
UK banks shrug off tariffs and fiscal concerns with higher margins
Over the last week or so, the major UK banks have been reporting results for the first six months of 2025. Considering the noise around the UK’s fiscal situation and some softening in broader macroeconomic conditions, these releases offer another valuable data point for analysing the health of the UK economy and the operating environment of UK banks.

US corporate hybrids gain momentum after ratings shift
The European corporate hybrid market has been established for some time. It is dominated by investment grade issuers seeking to raise capital with limited impact on their leverage ratios, thanks to rating agency treatment that classifies hybrids as 50% equity and 50% debt from a balance sheet perspective.

US-EU deal welcome news in markets with little room for error
The US and the European Union (EU) have reached a trade agreement, averting a worst-case scenario of a more damaging trade war.

A closer look at River Green and CMBS losses
A French CMBS transaction named River Green – a deal we exited a few years ago at a price in the mid-90s as part of a broader review of our CMBS exposure – has come under renewed scrutiny after a new valuation triggered expectations of principal losses on what were originally AAA rated bonds. Here’s how we got here.

UK by the numbers: breaking down the latest ONS stats
The UK Office for National Statistics (ONS) issued their monthly summary of the UK government’s income and expenses as well as the impact these have on the budget deficit and fiscal debt levels.

CLO value emerges ahead of likely autumn surge
With the summer holiday season fast approaching, now feels like a good moment to pause and take stock of developments in the European ABS market year-to-date.

New issuers add welcome depth to UK RMBS
The UK Prime RMBS market has continued to evolve in 2025, with a broadening of its participant base driven by the entrance of two new sponsors (Nottingham Building Society and Newcastle Building Society) which have both priced inaugural deals this year.

Selectivity pays as European high yield hits record
Primary issuance in the European high yield (HY) market surged in June with €21.2bn of supply marking the highest monthly volume on record.

SRTs not sounding any alarms - despite the headlines
Last Friday, the European Banking Authority (EBA) published its semi-annual Risk Assessment Report. It is always a good read, as it provides a summary of trends in the banking sector and highlights risks that might be emerging in parts of the banking system.

Reform proposals bring fresh hope of deeper ABS market
Blog posts about regulation rarely trouble our most-read charts, but on this occasion we think the payback on time invested looks more compelling.

Watching spreads and structures as ABS momentum builds
Last week marked another record-breaking year for the securitisation industry as over 5,500 market participants gathered in Barcelona for the annual Global ABS conference, surpassing last year’s attendance and reflecting the growing momentum across both public asset-backed securities (ABS) and private asset-backed finance (ABF) markets.

Oil, Iran and why markets are staying calm
Despite Israel and Iran exchanging fire for a fifth day, markets seem to be completely disregarding the possibility of this conflict mutating into something serious for the global economy.