Advertisement

Weekly Issue Archive »

Issue 1026 - 23rd October

  • News Analysis

    • Structured Finance

      • Views from Miami: Esoterics, digital infra and SRTs set to lead 2027

        Investors anticipate growth in legal credit and sport but remain cautious on the macro-outlook

        Esoteric assets, digital infrastructure and SRTs are at the forefront of the market for 2027 according to discussions at the 32nd annual ABS East conference in Miami, attended by SCI. One panellist said assets such as music, sports and legal credit...

    • Asset-Backed Finance

      • Private credit seeks clarity into structured exposures

        ABF takes asset pole position amid surging BDC expansion

        After a series of bankruptcies, early redemptions and negative headlines, the private credit industry is getting more serious about understanding and addressing the exposures it faces, say those close to the industry. Bank debt with business develo...

    • Capital Relief Trades

      • SCI In Focus: EBA mandate sought as EU weighs safeguards for insurer-backed SRT

        Industry seeks transitional rules and an EBA impact assessment as EU negotiators weigh safeguards fo...

        The SRT industry is calling for a transitional framework and an impact assessment by the European Banking Authority (EBA) as EU negotiators consider safeguards for insurer-provided unfunded credit protection (UFCP). The proposed review would assess h...

      • MDBs in a changing SRT world - video

        EIF's Flavio Cabas talks to SCI about SRTs, the role of MDBs and regulatory developments

        Flavio Cabas, senior investment manager of the European Investment Fund, talks to SCI's Simon Boughey about why the EIF likes SRT assets. He also discusses the contribution to the growth and development of global SRT an MDB like the EIF c...

    • ABS

      • Frothy AI valuations could come to grief

        Expected data centre financing depends on AI boom

        The AI bubble is set to burst, with potentially seismic consequences for expected liquidity in the structured finance market, says a noted independent research firm. “People are starting to note the liquidity is tightening up, and that to...

    • CLOs

      • SCI In Focus: US middle-market private credit stress exceeds reported defaults

        Amid rising borrower distress, BofA highlights PIK usage, loan marks and triple-C exposure as warnin...

        Moody’s has warned that credit stress among US middle-market borrowers is more widespread than reported defaults suggest, with payment-in-kind (PIK) amendments and maturity extensions lifting its estimated default rate to 5.8% from 4%. Th...

  • SRT Market Update

    • Capital Relief Trades

      • UK-based lender boosts corporate SRT amid strong demand

        SRT market update

        Standard Chartered has upsized a synthetic SRT backed by corporate loans to US$3bn from around US$2bn, as initially discussed with investors, with the transaction attracting strong investor demand, SCI has learned. The deal is understood to have be...

      • Italian bank prepares €3.3bn corporate loan SRT

        SRT market update

        Intesa Sanpaolo is preparing an SRT transaction referencing approximately €3.3bn of corporate loans, SCI has learned, with potential investors having submitted non-binding offers, according to market sources. The portfolio comprises loans...

      • Italian consumer finance bank completes fourth cash SRT

        SRT market update

        Compass has completed a €900m consumer loan securitisation structured to meet significant risk transfer requirements, SCI has learned, marking the Italian lender’s fourth cash SRT transaction. The transaction follows a &...

  • News

    • Asset-Backed Finance

      • Hamburg Commercial Bank hires ex-Alantra md for NPL and ABF push

        Senior hire comes as German NPL ratios climb to highest levels since 2020

        Fabrizio Sicilia, who was a credit portfolio manager at Alantra for over eight years, has joined Hamburg Commercial Bank (HCOB) as md and head of non-performing loan (NPL) financing, effective today (19 October).  SCI first report...

      • Private credit must fix its plumbing problems before scaling further, speakers warn

        The collapses of Tricolor, First Brands and MFS proved a simple truth: fraud is ancient, but weak da...

        Private credit’s rapid growth has outpaced the operational machinery needed to police it, industry experts warn, as the sector faces heightened scrutiny after the collapses of Tricolour and First Brands in the US and MFS in the UK. ...

    • Capital Relief Trades

      • SCI Risk Sharing Awards: Service Provider of the Year

        Winner: iconicchain

        iconicchain boasts over US$250bn in processed transaction volume, 20% global SRT issuance coverage, 100% client retention and 150%-plus year-on-year growth during the awards qualifying period. In recognition of the platform’s credentials as...

      • SCI Risk Sharing Awards: SRT Team of the Year

        Winner: IFC

        IFC does not simply execute deals. Given its MDB status, it also builds risk-transfer pathways for emerging market banks, insurers and institutional investors to undertake capital-efficient, profitable and developmentally impactful transactions. For...

