This week on Another Fine Mezz, the spectre of challenging diaries due to time difference meant usual host and securitization editor Tom Lemmon had to miss out. However, European reporters George Smith and Victoria Thiele went on a whirlwind tour of securitization in super quick time.

Although it seems some in the market may need to go back to school because there's a CMBS comprised solely of data centres, rather than the usual commercial real-estate mortgages. But as George said, the 'M' stands for data centre.

There's also an update on the booming significant risk transfer market, with issuers beginning to prefer cash deals.

Meanwhile in CLOs, Brigade made a roaring return to the market after three years away (who can blame them?). With arbitrage the best it's been in a while, they've even secured third-party equity.

The UK had a lot going on politically with its local and mayoral elections last week, which perhaps explains why the future of UK securitization regulation wasn't on the front page of the nationals.

However, for GlobalCapital's team of securitization podcasting hacks on Another Fine Mezz, it certainly was.

European securitization reporter, George Smith discussed what changes have been finalised in the new UK regulations which will come into force on November 1. There is also hope that it will lay the groundwork for more radical reforms in the future. Surely, things can only get better.

There is also an unusual pipeline developing in European ABS, with two CMBS transactions in the works alongside a huge Italian RMBS.

Finally, CLO reporter, Victoria Thiele has less deal activity to report on but managers are still grinding away to tighten the market. Palmer Square has led the way, dragging the market to pre-Ukraine war levels.

It was another week of 100% attendance from the Another Fine Mezz team, but such was the quality of stories this week, there was a fair bit of bickering over who got to go first.

For the starter, European Securitization reporter, George Smith had Santander's mammoth German consumer ABS to discuss, where investors chose to fill up on mezz.

Then, the main course was provided by CLO reporter, Victoria Thiele (and to a lesser degree, securitization editor, Tom Lemmon) as the European market salivates at the prospect of its first CLO ETF after seeing the boom in the US.

Continuing with the culinary theme, dessert is learning the lengths to which George Smith will go to watch his beloved Arsenal in the North London Derby.