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Weekly Issue Archive

News Analysis

CLOs

  • European CLOs increasingly defer junior OC tests

    Structural concessions in a strong primary market are reducing protection for junior noteholders

    A growing number of new issue European CLOs over the past 12-18 months have excluded or modified single-B overcollateralisation (OC) tests, as managers take advantage of surging demand to extract structural concessions from investors. From analysis...

  • EU index volatility greater in RMBS than CLO despite tighter spreads - SCI Analytics

    SCIx analysis highlights a more volatile RMBS market, with CLO spreads remaining wider but showing m...

    European RMBS spread index values recorded substantially greater month-to-month volatility than equivalent rating-band CLO levels between May 2024 and June 2026, according to SCIx. Across each rating band from triple-A to single-B, the sta...

  • SCI in Focus: Back leverage evolves to more broker-led

    Speaking with SCI, three practitioners agree that the borrower dynamic hasn't reversed, but whether ...

    Back leverage has spent the past two years as one of private credit's more borrower-friendly corners. Advance rates rose, pricing came in, and new lenders queued up to compete for business. However, this structure is beginning to shift now, with esta...

  • CLO liquidity brings passive style investing closer to reality

    Growing ETF demand and record CLO trading volumes are laying the groundwork for passive investment s...

    Passive style investment strategies are moving closer to becoming practical in the CLO market as secondary liquidity expands and ETF assets continue to expand, according to a special CLO report by J.P. Morgan. US CLO trading volum...

  • SCI In Conversation Podcast: Barend van Drooge, PGGM

    We discuss the hottest topics in securitisation today...

    In this episode of the SCI In Conversation podcast, we speak with Barend van Drooge, head of credit risk sharing at PGGM, as the firm celebrates 20 years in the risk sharing market. SCI's SRT Editor Selvaggia Cataldi explores how the SRT mar...

  • SCI in Focus: Regionals eye SRT and CRE relief

    Block on synthetic risk mitigants holding back the US market

    The inability to receive commercial real estate (CRE) concentration risk relief from SRT deals is the biggest single factor inhibiting growth of the risk transfer market in the US among sub-US$100bn banks, say those close to the sector. Smaller ban...

  • Africa's chance to rethink SRTs

    Africa's nascent synthetic securitisation market offers a chance to address transparency challenges ...

    As regulators scrutinise the rapid expansion of the global SRT market, Africa's fledgling synthetic securitisation sector may have an opportunity to avoid some of the transparency challenges that have emerged elsewhere. The Bank for Intern...

  • SCI In Focus: Manager tiering comes into focus

    CLO returns increasingly dependent on manager behaviour and alpha-generating decisions

    Issuers and investors alike agree that manager tiering is playing an increasingly central role in shaping the global CLO market, as a new regime of selectivity and dispersion continues to take hold.  There is broa...

  • Banks reshape the narrative in Q2 securitisation hires - SCI Analytics

    Latest SCI Analytics Quarterly Job Swaps Report shows ABF dominating 60% of structured finance hires...

    ABF continued its winning streak in 2Q2026, dominating 60% of all hires at mid-, senior- and C-suite-level, according to data captured in the latest SCI Analytics Quarterly Job Swaps Report. The broader structured finance market has similarly conti...

  • Apollo's AMAPS pipeline grows, but transparency questions linger

    Fifth deal in the AMAPS series marks push towards third party investors

    The pipeline for Apollo’s latest innovation in the structured credit world continues to grow, while market participants remain concerned about the structure’s transparency and circularity. The fifth transaction in the Apollo multi...

SRT Market Update

Capital Relief Trades

  • Austrian lender turns to credit card SRT as unsecured lending expands

    SRT market update

    BAWAG Group has revealed that a credit card SRT executed during the second quarter formed part of the capital optimisation measures that enabled the Austrian lender to fully self-fund its planned acquisition of Permanent TSB (PTSB). In its second-q...