      • SCI Risk Sharing Awards: Outstanding Contribution to SRT

        Winner: Timothy Cleary, Clifford Chance

        SCI’s Outstanding Contribution to SRT Award for 2026 recognises Clifford Chance partner Timothy Cleary for a career spanning the emergence, near-disappearance and eventual rehabilitation of the synthetic securitisation market. Cleary bega...

      • SCI Risk Sharing Awards: European Law Firm of the Year

        Winner: Latham & Watkins

        SCI selected Latham & Watkins as European Law Firm of the Year in the 2026 Risk Sharing Awards, recognising the firm’s role expanding significant risk transfer (SRT) into new jurisdictions and asset classes. The firm’s str...

      • SCI Risk Sharing Awards: North American Law Firm of the Year

        Winner: Mayer Brown

        Mayer Brown combines strong US risk transfer transaction activity with meaningful policy advocacy on US capital rules during the awards qualifying period. In recognition of its ‘one-stop shop’ profile and diversified representatio...

      • SCI Risk Sharing Awards: North American Arranger of the Year

        Winner: BMO

        Established over a decade ago, BMO’s dedicated risk transfer team, Risk & Capital Solutions (R&CS), now operates as a mature in-house arranger platform. For demonstrating scale, repeat issuance, programme breadth, investor e...

      • Investor challenges conventional view of SRT as capital relief

        Man Group challenges conventional view of significant risk transfer as regulatory capital relief, ar...

        An investor has challenged the conventional view of SRT transactions as an instrument of regulatory capital relief, arguing that they should instead be viewed as “regulatory capital securities” that may enhance b...

    • CLOs

      • King Street bolsters capital formation team with VWH hire

        Chris Jackson joins as md amid a series of appointments and leadership changes, as the firm expands ...

        King Street Capital Management has hired Chris Jackson as a managing director (md) on the capital formation and investor relations team, based in New York. Prior to joining King Street, Jackson was md and head of investor relations at VWH Capital,...

      • Mountain Point leans on data as CLO arbitrage tightens

        The US CLO manager uses a multi-factor risk model to identify credit vulnerabilities, while highligh...

        Mountain Point Credit is relying on a data-driven, bottom-up approach to credit selection as CLO managers reassess software exposure and face pressure on new issuance economics, according to founder and chief executive Kelly Byrne. The manager uses...

      • ICG prepares CLO equity fund to support further issuance

        ICG prepares CLO equity fund to support growth of its CLO business

        Asset manager ICG is preparing to raise a CLO equity fund to support additional European CLO issuance, SCI has learned. The fund is intended to finance further issuance rather than expand the firm’s existing CLO management platform, a spo...

  • Talking Point

    • CLOs

      • Reframing the narrative on captive CLO equity

        CLO equity has a new investor base in the captive era

        A number of CLO managers and investors have pushed back on the wider narrative surrounding the impact of captive equity funds on the global CLO market.  Criticism of how these platforms have distorted the primaries in both US and European...

  • The Structured Credit Interview

    • Asset-Backed Finance

      • SCI In Conversation Podcast: Elaine Furnari, Citco

        We discuss the hottest topics in securitisation today...

        In the latest episode of SCI In Conversation, ABF Editor Jacob Chilvers speaks with Citco’s Elaine Furnari about the increasing expectations of loan level data, advancements in collateral monitoring, and the role loan servicers are playing...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: Lloyds reshuffles, Sound Point expands in Europe

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees Lloyds Banking Group making senior appointments across its asset risk transfer and sales teams, while Standard Chartered has appointed a new global head of securities services and digital...

    • Asset-Backed Finance

      • Ex-JPMorgan director launches new fund finance advisory firm

        Ben James' Soleo Partners will target UK and EU mid-market and lower mid-market sponsors

        After more than 15 years in various fund finance lending and advisory roles, Ben James has launched Soleo Partners, an independent advisory firm targeting UK and European mid-market and lower mid-market sponsors.  James' career has...

      • Jefferies taps Pemberton fund finance pro

        Benjamin Armstead to join Jefferies Credit Partners after four years at the private debt manager

        Jefferies Credit Partners has tapped a former Pemberton Asset Management fund finance specialist, SCI has learned. London-based Benjamin Armstead left Pemberton last Friday after four years to become a vice president at Jefferies,...

    • Capital Relief Trades

      • Schonfeld hires BMO veteran Leclerc for Toronto expansion

        Schonfeld has hired Jean-Francois Leclerc as credit portfolio manager as the hedge fund opens its fi...

        Schonfeld Strategic Advisors has hired Jean-Francois Leclerc as a credit portfolio manager, as the New York-based hedge fund opens its first office in Canada, in a move that comes amid renewed SRT activity in the country. Leclerc has yet to start a...


Print this issue Click here to access this issue in print format
×