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Weekly Issue Archive

News Analysis

Asset-Backed Finance

  • CFO structures evolve as general partners seek broader access to capital

    GPs increasingly use CFO and rated note structures to finance multiple funds and investment strategi...

    CFOs are increasingly being used by general partners (GPs) to raise capital across multiple funds and investment strategies, while managers of secondaries funds are also adopting CFO and rated note fund (RNF) structures to finance their acti...

  • Apollo launches €10bn European lending platform

    ECC will pursue corporate and asset-backed credit through a standalone balance sheet

    Apollo has announced the launch of European Credit Company (ECC), a European lending platform with more than €10bn of capacity. ECC is a standalone business with its own long-term balance sheet and will invest exclusively in European perfo...

  • Three Spanish banks market RPL portfolios as NPL supply dwindles

    Spanish re-performing loan market remains active as bad loan supply dries up, while distressed inves...

    Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA) and CaixaBank are each in the market with three different re-performing loan (RPL) portfolios worth over €750m in total, SCI has learned. The sales come amid a more mature phase of ba...

  • Zopa's debut consumer ABS printed below par amid softer market conditions

    Inaugural deal saw five tranches price wider than recent comparable UK consumer ABS deals

    UK digital challenger lender Zopa Bank's debut consumer ABS, Morton Funding 2026-1, saw its £338.2m triple-A tranche price on 16 October at a discount margin of 89bps over SONIA, against a coupon of 84bps and an issue price of 99.929. Llo...

  • Relative value shifts heading into fourth quarter

    CLO mezz rallies as RMBS and Consumer ABS retrace 2026 gains

    The latest October fixings from the SCI Composite Index (SCIx) show strong demand for CLO paper, particularly in the mezzanine tranches, while RMBS and Consumer ABS back up from the historic tights reached earlier this year CLOs were the standout m...

  • SCI In Focus: Are SRTs private credit's next diversification play?

    Institutional investors are turning to SRTs for differentiated exposure to bank-originated credit, b...

    Significant risk transfer (SRT) trades are attracting interest as a way for institutional investors to access bank-originated credit portfolios, but their role as a diversification tool within private credit remains nuanced. While the strategy can pr...

  • Turbine Finance plans push to bring NAV loans to venture capital

    Lender targets a niche opportunity, with fewer than 5% of venture funds using NAV facilities

    Turbine Finance, a Santa Monica lender, is preparing to write about US$200m of loans against venture capital portfolios in 2027 and has other deals in the pipeline before year-end. The company, which has more than 200 funds contracted for its produ...

  • ABF Deal Digest: ABF funding scales up across AI and consumer lending

    A weekly roundup of private asset-backed financing activity

    This week’s asset-backed finance roundup sees major financing commitments for AI infrastructure, with Bank of America, Blackstone and Citi among the parties arranging a US$63bn transaction for Anthropic. Meanwhile, SpaceX has agreed a US$40...

  • Loan weakness and currency split deepens secondary CLO tiering

    SCI PriceABS analysis shows US dollar-denominated CLOs cleared more frequently than euro paper in th...

    US dollar-denominated CLOs were more frequently marked as traded than euro-denominated paper in the secondary market over the past 12 months, although industry participants caution that manager quality, collateral performance and seller intentions ma...

  • MDBs urged to raise visibility of securitisation market

    MDB securitisation is gaining momentum, but limited investor awareness and transparency threaten the...

    Multilateral development banks (MDBs) need to do more to publicise their securitisation activities to attract a wider pool of investors, as the market remains dominated by specialist institutions, a study commissioned by the UK and Swiss governments...

SRT Market Update

Capital Relief Trades

  • Portuguese bank prepares corporate SRT for Q4

    SRT market update

    Millennium BCP is preparing a corporate loan SRT transaction for potential execution in the fourth quarter, with due diligence reportedly under way, SCI has learned. Additional details on the portfolio size, structure or potential protection provid...

  • Greek lender considers next SRT steps

    SRT market update

    Piraeus Bank has launched a €2bn synthetic securitisation backed by corporate and SME loans, SCI has learned, with the Greek lender targeting completion before year-end as investor demand for its risk transfer transactions remains strong. ...

  • Austrian lender targets 10bps CET1 boost from new SRT

    SRT market update

    Erste Group is preparing a new SRT transaction in Austria in the fourth quarter, expected to generate around 10bps of additional CET1 benefit, as the bank expands its use of synthetic securitisations across its geographical footprint. The transacti...

