What we're watching
What We’re Watching: Good Due Diligence Should Never Be Remote
This month we examine why effective due diligence in private credit should never be remote. Drawing on the recent MFS Investment Management and Tricolor Auto Group cases, we argue that strong diligence extends beyond reviewing data and documentation to understanding an originator’s people, processes, culture and motivations.
Report
Global ABS 2026: Strong Technicals, More Selective Tone
Barcelona offered an unusually dramatic setting for this year’s Global ABS conference, with evening fireworks to celebrate the visit of Pope Leo XIV for the inauguration of the Sagrada Família’s newest tower. But inside the conference halls and evening receptions of the 30th Annual Global ABS Conference, the tone was rather steadier. Market Participants were […]
What we're watching
What We’re Watching: Levelling the playing field with non-banks but maintaining the confidence trick
In this month’s WWW, we contextualise how the political cycle changed the direction of capital requirements for US banks and what it could means for fixed income investors.
What we're watching
What We’re Watching: Quarterly Report – March 2026
Volatility has resurfaced across credit markets, with spreads widening and dispersion increasing at regional, sector and issuer levels, adding complexity to the investment landscape.
Knowledge
Introduction to Listed Floating Rate Notes
As bank hybrids are phased out, listed floating rate notes have emerged as an alternative way for retail investors to access income‑generating credit investments on the ASX.
What we're watching
What We’re Watching: Governance – the cockroach killer
The G in ESG has often felt like the poor cousin of the three pillars of sustainable investing, despite evidence that governance is at least as important a driver of performance. From a credit perspective, governance drives event risk, which in turn drives default risk.
What we're watching
What We’re Watching: Becoming wary of software
Many of you will have seen news over the past few weeks regarding the US Private Credit sector’s exposure to software and flow on concerns regarding the impact of AI on the software businesses. Investor concerns have centred around those managers who are most exposed with most press articles focussed on Blue Owl Capital as […]
Market Reviews
From Record Issuance to Renewed Opportunity: European & Australian ABS in Focus
2025 Wrap-up and 2026 Outlook 2025 closed as another strong year for the European and Australian ABS markets despite intermittent macro uncertainty. Investors continued to demonstrate robust demand, supporting spread compression amid record issuance volumes. For 2026, we expect elevated funding needs and stable performance across core collateral types, alongside ongoing innovation in new and […]
What we're watching
What We’re Watching: Review of 2025
As is fast becoming our tradition, for our November report we reflect on the year that was 2025 sharing our favourite books, podcasts and other things that have influenced our thinking during 2025.
What we're watching
What We’re Watching: Responding to ASIC’s surveillance
This month ASIC released a surveillance report as part of their investigation into private credit. This report called out poor practices in the industry, providing a useful guide that investors can use to assess the quality of private credit managers. In this month’s What We’re Watching we benchmark our own processes against ASIC’s guidance. Apologies […]
What we're watching
What We’re Watching: Quarterly Report – September 2025
In this month’s “What We’re Watching”, we provide our regular quarterly review of markets covering ASIC’s increased surveillance of activities in private lending markets and some high profile defaults on global credit markets.
Market Reviews
The boom in Australian securitised credit
Challenger Investment Management explore Australia’s booming securitisation market, where non-bank lenders drive record issuance and global investor demand.