you build a fixed income product based on residential property? We spoke to CFMG Capital’s Andrew Thomson about how the CFMG Monthly Income Fund provides investors with exposure to competitive returns and the Australian property market, through loans secured by first mortgages over real property. It provides investors with a regular income s…

It 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…

Where are we in the journey to lower inflation? Tune in to hear expert commentary from award winning fixed income portfolio manager, Dr Christian Baylis. What is the neutral real rate? What’s attractive right now? What do rising defaults mean for credit spreads? Learn about Fortlake’s fascinating default arbitrage strategy.…

A 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 Atl…

This 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 f…

By Fitch Ratings

Learn some useful tips and lessons learned for your bond portfolio from Anthony Kirkham from Western Asset Management, a Franklin Templeton company. Diversification is a key reason investors turn to fixed income, but it’s important to think about liquidity and yield as well. Rising interest rates have changed the outlook and prospects for the asset…

In 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 dr…

◆ Don't sweat the downgrade ◆ ABS rush ahead ◆ Another Fine Member for the team Three 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…

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 investor…

Asset backed securities (ABS), including residential mortgage backed securities (RMBS), provide relatively high, floating rate monthly income. Learn about the asset class, the risks and it’s many protections as well as Thinktank’s two funds in this informative podcast.

This 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 Award…

Career, life, decision making and figuring out the ‘why’. In celebration of International Women’s Day we sit down with Amy Xie Patrick from Pendal Group.

This 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 pay…

Have you ever wondered how a portfolio manager invests? In this podcast we unpack yield and risk with Andrew Canobi from Franklin Templeton. He explains the Franklin Templeton investment process and gives some unique insights into yield relationships between various securities. For example, Australian major bank senior unsecured, subordinated Tier …

As 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 recruite…

With 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 secur…

Fitch Global Cross Sector- Structured Finance analysts Dan Chambers, Managing Director, Rob Buckley, Director, and Everett Bruer, Associate Director, discuss Fiber ABS as it emerges as the dominant technology within digital infrastructure.By Fitch Ratings

On 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 a…

Victoria 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 t…

◆ No need to panic for consumer ABS ◆ Trusting your gut with career opportunities ◆ From the USSR to structured finance This 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 Se…

◆ VW misses ESG deadline ◆ Good times for ABS ◆ CLO triple-A funds fear fall from power All 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…

Fitch covered bond analysts Cosme de Montpellier, Senior Director, and Emanuela Loppo, Director, discuss the role and importance of liquidity protection in covered bond programmes.By Fitch Ratings

There’s a lot of mixed sentiment about what will happen to global interest rates this year; we chat to Senior Economist, Janu Chan about her inflation and interest rate expectations and the impact on fixed income markets. Chan resides in Hong Kong, so delves into capital flows in Asia Pacific and Evergrande’s liquidation order by Hong Kong’s High C…

This 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 st…

Another 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 Smit…

◆ Europeans want UK RMBS ◆ ESMA perplexes investors ◆ CLO amortisation: a vanishing act Just 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 d…

With 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…

In 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 F…

EMEA and US RMBS Heads Alessandro Pighi and Kevin Kendra discuss their views and outlooks on global home prices and mortgage performance with Ben McCarthy, Head of APAC Structured Finance.By Fitch Ratings

This 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 list…

Host 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 competitor…

EMEA ABS Senior Director Andy Brewer, and Director Tom Deacon, discuss the recent decline in used electric vehicle prices in the UK, and how this may impact auto ABS transactions in the region.By Fitch Ratings

With 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 exp…

On 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 itsel…

This 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…

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 se…

Ben McCarthy, Head of APAC Structured Finance, and Natasha Vojvodic, Senior Director of APAC Structured Finance, discuss expectations for the sector in Australia in 2024, including ABS delinquency rates, the emergence of bank RMBS issuance, and more.By Fitch Ratings

In 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…

Tom 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…

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 fro…

For 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 …

This 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 …

Join Cristina Pagani, Director, EMEA RMBS and Brad Kellman, Associate Director, EMEA RMBS, for a discussion of the UK mortgage market in today's high interest rate environment, with a focus on activity in the buy-to-let and non-conforming sectors.By Fitch Ratings