Excess Spread — Breaking records, above water, lofty ambition
- Owen Sanderson
Excess Spread is our weekly newsletter, covering trends, deals and more in structured credit and ABS. Find out more about 9fin for structured credit.
Breaking records
European securitisation is breaking records, and the market would be celebrating (if it wasn’t too busy printing trades).
As of right now, we’re tracking at the highest public issuance level YTD since the 2008 financial crisis, so we’re on course for a record-breaking 2024. That matches the strong vibes in Barcelona this year, though with a contentious and uncertain US election season coming into view, there’s probably more than a few deals that have been brought forward from October executions into the busy September season. I’d expect a precipitous decline in the pace of supply at the back end of the year (though November/December is hardly the window of choice in most years).