For this week's episode of Another Fine Mezz, securitization deputy editor Tom Lemmon is kept company by European CLO reporter Victoria Thiele as European ABS reporter George Smith is off to become a Dad.

In the US, specialist CLO equity funds believe they're "winning the argument" as limited partners (LPs) who invest in the manager-retained equity (known as captive funds) become frustrated at squeezed returns.

In European CLOs, triple-A investors are also frustrated. They're looking to limit the power of CLO managers that are happy to be dragged along into amend and extend deals, by beefing up the legal documents before investing in a CLO.

And finally, the Financial Conduct Authority's (FCA) 707 page document outlining its plans for the UK's post-Brexit securitization regulation is still being digested. The question is how the UK securitization market will look once its implemented.