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Parliament’s draft amendments are kinder to the market than Commission's
Pricing on junior mezzanine notes is diverging as managers have to cope with difficult conditions
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Office pace: Manhattan prime real estate drives US CMBS mart with new asset classes set to join

Single asset, single borrower deals drove the US CMBS market in 2025, particularly on New York City collateral as office attendance rose. With interest rates predicted to fall further in 2026, market participants are looking forward to a greater variety of deals on commercial real estate from other cities and sectors, writes Pooja Sarkar
Last week Blackstone securitized Aria Resort in Vegas for $2.7bn in one of the largest hotel deals of the year

Chronic engine and aircraft shortages to help US aviation ABS to soar in 2026

Rising aircraft values and higher re-leasing costs caused by a supply shortage are expected to tip cash into aviation ABS and entice debut issuers in 2026. As cash runs down the waterfall, sales of equity notes tied to aviation lease ABS may return, writes Chadwick Van Estrop

Balbec Capital markets $219m securitization of DSCR loans

US RMBS issuance barrels on deep into December
Last week Blackstone securitized Aria Resort in Vegas for $2.7bn in one of the largest hotel deals of the year

European CLO investors face up to tiering amid turbulent loan market

Unparalleled European CLO market activity in 2025 compressed spreads and raised the possibility of a bigger standard for benchmark size. But, as Thomas Hopkins reports, leveraged loan market volatility will increasingly lead to tiering in the pricing different managers can achieve
Deal appeared on screens after its first book update

European ABS on its feet and ready for more in 2026

The conditions are set so that 2026 promises to be even better than the already impressive 2025. A deepening of esoteric asset classes, combined with entirely new deal types, as well as more debut issuers are set to be the key themes, writes Tom Hall

Data centre boom offers acid test for Europe’s capital markets

EU politicians talk enthusiastically about making the bloc more competitive, but so far, its capital markets have struggled to match the efficiency of the US. Whether it can meet the booming demand for data centres will be a defining test of its ambitions, write George Smith, Chadwick Van Estrop and Thomas Hopkins
Deal appeared on screens after its first book update
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