JP Morgan sticks to European CLO forecast

Rising demand for carry trades and floating-rate assets bolsters optimism, despite lack of new loan ...

The absence of new loan supply next year could impact JP Morgan's €45bn forecast for CLO new issuance...

End of term CRT

Bank of America with last reg cap deal of 2024

Bank of America is in the market with a synthetic securitization of a US$1bn portfolio of investment grade corporate loa...

Fresh meat

SRT market update

As is customary in the SRT market, issuers are hurrying to get in deals before the close of the year. Rabobank has compl...

Rabo returns

SRT market update

Rabobank has executed a synthetic securitisation referencing a €750m portfolio of large corporate exposures in...

ABF pioneer

ATLAS brings 'holistic approach' to private credit opportunity

ATLAS SP Partners is emerging at the forefront of the rapidly growing private credit market. With a focus on warehouse a...

Job swaps weekly: Gibson Dunn poaches digital infra specialist

People moves and key promotions in securitisation

The final round-up of securitisation job swaps of the year sees Gibson Dunn recruit a digital infrastructure specialist...

Lending bridge

ATLAS powers Pivot Energy's solar expansion

ATLAS SP Partners recently partnered with Pivot Energy in a landmark US$450m financing deal for the construction of 300...

Spanish double

SRT market update

Details have emerged on Santander’s latest Magdalena (backed by €2.7bn portfolio of corporate and SME...

Moving onwards

SRT market update

Lloyds has reportedly scrapped its initial Q4 plans for a follow-up to its Fontwell programme, with investors close to t...

Fund finance: NAV boom - video

Dechert partner Anthony Lombardi speaks to SCI about fund finance and the rise of NAV facilities

Anthony Lombardi, partner at Dechert, speaks with SCI's Marta Canini about emerging opportunities in fund finance. He hi...

Bank bid back

Agency MBS enjoy renewed bank demand, boding well for 2025

As rate vol has fallen and there is every likelihood that a more bank-friendly capital regime will be installed in DC, t...

Muted ABS reflects mixed sentiment

European ABS slowed in November, reflecting seasonal trends and ongoing macroeconomic uncertainty ac...

November marked a quieter month for the European ABS market compared to the preceding months of 2024, according to Europ...

MidOcean Partners closes inaugural CLO equity fund

The US$304m fund will invest in the equity tranches of the firm's managed CLOs

MidOcean Partners has closed its inaugural CLO equity fund with US$304m in capital commitments and support from a divers...

Fed says yes

Citi, HSBC allowed to treat old ABS as synthetic

Citigroup has been given permission by the Federal Reserve to treat two CLN issues as synthetic securitizations in a let...

Couple of firsts

SRT market update

BBVA has completed its first synthetic securitisation using a Spanish securitisation fund over a protected portfolio of&...

Sustainability first

Ryan Jaskiewicz, president of structured finance at Climate First Bank, answers SCI's questions

Q: Climate First Bank, the world’s first FDIC-insured bank dedicated to the environment and sustainability, re...

Job swaps weekly: Dentons elects Europe board members

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Dentons elect new members to its Europe board and hire a...

Two's company..

More buyers than ever but less see reg cap trades, says research

While more and more investors have entered the reg cap world in the last couple of years, the sellers, paradoxically, ar...

Hitting high notes

Music IP royalty ABS set to rock in 2025

After a nearly two-year public market hiatus, music IP royalty ABS have experienced a revival - with over US$2.5bn in pu...

Latest SRTx fixings released

Shift in liquidity

Undeniably, the political uncertainty which surround the US presidential election has reduced and turned to policy antic...

Scotia back

BNS to return to CRT early in '25 after a year away

Scotiabank is planning a regulatory capital relief trade referencing corporate loans early in 2025, say well-placed mark...

Santander NA on the road again

Second prime auto CLN of 2024 pricing soon

Santander Bank NA (SBCLN) is expected to price a US$264.317m US prime auto loan CLN tomorrow (11 December), designated S...

Scaling up

AfDB and partners sign agreement for multi-originator synthetic securitisation

The African Development Bank Group (AfDB), together with the Development Bank of Southern Africa (DBSA) as well as key i...

Recovery ABS on fire

Storm recovery bonds price this week, more due early 2025

Ameren Missouri will price a US$476.1m storm recovery bond tomorrow (Tuesday), Southwestern Electric Power (Swepco) is e...

Mubadala Capital to acquire minority stake in Silver Rock Financial

Partnership will give Silver Rock Financial access to Mubadala Capital's skills, global network and ...

