Securitisation has had a bad rap (or should that be wrap) since the global financial crisis, being blamed for many of the worst excesses at the time. Whether some of these arguments still hold water is moot, given their regulatory treatment since the GFC, with many borrowers cleaning-up their acts.

We all know about the subprime CDOs and how originators were desperate for product to feed the securitisation beast. As the loans were offloaded from bank balance sheets they didn’t care about the underlying loan quality, as brilliantly told in The Big Short. Then there were highly levered OpCo/PropCo structures, mostly peddled by UK banks and complex securitisations for hospitals, nursing homes and pubs, with mismatched swaps and derivatives liabilities in the mix.