“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 special purpose vehicles and the success of specialist UK mortgage lender Paratus' new mixed pool RMBS shelf, the £564m Braccan 2024-1, had us reaching for our dusty collection of medieval boundary charters.
But we couldn't spend too long unravelling our scrolls. As European ABS reporter, George Smith said himself it was simply too hectic this week to mention every single deal that came to market. By our count, there were 10 deals that priced and the pipeline still bulges.
Despite how hectic the market was, roughly 400 securitization specialists managed to attend S&P's European Structured Finance Conference in London, which was a storm of positivity. A stable market with large issuance volumes is of course one reason for the good vibes. But it was coupled with a tantalising hope that meaningful regulatory reform is on the way.
While George wrote an ungodly amount of words trying to cover all of this, host Tom Lemmon was busy gallivanting around London talking about his golfing success of the weekend and visiting Coterie Holdings, owners of wine-backed lender Jera and part owners of wine investing platform, WineFi. Thankfully, his 10 minute dissection of the wines he tried did not make the final cut.
