Another Fine Mezz

George Smith, Tom Hall
  • 5.0 (1)
  • BUSINESS
  • UPDATED WEEKLY

A podcast about the global securitization markets from GlobalCapital

  1. 1D AGO

    Ledn founder explains Bitcoin ABS

    Adam Reeds joins Another Fine Mezz to discuss pioneering deal On the back of pricing the first ever Bitcoin loan asset-backed securitization last month, Ledn co-founder and CEO Adam Reeds sat down with GlobalCapital’s senior reporter Chadwick Van Estrop at SF Vegas to talk about the deal and the outlook for the company in the ABS market. Reeds revealed Ledn’s next ABS deal could come as soon as six months from now if originations reach a critical mass. In the interview he responded to market concerns about the custody of the Bitcoin that backs the ABS. Reeds also touched on Ledn’s outlook for refinancing the ABS deal before the end of the three-year revolving period. “It very much will be dependent on other types of capital available three years from now,” he explains. “As it stands, currently, I can see us refinancing and keeping this going in perpetuity.” Reeds touched on why he viewed Ledn’s speed of liquidation as a strength for its ABS and revealed that Ledn’s borrowers are not mandated to pay their loans back down to a 50% loan-to-value ratio if the LTVs rise above 70% and 75% as the price of Bitcoin falls. With about one third market share of the Bitcoin-backed consumer lending sector, Ledn plans to double its loan book this year. Last year it originated $100m to $150m of Bitcoin-backed loans a month with about $1bn of loan principal and interest outstanding at year end. Reeds explains why Ledn is confident about achieving this. Podcast outline: 0-12mins: Ledn’s business model and Bitcoin backed lending 12-24mins: ABS deal details 24-29 mins: Future of the ABS platform

    29 min

  2. 4D AGO

    Unwritten rules

    UK regulations take shape, software slide tests CLO managers’ mettle and how captive equity is distorting the market

    28 min

  3. FEB 20

    Inside SF Vegas '26

    Structured Finance Association CEO Michael Bright previews major industry event

    27 min

  4. FEB 17

    State of the arb

    CLO triple-As finally tighten and a template established for European data centre ABS

    29 min

  5. FEB 10

    Look Yondr!

    A new European data centre sponsor, Dutch buy-to-let back in business, CLO equity squeezed and a bitcoin backed deal

    24 min

  6. FEB 3

    A stuffed Pepper order book

    Thomas Hopkins discuss whether private credit and BSL CLOs are really adversarial as often thought while Tom Hall gets his teeth in a tasty Pepper trade

    20 min

  7. JAN 26

    To the last 0.5bp

    Thomas Hopkins discusses a vintage of CLOs being refinanced rather than reset, while Tom Hall talks about whether CMBS investors can share with banks

    22 min

  8. JAN 19

    Holmes: a study in WALs

    Tom Hall goes through a sterling week of deals for European ABS, while Thomas Hopkins dissects the dangers that a rise in LMEs would pose for European CLOs. This the last week to vote for your winners of GlobalCapital’s 2026 European Securitization Awards! View the shortlist and vote here by January 23.

    24 min
See All (128)

About

A podcast about the global securitization markets from GlobalCapital

Information

  • Creator
    George Smith, Tom Hall
  • Years Active
    2022 - 2026
  • Episodes
    128
  • Rating
    Clean
  • Copyright
    © 2026 Another Fine Mezz
  • Show Website
    Another Fine Mezz

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