  • Canadian lender in the offing

    SRT market update

    Scotia Bank is said to be readying an SRT transaction referencing a US$2bn corporate loan portfolio. The Canadian lender is believed to be selling a first-loss position. No further details are yet available. Scotia has been unavailable for commen...

News

Asset-Backed Finance

  • LynxCap bags Bankinter's NPL book amid Spain's housing decree uncertainty

    Swiss-based distressed investor acquires Spanish bad loan portfolio after months of marketing despit...

    Swiss-based distressed debt investor LynxCap Investments has acquired a portfolio of non-performing loans (NPLs) from Spanish commercial lender Bankinter, SCI has learned. The mortgage book, dubbed Project Galapagos, had been on the market since be...

  • Orexx takes private credit into southern cone's neglected middle market

    Former Carval investor Daniel Lerner bets a shallow credit market is ripe for cross-border lending

    A veteran emerging-markets investor has launched a financial advisory and merchant banking firm in Buenos Aires, betting that Latin American companies will need far more than local banks and the bond market to refinance. Orexx Partners is led by Da...

  • Alder Grove bags €50m cornerstone for debut fund

    Early-stage mezzanine strategy backed by Will Neale and Seb McDermott

    Alder Grove Capital has bagged €50m in cornerstone investments for its debut fund, SCI has learned. Alder Grove Capital I is in the early stages of fundraising and is anchored by tech investor Will Neale and Seb McDermott’s AIM C...

  • Singapore's financial watchdog proposes lower insurer capital charges for securitisation

    Singapore's MAS has proposed lower capital charges for insurers investing in qualifying securitisati...

    The Monetary Authority of Singapore (MAS) is proposing to ease capital requirements and develop a more risk-sensitive insurance capital framework to provide differentiated capital treatment for infrastructure and securitisation investments. MAS is...

  • DS2 Capital aims for quarterly CLO issuance after securing Scotiabank warehouse

    The firm plans to build a four-deals-a-year US CLO platform, while expanding into broader credit str...

    CLO credit investing firm, DS2 Capital is targeting a quarterly US CLO issuance cadence following the pricing of its inaugural US$510m transaction, with a warehouse facility in place with Scotiabank and a second deal expected in the coming weeks, SCI...

  • Hybrid CLOs expected to outnumber middle market vehicles in Europe, say market sources

    Collateral sourcing challenges mean hybrid structures are more viable than fully private credit CLOs

    Issuance of hybrid CLOs is expected to outstrip that of pure-play private credit CLOs in Europe over the next year, according to market participants, as new managers work around collateral supply challenges. A senior CLO executive speaking on a pan...

  • Adams Street Partners anticipates further European CLO activity

    Firm continues to scale its private credit platform

    Adams Street Partners expects to pursue further activity in the European CLO market, following its inaugural US$350m public CLO earlier this year, as the firm continues to scale its private credit platform, SCI has learned. “This CLO was...

Talking Point

Capital Relief Trades

  • Risk sharing: Coming to an emerging market near you soon

    Significant risk transfer has become one of the most effective capital management tools available to...

    When I first worked on a significant risk transfer (SRT) deal around 20 years ago, the market amounted to a handful of European banks and a small number of specialist buyers. How things have changed. According to the International Association of Cred...

  • European CLO issuance in 2027 dependent on liability costs and loan supply

    Investor demand expected to remain strong, supported by regulatory changes and growing US and Asian ...

    CLO issuance could remain strong in 2027, supported by investor demand and regulatory changes expected to benefit insurers, although high liability costs and uncertainty over loan supply could constrain new issuance, according to Nikunj Gupta, head o...

Market Moves

Structured Finance

  • Job swaps weekly: SMBC, Axos and Deutsche Bank strengthen ABF teams

    People moves and key promotions in securitisation

    This week’s securitisation job-swap roundup sees McDermott Will & Schulte strengthening its London structured finance practice with a new partner. At the same time, ABN AMRO has made a senior appointment in its securitisation lendin...

  • Gibson Dunn to snap up 120 lawyers from Weil across US and UK

    More than 20 partners, including private funds practice co-heads, set to leave Weil after wind-down ...

    International law firm Gibson Dunn & Crutcher is in advanced talks to hire Weil's private funds team across the US and the UK, in one of the largest moves to emerge after the latter's planned dissolution, SCI has learned.  The tale...


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