Fixed Income
Rated structured credit for institutional fixed income portfolios
Gallantree originates and structures rated notes across ABS, RMBS, and CLO programs, giving institutional investors access to Australian and US structured credit through senior, mezzanine, and subordinated tranches. Every program is built on disciplined underwriting, independent credit ratings, and transparent ongoing reporting.
Why Gallantree Fixed Income?
Structured notes built for fixed income mandates
Our ABS and CLO programs are designed from the ground up for institutional fixed income investors. We combine deep origination capability, proprietary credit analytics, and disciplined structuring to produce rated notes with clearly defined risk, predictable cashflows, and robust documentation.
Every program is engineered around long-duration institutional capital: conservative advance rates, meaningful credit enhancement, and active portfolio surveillance across the life of the notes.
Rated across the capital stack
Every Gallantree program is structured with independent credit ratings from senior AAA notes through to subordinated tranches, giving fixed income investors a full range of risk-return profiles to match mandate and duration.
Granular collateral, transparent reporting
Our ABS and CLO trusts are backed by granular, diversified collateral with conservative eligibility and advance rates. Institutional-grade servicer reporting, waterfall disclosures, and pool performance data flow monthly, directly from our platform.
Disciplined structuring, cycle-tested
Structures are stress-tested across credit, prepayment, and macro scenarios. Trigger packages, interest coverage tests, and overcollateralization tests are built to protect senior noteholders and maintain rated credit quality through the cycle.
Our Fixed Income Programs
Access structured credit across ABS and CLOs
Commercial Real Estate CLOs
Rated note tranches backed by diversified portfolios of Australian and US commercial real estate loans, offering institutional investors structured exposure from senior AAA through to subordinated positions.
Corporate CLOs
Rated CLO tranches backed by diversified pools of Australian and US middle-market corporate loans, providing fixed income investors with access to private corporate credit in a structured, rated format.
Asset-Backed Securities
Rated ABS programs backed by granular pools of Australian and US consumer and commercial receivables, structured with robust credit enhancement and conservative advance rates to deliver reliable income across cycles.
Residential Mortgage-Backed Securities
RMBS tranches backed by pools of prime Australian and US residential mortgages, designed to provide institutional investors with high-quality, rated exposure to housing credit across both markets.
Fixed Income Programs Backed by Deep Expertise
Programs designed for institutional fixed income
Program
Overview
Vehicle
Gallantree CRE CLO
CRE CLO
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Rated tranches backed by diversified Australian and US commercial real estate loans.
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Capital structure from AAA senior notes through to equity, with independent credit ratings.
Corporate Credit CLO
CC CLO
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Diversified exposure to Australian and US middle-market corporate loans in a rated CLO format.
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Rated note tranches with institutional structuring and active collateral monitoring.
Gallantree ABS Program
ABS
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Rated notes backed by granular pools of Australian and US consumer and commercial receivables.
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Robust credit enhancement, disciplined eligibility, and transparent servicer reporting.
Gallantree RMBS Program
RMBS
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Rated notes backed by pools of prime Australian and US residential mortgages.
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Conservative structuring, rated across the stack, with ongoing pool performance reporting.
Capital Markets
Primary issuance, trade, and settlement through one platform
The Gallantree Platform supports the full capital markets lifecycle for our programs. Primary issuance, secondary trade execution, settlement, and post-trade reporting all run through an integrated investor-facing interface, giving institutional fixed income clients a direct line from allocation through to cashflow.
Primary Issuance
Launch rated notes with investor allocations, subscription agreements, and closing coordination managed end-to-end in the platform.
Secondary Trade Execution
Bilateral and matched trade execution with built-in pricing, confirmation workflows, and institutional counterparty support.
Settlement
Automated settlement instructions and reconciliation across custodians, paying agents, and trustee operations.
Post-Trade Reporting
Holdings, cashflows, coverage tests, and waterfall distributions delivered through a live investor portal and scheduled reports.
Insights & Research
Perspectives on Australian and US structured credit
Why Australia
A stable, rated, and institutionally owned credit market
For offshore investors new to Australian structured credit, the jurisdiction offers a rare combination: a AAA-rated sovereign, a mature prudential framework, and a commercial real estate and corporate credit market with decades of institutional participation and low through-the-cycle loss history.
AAA
Sovereign rating: Moody's, S&P, Fitch
A$3.9T
Superannuation pool underpinning domestic credit
30+ yrs
Continuous Australian RMBS and ABS issuance history
AA−
Major bank credit ratings supporting underlying assets
Sovereign and regulatory strength
AAA sovereign across all three major agencies, APRA prudential supervision of ADIs and insurers, and ASIC regulation of financial services licensees. Gallantree is a non-ADI AFSL licensee regulated by ASIC. Australia operates under an English common-law legal system familiar to global institutional investors.
Resilient commercial real estate
Prime Australian CRE is dominated by institutional owners and super funds. CMBS and CRE-backed structured credit has delivered low realized loss rates through the GFC, the 2015–18 cycle, and the post-COVID repricing.
Depth in corporate credit
An investment-grade corporate sector anchored in resources, financials, infrastructure, and healthcare. Historical default rates on Australian senior corporate debt are materially below global averages, with strong recovery levels.
Mature securitization market
Australia has issued RMBS and ABS continuously since the early 1990s. Rated tranches trade into a deep domestic investor base, alongside growing participation from US, Japanese, and European real-money allocators.
Why the US
The world's deepest, most institutional structured credit market
For allocators sizing an institutional structured-credit book, the US market offers unmatched depth and standardization: four decades of CLO and CMBS methodology, dozens of trustees and administrators, and a rated-issuance ecosystem that has run continuously through multiple credit cycles.
US$14T+
US securitized products outstanding
US$1.05T
US CLO market outstanding
US$40T+
US retirement capital pool
40+ yrs
Continuous US CLO and CMBS issuance history
Deep regulatory framework
SEC oversight of securities offerings and FINRA-regulated broker-dealers, with rated issuance running under standards refined over four decades. US legal precedent, indenture standardization, and Delaware trust law provide the operating baseline that global institutional investors already underwrite against.
Institutional CRE credit at scale
US CMBS has been running for over thirty years, with mature master- and special-servicer infrastructure and standardized property-level reporting. The mid-tier bank pull post-2023 has expanded the addressable CRE credit distribution market by hundreds of billions of dollars.
Private credit inflection
US private credit AUM has grown from ~US$0.4T in 2018 to ~US$1.7T today, projected past US$2.8T by 2028. The allocator base for the tranches we issue is deeper than at any point in the history of the asset class.
Standardized CLO and ABS market
US CLOs have been issued continuously since the 1990s. Moody's, S&P, Fitch, and KBRA all maintain deep methodology teams; a well-prepared US CLO can move from filing to rating in under twelve weeks. Programs price into competitive tension across every tranche in the stack.
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Talk to our fixed income team
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