Excess Spread — Codebreaking, birdwatching, liquidity
- 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, and sign up for the newsletter below.
Cracking the code
We’re deep in July but the spicy trades are still coming to market, with two new shelves on screen this week, following last week’s FinanceHero announcement (and a successful syndication this week).
Asimi 2024-1 securitises the portfolio of Plata Finance, which was spun out of Zopa, a pioneering marketplace lender in the UK, in 2022. Zopa had its own securitisation shelf back in the day, MOCA (Marketplace Originated Consumer Assets). Like SME-focused Funding Circle, this was Zopa-branded but not Zopa-sponsored, with the deals taking out forward flows from institutional investors, including Marshall Wave unit P2P Global.
Anyway, Zopa left the marketplace world behind and became a bank, which in 2020 took over the Zopa consumer lending business.