Advertisement

Weekly Issue Archive

News Analysis

CLOs

  • Mezzanine tranches punch above their weight

    Poh-Heng Tan from CLO Research provides a five-year European CLO BWIC review.

    Over the past five years, €76.1bn of European CLO paper was shown on BWICs, of which €47.7bn traded (source: SCI’s BWIC data), implying an overall hit rate of 62.7%. While AAAs accounted for the largest share of traded vol...

  • Middle market CLOs absorb private credit shocks

    Private credit CLO market cools in 2026 as collateral cracks emerge

    After a record year in 2025, the private credit CLO market has cooled with the primary market slowing down as it navigated a turbulent start to the year – although signs indicate H2 could see a relative uptick in issuance. Last year, the...

  • Solvency II recalibration offers selective boost to RNFs

    Lower capital charges improve the outlook for securitised structures, but regulatory complexity and ...

    Rated note feeders (RNFs) are expected to receive incremental support from the recalibration of the Solvency II framework, although the impact on insurer allocations is likely to remain selective across ratings, durations and structures. The propos...

  • Saudi Arabia's first publicly rated RMBS marks milestone for nascent securitisation market

    The deal, Sukuk Saudi Real Estate Refinance Company RMBS-2, follows the SRC's first-of-its-kind unwr...

    Saudi Arabia has taken another step toward establishing a domestic securitisation market, with the Saudi Real Estate Refinance Company (SRC) unveiling the Kingdom's second unwrapped residential mortgage-backed securities (RMBS) transaction and the fi...

  • Servicing becomes key to managing securitisation complexity

    Regulatory pressures, complex portfolios and new technology are raising expectations for servicers a...

    Servicing is becoming an increasingly important consideration for European securitisation investors as deal structures grow more complex, regulatory requirements increase and investors place greater emphasis on the resilience of the infrastructure su...

  • Investor reallocation supports CLO demand amid preference for floating-rate credit

    Allocators are rotating from fixed income and private credit toward liquid, floating-rate structured...

    CLO's are seeing sustained investor demand, as allocators shift away from traditional fixed income and private credit towards liquid, floating-rate structured products. Gregory Borenstein, portfolio manager at Ellington Credit Company (NYSE: EARN)...

  • Latest SRTx fixings released

    SRT market steadies as credit concerns ease but spreads widen

    The latest SRTx fixings for August point to a market that remained resilient as the summer period came to an end, with credit-risk and volatility indicators generally improving. However, spread expectations continued to widen across three of the four...

  • CLO BWIC volumes rise week-on-week as Europe leads activity

    Triple-A supply dominates while US flows remain softer and more dispersed

    Secondary CLO BWIC activity picked up in the week from 4–10 September, with SCI market secondary database showing a clear increase in volumes and a continued skew towards senior paper, particularly in Europe. SCI’s price dataset...

  • The gap and opportunity in real estate NAV lending

    Demand for the product is outstripping supply, lenders say, creating one of private credit's most at...

    NAV lending has grown into one of private markets' fastest-expanding tools since 2020, driven first by the pandemic and then by a prolonged slowdown in exits. Yet, real estate remains one of the few pockets still waiting for competition to catch up w...

  • ABF Deal Digest: Tether, Fasanara launch ABF fund, while MidCap cuts US$10m facility

    A weekly roundup of private asset-backed financing activity

    This week's roundup of ABF activity sees Tether and Fasanara Capital launch StableFund, an evergreen private credit vehicle. Meanwhile, MidCap Business Credit has closed a US$10m asset-based credit, while Kartesia Asset Finance has fully deployed its...

  • ABS supply accelerates in Q2 as mezzanine demand drives spread compression

    Q2 ABS issuance accelerated as strong mezzanine demand drove tighter spreads, while investors became...

    The ABS primary market picked up pace through the second quarter of 2026, with investors absorbing heavier issuance even as demand became increasingly concentrated further down the capital structure. SCI data shows 86 new public ABS transactions pr...

  • Kartesia completes €304m ABL fund with helicopter deal

    Lender signs offshore helicopter refinancing to mark full deployment

    Kartesia Asset Finance has fully deployed its second ABL fund, FTAIF II, closing out the vehicle with a transaction to refinance a fleet of long-range offshore helicopters used for search-and-rescue missions. FTAIF II, launched in 2021, reached its...

