CLO market: Corporate distress? Bring it on

It is an almost unchallenged truth that the next crisis will be triggered by over-leveraged corporate borrowers crumbling under the weight of cheap debt that they have taken on over the last decade.

It’s securitization, but not as we knew it

The dynamics of the US securitization market have changed beyond recognition, while the role of banks in ABS has evolved too; the excesses of the past have gone and securitization is now a safe and reliable funding tool for consumer lending.

Securitization: RMBS gears up for windfall

A deep and sustainable private-label RMBS market has always eluded the US thanks to the insuperable competitive advantage enjoyed by the GSEs; that could change if plans to remove these guarantees for higher-risk mortgages go ahead.