US IG Wrap — Hyperscaler supply takes its toll with Meta waiting in the wings

Taking the Credit — If you can’t beat EM, join EM

LPs are rethinking their private credit portfolios as geopolitical headwinds and wobbles in US private credit raise new questions about concentration risk in more mature, or ‘developed’ markets. As a result, investors are giving emerging markets a closer look.

European IG Wrap — Inflation and ECB conspire to impact issuance

LatAm Weekly — USMCA doubts hit Mexican corporates

Asia weekly — Banks warm to GPU-backed financing

Excess Spread — Selling misselling, Blue solution, who buys CMBS?

Would you like a 15% risk-free return, backed by REAL ASSETS*? Several years ago, I saw an advert for whiskey-backed bonds — having an interest both in whiskey and in asset-backed bond structuring, I naturally clicked and entered my details. A VERY enthusiastic salesperson was soon connected with me, who hung up as soon as I said I was a journalist and interested in understanding the collateral package. Red flag!

No more movie magic — film studio CMBS flirts with maturity default

The pandemic changed the game for CRE valuations. But the asset class which illustrates this best isn’t offices, but film and television studios.