Weekly Issue Archive

News Analysis

Capital Relief Trades

  • SRT: EIF highlights strategic focus in the Nordics - video

    EIF's Jesper Skoglund speaks to SCI about the Nordic market and hurdles for inaugural issuers in Eur...

    Jesper Skoglund, structured finance manager at the European Investment Fund (EIF), speaks to SCI's Nadezhda Bratanova about the challenges facing the SRT market, specifically focusing on the hurdles for first-time and smaller European banks lookin...

  • Triple-A liquidity and yield make CLOs a 2026 standout

    Triple-A CLOs are positioned well to perform in a falling rate environment

    As rates stay low, triple-A CLO debt continues to stand out as an attractive option relative to other fixed income assets, according to market participants speaking with SCI. The Fed began its rate-cutting cycle with two 25bp reductions in Septembe...

  • Newmark targets burgeoning European data centre pipeline

    New co-heads prepare gigawatt of capacity as AI reshapes infrastructure demand

    Newmark's newly appointed European co-heads of data centres are preparing to launch between €1bn and €2bn of powered land and investment opportunities in the new year. As the sector grapples with surging demand from AI workloads, th...

  • Secondary trading signals a tougher landscape for US CLO equity

    Poh-Heng Tan from CLO Research provides insights on this week's US CLO equity which saw several tran...

    Overall, the latest BWIC colour shows that prices for these CLO equity tranches have fallen by far more than the distributions received, resulting in negative IRRs, as shown in the table below. Although the primary CLO market continues to experienc...

SRT Market Update

Capital Relief Trades

  • GSIB surfacing

    SRT market update

    Goldman Sachs is said to be in the market with a US$5bn risk transfer deal, based on a portfolio 80% composed of investment grade corporate loans, according to market sources. The GSIB is selling a 0%-12.5% first loss position, but it is tranched,...

  • Programmatic issuer inks pair of SRTs

    SRT market update

    Santander has finalised SRT deals in both the UK and Spain under its Motor Securities and Magdalena programmes respectively. The Spanish lender has completed Motor Securities 2025-1, its latest synthetic securitisation of UK prime auto loans. Sized...

  • Spanish RMBS takes centre stage

    SRT market update

    Banco Santander has closed its expected cash RMBS SRT deal. Called Santander Residential 1, the deal is worth €774.9m, of which the AAA tranche of €639.3m priced at 3-month Euribor plus 85bp. Th AA1-rated B tranche is worth &...

  • Big lender to close Czech loan SRT

    SRT market update

    A major European issuer will close a new SRT transaction referencing Czech assets in the first weeks of December, market sources tell SCI.   The assets comprise a €3bn-€4bn corporate loan portfolio, originated by...

  • Imminent RMBS SRT from European

    SRT market update

    Allied Irish Banks (AIB) is poised to issue a new SRT trade referencing a €2bn portfolio of residential mortgages, SCI has learned.   Market sources claim the transaction, which will be AIB’s second SRT, is expe...

  • UK homebuilding finance uses risk sharing

    SRT market update

    The British Business Bank (BBB) has completed a new credit risk transfer deal of up to £350m with UK merchant banking group Close Brothers, confirms the BBB. The bilateral transaction, executed under the ENABLE Build umbrella, will cover...

  • European lenders to the forefront

    SRT market roundup

    At the end of this week – the penultimate week of execution of 2025 – Allied Irish Bank (AIB) was preparing to sell a new SRT trade referencing a €2bn portfolio of residential mortgages. This would be the Irish lender&...

News

ABS

  • EU urged to recalibrate securitisation reforms

    Council's technical compromise viewed as 'unduly conservative'

    AFME and the European Banking Federation (EBF) have published an open letter to the European Council and Members of the European Parliament warning that the EU’s proposed CRR securitisation reforms - which are central to the Saving...

  • Flexam eyes transport deals for niche origination

    European lender gaining traction in the Nordics, Netherlands and Germany

    Flexam Invest is eying new origination opportunities in the transport sector. The European lender is bullish on new origination capabilities, given the EU objective of moving road transport to rail. “[This] is driving significant investme...

  • NLC expands investor base for sub-line fund

    Vehicle expects to hit up to US$3bn in commitments next year

    NLC Capital Partners has hit US$750m for its new subscription line financing fund, SCI has learned. NLC Fund Financing IG Short Dated is an open-ended Luxembourg-domiciled vehicle that makes short-dated loans to private credit and private equity fund...

  • ABF Deal Digest: erad breaks new ground with scalable funding facility

    A weekly roundup of private asset-backed financing activity

    This week’s roundup of private ABF activity sees Riyadh-headquartered SME financing platform erad secure US$125m from Jefferies, with co-investment from Channel Capital, to accelerate embedded finance solutions across the GCC. The transacti...

Talking Point

ABS

  • Germany's enforcement shift: bypassing the estate to realise alpha

    Dagmar Gold, managing partner at Deutsche Pfandverwertung, argues that structured credit markets mus...

    Three years post-ruling, the operational reality of the German Federal Court of Justice (BGH) ruling IX ZR 145/21 is finally hitting home. For secured creditors, the delayed recognition of independent enforcement rights is creating a divergence betwe...

  • Resets drive record year for European CLOs

    Experts at SCI's and Reed Smith's CLO event on 4th November discuss the nature of the CLO market in ...

    It has been another strong year for the European CLO market, which has exhibited continued growth in terms of volume, manager ecosystem, and its investor base. EU CLOs have notched record YTD new issuance at approximately €54bn, with net sup...

The Structured Credit Interview

ABS

  • Inside Enpal's Golden Ray 2: A blueprint for resilient green ABS

    Gregor Burkart, senior vp asset financing at Enpal, answers SCI's questions about the firms second p...

    Q: Enpal’s second public ABS transaction, Golden Ray 2, began marketing in November, shortly after announcing a new warehouse with M&G, [and announced initial price talks this week]. The deal introduces a few structur...

Provider Profile

Asset-Backed Finance

  • Democratising structured capital solutions

    Duncan McKay, partner and head of fund finance at Gibson Dunn in New York, answers SCI's questions

    Q: You recently joined Gibson Dunn as the head of fund finance and a partner in New York. What attracted you to the firm at this point in your career and which opportunities do you see in leading its fund finance practice?Duncan McKay: I was dr...

Market Moves

Structured Finance


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