Owen Sanderson

Regency Factors and Regency Trade Finance have been placed into administration, shining a light on the complex collapse of trade receivables platform Petra Management, which funded itself through large asset-backed bond issues placed to institutional clients such as Insight Investment, Nuveen, and Pimco, but started to fall apart in 2024.

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!

The week after Barcelona should be a week for strong execution. Meetings at the conference give a better-than-usual line of sight to where bonds will land, and when coupled with the New Treaty of Versailles, it’s a good time to sell deals.

9fin | When something goes wrong in financial markets, enterprising minds often think “how can I make some money out of this”. That’s a normal and healthy capitalist impulse, and, in many situations, that impulse makes things better.

9fin | Atlas SP Partners took out a loan-on-loan financing from HSBC, secured on its senior lending to Market Financial Solutions, according to 9fin sources and corporate filings.

9fin | Atlas SP Partners took out a loan-on-loan financing from HSBC, secured on its senior lending to Market Financial Solutions, according to 9fin sources and corporate filings.

9fin | Wells Fargo has launched a comprehensive review of asset-backed warehouse lending from its European securitised products business, in the wake of its exposure to collapsed bridging lender Market Financial Solutions.

9fin | We thought we’d go deep into Crédit Agricole’s equipment leasing ABS, particularly the choice of the controversial “new war in the Middle East” execution window for the re-offer of the senior notes... Nah, we’re doing Market Financial Solutions again!

Atlas SP Partners, an asset-backed financing firm owned by Apollo, has £400m of senior exposure to mortgage bridge lender Market Financial Solutions, according to an Atlas statement. MFS was placed in administration this week amid fraud allegations.

9fin | Excess Spread is our weekly newsletter, covering trends, deals and more in structured credit and ABF.