Another Fine Mezz

Cerberus buys Lendco, Advanzia's German credit cards, CLO resets on pause

More AI worries for CLOs, PremFina’s funding boost, Advanzia kick starts ABS market In collaboration with TMF, our headline awards sponsor, GlobalCapital is running a survey on the trade finance market. It’s nine questions only and can be completed via this link.

An interview with Propel and the BBB, a busy Q1 for ABS, more arb headaches for CLO managers

The rise of the European master trust and the CLO market nears shut down

Leasing ABS thrives, private credit worries and CLOs widen

The fallout of MFS entering administration, how Iran war is affecting the market and CLO managers’ software headache

Vervent explains how Tricolor warehouse and ABS deal servicing work. David Johnson, chief executive of Vervent, joined Another Fine Mezz at the SF Vegas conference to talk about its work keeping cash collection going following the bankruptcy of Texas-based sub-prime auto lender Tricolor last September. Johnson told senior securitization reporter Chadwick Van Estrop that at the time of the bankruptcy filing, about 10,000 cars, some pledged as collateral against warehouse or ABS lines of credit, were found in Tricolor’s possession across dealerships, workshops, storage lots and auction houses. All those cars have now been sold, and the associated funds are in Tricolor’s accounts, according to Johnson. How those funds are distributed will be determined by a Texas bankruptcy judge, the bankruptcy trustee and a court case in the Southern District of New York, where founder and CEO of Tricolor, Daniel Chu, and three other executives were charged with “systematically defrauding Tricolor’s lenders”. In the weeks after the bankruptcy filing, the trustee overseeing the process went to a Texas court seeking access to about 100,000 loans reportedly originated by Tricolor. But Johnson told GlobalCapital that the actual number of loans Vervent found and brought into its systems during its servicing work was about 70,000. The difference is where allegations of double pledging of loans have been made. Johnson said the Tricolor Chapter 7 bankruptcy was the “largest in history” and the subsequent document sampling to test the strength of a securitization collateral pools have risen from as low as 10%, in some cases, to about 100%. The executive touched on why Vervent hired 26 of Tricolor’s back office staff, and about 150 call center workers in Mexico, after the bankruptcy filing, and the moves made to keep money flowing into the company that could be made available to warehouse and ABS lenders. Podcast outline GlobalCapital’s reporting on the Tricolor fiasco Tricolor collection accounts believed to hold $100mProbe to confirm if Tricolor auto loans canceled when cars repossessedBack-up servicer moves in on Tricolor's delinquent-heavy auto ABSTricolor auto loan fiasco puts ABS practices on trial

The fall of Market Financial Solutions and Ares’ second private credit CLO A spokesperson for Market Financial Solutions told GlobalCapital last week that the firm's founder Paresh Raja “categorically denies any allegations of fraud”.

Adam Reeds joins Another Fine Mezz to discuss pioneering deal On the back of pricing the first ever Bitcoin loan asset-backed securitization last month, Ledn co-founder and CEO Adam Reeds sat down with GlobalCapital’s senior reporter Chadwick Van Estrop at SF Vegas to talk about the deal and the outlook for the company in the ABS market. Reeds revealed Ledn’s next ABS deal could come as soon as six months from now if originations reach a critical mass. In the interview he responded to market concerns about the custody of the Bitcoin that backs the ABS. Reeds also touched on Ledn’s outlook for refinancing the ABS deal before the end of the three-year revolving period. “It very much will be dependent on other types of capital available three years from now,” he explains. “As it stands, currently, I can see us refinancing and keeping this going in perpetuity.” Reeds touched on why he viewed Ledn’s speed of liquidation as a strength for its ABS and revealed that Ledn’s borrowers are not mandated to pay their loans back down to a 50% loan-to-value ratio if the LTVs rise above 70% and 75% as the price of Bitcoin falls. With about one third market share of the Bitcoin-backed consumer lending sector, Ledn plans to double its loan book this year. Last year it originated $100m to $150m of Bitcoin-backed loans a month with about $1bn of loan principal and interest outstanding at year end. Reeds explains why Ledn is confident about achieving this. Podcast outline: 0-12mins: Ledn’s business model and Bitcoin backed lending 12-24mins: ABS deal details 24-29 mins: Future of the ABS platform

UK regulations take shape, software slide tests CLO managers’ mettle and how captive equity is distorting the market

Structured Finance Association CEO Michael Bright previews major industry event

CLO triple-As finally tighten and a template established for European data centre ABS

A new European data centre sponsor, Dutch buy-to-let back in business, CLO equity squeezed and a bitcoin backed deal

Thomas Hopkins discuss whether private credit and BSL CLOs are really adversarial as often thought while Tom Hall gets his teeth in a tasty Pepper trade

Thomas Hopkins discusses a vintage of CLOs being refinanced rather than reset, while Tom Hall talks about whether CMBS investors can share with banks

Tom Hall goes through a sterling week of deals for European ABS, while Thomas Hopkins dissects the dangers that a rise in LMEs would pose for European CLOs. This the last week to vote for your winners of GlobalCapital’s 2026 European Securitization Awards! View the shortlist and vote here by January 23.

George Smith gets the outlook for prime RMBS from Tom Hall and CLO resets from Tom Hopkins, as familiar shelf returns to its usual spot in the calendar

George Smith talks to Tom Hall about an equity release double debut RMBS and the rise of the Australian securitization market

George Smith and Tom Hall talk through Enpal’s second deal, the UK’s bank capital tweaks and why there isn’t more M&A in the specialist lender market

This week Tom Hall and Thomas Hopkins discuss how Enpal's return heated up the ABS market and take the CLO equity market's temperature