  • Polish lender completes another corporate loan SRT

    SRT market update

    PKO Bank Polski has executed its second synthetic securitisation referencing a PLN8.5bn (approximately €2bn) portfolio of corporate loans, SCI has learned, transferring a significant portion of the credit risk to an investment vehicle manage...

  • UK lender explores inaugural unfunded mortgage SRT

    SRT market update

    NatWest is preparing what could become the country's first unfunded mortgage SRT, as institutions increasingly explore insurance-backed structures beyond traditional corporate and SME portfolios, SCI has learned. According to market participants, t...

  • Canadians back in action

    Algonquin and Mackenzie deals hit the tape

    The approaching end of the Canadian fiscal year Q3 (July 31) has lured Bank of Montreal (BMO) and Canadian Imperial Bank of Commerce (CIBC) back into the SRT market with new Algonquin and Mackenzie deals.  The Algonquin 2026-1 references a...

News

Asset-Backed Finance

  • BNPL's rapid European growth sparks fresh ABS opportunity

    KKR's PayPal-backed deal and Klarna's German financing facility mark early steps towards a European ...

    Europe's buy-now-pay-later sector is expanding at pace, laying groundwork for a new securitisation asset class. KKR last week priced Alps Partners Germany ABS 2026-1, marking the first public BNPL ABS. The €500m transaction is secured by 1...

  • ABF Deal Digest: Octane re-ups AB CarVal forward flow

    A weekly roundup of private asset-backed financing activity

    This week’s roundup of ABF activity sees Octane execute a US$750m forward flow agreement with funds managed by AB CarVal, with the option to upsize to US$1.125bn by mutual agreement. Elsewhere, Parafin has closed a US$300m forward...

  • BoE backs SRT, warns on complexity

    The Bank of England reaffirmed support for SRT while signalling tougher scrutiny of increasingly com...

    The Bank of England (BoE) has reaffirmed its support for SRT transactions as a tool for banks to manage credit risk and support lending, while signalling that regulators will subject increasingly complex structures to more intensive scrutiny as the m...

  • UK life insurers turn to structured finance as long-duration asset shortage intensifies

    Scottish Widows says insurers are expanding into lifetime mortgages, agricultural securitisations an...

    Scottish Widows says it is aiming to push the boundaries of structured finance, as UK life insurers hunt for long-duration assets to back booming annuity liabilities. Insurers are increasingly being forced to innovate beyond traditional infr...

  • SCI in Focus: CLOs' role in Standard Life's structured credit build-out

    Standard Life is using CLO structures to deploy shareholder and policyholder capital across its cred...

    When Solvency II's highly predictable cash flow (HP) reform reshaped the rules for insurers' matching adjustment portfolios in 2024, most attention went to how it would affect annuity pricing. At Standard Life, it did something more structural: it cr...

Talking Point

Asset-Backed Finance

  • Sophistication and size: Inside fund finance boom

    Julia Keppe, lawyer at Walkers Jersey, on the evolution of fund finance, where NAV activity is headi...

    Q: You've practised in London, New York, and now Jersey since 2006. What's the biggest shift you've seen in how fund finance deals are structured across these markets? A: The evolution from then to now is unbelievable. It's a much, much larger grou...

Market Moves

Structured Finance

  • Job swaps weekly: Barings, HSBC and MUFG make key hires

    People moves and key promotions in securitisation

    This week's roundup of people moves sees Barings complete the integration of Gryphon Capital Investments with the appointment of Pete Robinson to its Australian ABF team, while Moelis has expanded its structured products franchise in New York and CLO...

  • Aegon AM makes leadership transition in EU CLO business as veteran retires

    Long-serving industry veteran will leave the firm on 1 August after helping pioneer Europe's leverag...

    CLO industry veteran Herman Guelovani is retiring and will be leaving Aegon Asset Management, where he is currently head of European leveraged loans, with Stuart Pirrie replacing him, SCI has learned. A spokesperson from the firm confirmed Guelovan...


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