  • Aera finance director set to depart

    Keneal Patel to exit the Nordic real estate lender after one year

    Startup Nordic real estate firm Aera Capital is set to lose its finance director, SCI has learned. Keneal Patel is departing the firm after one year building the finance and operational functions for the Oslo-based firm. He will now transition to...

SRT Market Update

Capital Relief Trades

  • SRT fund raises returns expectations as corporate loans dominate strategy

    SRT market update

    CQS had already begun building the legal structure for its fourth regulatory capital relief fund when it closed its previous vintage, highlighting the speed with which the asset manager is expanding its dedicated SRT capital base. The firm establis...

  • Saudi Arabia moves closer to SRT debut

    SRT market update

    Saudi Arabia could see its first significant risk-transfer transaction in 2027, SCI has learned, as the Kingdom’s nascent securitisation market develops the infrastructure and track record needed to support SRT activity. The potential eme...

  • Synthetic structure opens new route into Agency CRT ahead of US$19bn call wave

    SRT market update

    StoneX Financial and DeltaTerra Investments have executed a synthetic CRT referencing Fannie Mae Connecticut Avenue Securities (CAS) and Freddie Mac Structured Agency Credit Risk (STACR) bonds, creating an alternative route for investors to access Ag...

News

ABS

  • Missing ABS deals remain hung up after difficult summer launch

    Two European securitisations expected to price in July, Basalt 2026-1 and GSMBS 2026-IRPM1, remain o...

    Two European public securitisations originally expected to price in July remain missing as of September, with market participants turning to poor summer launch timing and investor feedback that has potentially prompted a restructuring. Bas...

  • New details emerge on Morrow Bank's NPL sale

    Nordic lender confirms bad loan portfolio disposals as it progresses MedMera integration

    Morrow Bank has confirmed the sale of its Norwegian and Finnish non-performing loan (NPL) portfolios on Friday, providing new details on a transaction first reported by SCI last month. The sale is part of the Nordic lender’s wider restruc...

  • Fortacre bolsters team with Shawbrook, Glenhawk hires

    Specialist funder adds credit and lender partnerships expertise

    Fortacre has hired Shawbrook Bank and Glenhawk veterans Tom Tailby and James Moore as it looks to expand its wholesale funding platform. Tailby joins the London-based specialist finance firm as head of credit, following a five-year stint at Shawbro...

  • Upper90 eyes US$500m for new venture debt fund

    Fund IV to make asset-based loans to VC-backed tech companies

    Upper90 Capital Management is targeting US$500m for its next flagship venture debt fund, SCI has learned. Upper90 Fund IV will focus on asset-backed, senior lending to venture-backed tech companies and is expected to officially launch before the en...

  • Demand outstrips supply across European structured finance markets

    Issuance is surging across loans, CLOs and ABS, while new structures and investors are pushing deepe...

    European structured finance markets are gathering pace, with issuance accelerating across multiple asset classes and investor demand increasingly outstripping supply, according to S&P Global. At the ratings agency’s 2026 European...

The Structured Credit Interview

Capital Relief Trades

  • US CLN bank spills the beans

    Jalpesh Patel on Ally's growing US auto CLN programme, investor demand and the evolution of the mark...

    Ally Bank, a US$185bn lender based in Charlotte, NC, has become one of the most regular issuers in the US CLN market since its debut in June 2024. Previously GMAC, it has one of the biggest prime auto lending books in the US and has used the the CRT...

Market Moves

Structured Finance

  • Job swaps weekly: Arrow Global snaps Apollo ABF veteran, DB hires from Carlyle AlpInvest

    People moves and key promotions in structured credit

    This week's roundup of securitisation job swaps sees Arrow Global tap an Apollo ABF veteran to lead investments, Deutsche Bank strengthen its GP/LP solutions franchise with a Carlyle AlpInvest senior hire, and a former KKR executive launch a new Euro...

  • CRC SRT veteran strikes out on his own

    CRC's Martijn van der Molen has moved on from his managing director role to launch a new independent...

    Martijn van der Molen has stepped down from his role as managing director in the portfolio management group at Christofferson Robb & Company (CRC), SCI has learned, and launched a new venture. Van der Molen has been named founder and managi...

  • King Street appoints Sculptor CLO executive as capital formation head

    Lin joins the firm after almost four years at Sculptor, where he most recently led US CLO capital ma...

    Michael Lin has been appointed as head of CLO capital formation at King Street Capital, based in New York. It comes as King Street’s md, head of North America capital formation, Thorne Gregory Jr left the firm in August after five months....


×