Capital & Structured Finance
How funding structures, capital constraints, credit risk and incentives shape companies and markets.
Capital structures are operating systems. They determine which risks a company can absorb, which choices remain available under stress, and who controls the outcome when forecasts fail.
This collection examines structured finance, private credit, securitisation, bank capital and the mechanics behind funding-dependent businesses. The emphasis is on how transactions work in practice: the data, covenants, incentives and institutional constraints that sit beneath the headline financing amount.
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- (11) The Warehouse Trap for Fintech Lenders
A £200 million warehouse announcement says little about control. The decisive terms—eligibility, covenants, amortisation, and exit—sit deep in the contract.
- (13) Why ABF Is Taking More of Private Credit's Growth
Direct lending still holds the larger stock of assets. ABF is taking a disproportionate share of new growth through insurance capital and repeat origination.
- (14) Why Small Banks Struggle to Access SRT
More than 100 banks have issued SRT, protecting nearly €800 billion of loans. The market remains concentrated among large, repeat issuers.
- (23) How Datacenter Finance Turns Leases Into Bonds
A datacenter is financed several times before it becomes a bond. The sequence works because each stage removes a different risk.
Articles
- (26) Vendor Financing Pulls Demand Forward
AI suppliers are investing in customers, guaranteeing leases and buying unused capacity. Those arrangements can build a market faster, but the market becomes durable only when outside customers replace the supplier's support.
- (23) How Datacenter Finance Turns Leases Into Bonds
A datacenter is financed several times before it becomes a bond. The sequence works because each stage removes a different risk.
- (14) Why Small Banks Struggle to Access SRT
More than 100 banks have issued SRT, protecting nearly €800 billion of loans. The market remains concentrated among large, repeat issuers.
- (13) Why ABF Is Taking More of Private Credit's Growth
Direct lending still holds the larger stock of assets. ABF is taking a disproportionate share of new growth through insurance capital and repeat origination.
- (11) The Warehouse Trap for Fintech Lenders
A £200 million warehouse announcement says little about control. The decisive terms—eligibility, covenants, amortisation, and exit—sit deep in the contract.
- (9) In Distress, Collateral Data Becomes a Control Asset
Asset-based lenders may own the security interest while the borrower still controls the data that tells them what the collateral is.
- (8) A Practical Case for Shared Collateral Registries
A shared ledger can show that an identified asset was pledged twice. It cannot prove that the asset exists or that its data is accurate.
- (4) Consumer Duty Is Becoming a Funding Discipline
Fair-value assessments, outcomes monitoring, and board attestations turn conduct governance into evidence that capital providers can underwrite.
- (2) What Venture Equity Actually Costs
Equity creates no monthly payment, which makes it easy to misprice. Its cost arrives later through ownership, control, and return expectations.
- (1) Europe's AI Sovereignty Depends on Its Capital Markets
Europe has the savings, research base, and ambition to build frontier AI. Its capital markets still struggle to fund the scale.
Shorts
- (19) AI Debt Is Moving Into Private Markets
Hyperscalers can borrow far more than public credit portfolios may want to hold. The overflow is creating a new market for private AI infrastructure debt.
- (6) Borrowed Time: The Horizon Mismatch That Ended Situational Awareness
A fund thinking in decades was financed in days. When Goldman, JPMorgan and Bank of America called for collateral, the horizon that mattered was theirs.