With Tom Lemmon off giving thanks for a conveniently timed move to New York, Victoria Thiele and George Smith held the fort on this week’s episode of Another Fine Mezz.
Over the week, George and Tom had done a deep dive into Nationwide’s ‘stock and drop’ tactic for speeding up RMBS distribution, briefly mentioned on the previous episode. George explains why it’s a great idea, but won’t spare the market a bigger conversation about regulation.
Meanwhile, a commercial mortgage RMBS deal by Together illustrated the danger of over-categorising in the securitization market - at one point, it was mislabelled as a CMBS deal.
The European CLO market has begun to wind down for the end of the year. While banks publish their forecasts for mediocre issuance volumes next year, market participants turn a hopeful eye to middle market CLOs.