Mubadala Capital is to acquire a 42% stake in Silver Rock Financial through cash and stock. The acquirer, the alternativ...

Job swaps weekly: HPS leaders to join BlackRock following acquisition deal

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees HPS Investment Partners’ ceo and governing part...

Early signs of European CMBS revival

The European CMBS market is showing signs of rebounding, driven by new asset classes, growing i...

The European CMBS market is gradually showing signs of a resurgence after years of stagnation, with 2024 bringi...

SRT: Unlocking opportunities – video

A&O Shearman's Robert Simmons speaks to SCI about the contrasting SRT markets in Europe and Nort...

Robert Simmons, senior associate at A&O Shearman, speaks to Joe Quiruga about the SRT markets on each side of th...

Green framework

EIF ramping up sustainable SRTs

Following a recent stream of deal announcements, we catch up with Cyril du Boispean, investment manager at the...

Cruise control: Stable outlook for ABS and MBS in 2025

JP Morgan strategists predict stable European, UK and Australian ABS/MBS markets in 2025, despite gl...

As we approach 2025, strategists at JP Morgan foresee a year of steady performance for the ABS and MBS markets across Eu...

Italian CRE

SRT market update

Intesa Sanpaolo has just completed its second transaction (GARC Commercial Real Estate-2)  in the commercial re...

C-PACE partnership inked

Agreement positions Coventry, CGC for future securitisations

Coventry Structured Investments (CSI) recently joined forces with the Coalition for Green Capital (CGC) to drive over US...

Nuveen raises US$413m for second CLO issuance strategy

New fund provides investors with control equity positions in newly issued Nuveen-managed CLOs

Global asset management firm Nuveen has closed its second CLO issuance strategy at US$413m, with capital from public and...

Santander completes UK SRT

SRT market update

Santander has closed another synthetic securitisation from its UK auto loans Motor Securities programme (Motor Securitie...

SRT Journal: LatAm as the new emerging market

The last of five essays compiled in SCI's inaugural SRT Journal explores Latin America's burgeoning ...

Thanks to trailblazing deals issued by Santander, the Latin American (LatAm) SRT market is open for business and is perh...

Final countdown

SRT market update

Santander is gearing up to close on another unfunded UK mortgage-backed SRT (around the £1bn mark) before year...

Australian auto ABS accelerates ahead

Australian auto loan ABS thrives on strong performance and parallels evolving trends seen in EMEA ma...

The Australian auto loan ABS market has become a cornerstone of the country’s structured finance landscape, di...

Two-in-a-row

SRT market update

Sustainability is making a comeback in the synthetic securitisation market this week, as the European Investment Bank Gr...

Job swaps weekly: Weil names new partners

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Weil Gotshal & Manges promoting three structured...

Views from the market

SRT market update

While pricing is certainly tighter than it has historically been, investors report that the SRT market is in a &ldqu...

Asset-backed finance: Emerging at pace - video

ARC Ratings' Ashley Thomas speaks to SCI about asset-backed finance

Ashley Thomas, head of structured finance (UK) at ARC Ratings, speaks to SCI's Marta Canini about asset-backed finance (...

CEE launch

SRT market update

UniCredit Bank Czech Republic and Slovakia (UniCredit CZ&SK) and PGGM have completed an SRT referencing a &e...

ESG blueprint

SRT market update

BBVA and Dutch pension fund investor PGGM have completed a €2bn synthetic securitisation, uniquely structured w...

Strategic alliance

BC Partners Credit joins forces with Piper Sandler

BC Partners Credit, the US$8bn credit arm of global investment firm BC Partners, has formed a strategic alliance with in...

In with the new?

SRT market update

If the context of spread compression has been heavily reported on (and sometimes deplored), SRT investors expect levels...

Take the highway

Auto loans CRTs make good fit for regionals, but is the end in sight?

A significant portion of recent risk sharing transactions from US regional banks have referenced auto loans, but the tap...

SRT Journal: A growth market

The fourth of five essays compiled in SCI's inaugural SRT Journal examines the growth of unfunded mo...

Mortgage insurance is as old as the hills, but the provision of financial guarantees or insurance policies on pools of h...

Synthetic debut

SRT market update

Inbank, a financial technology company with an EU banking license, has completed its first synthetic securitisa...

Deck the halls

SRT market update

The wider SRT market is set to go unphased by the Thanksgiving deadline being observed by many banks in the US, as multi...

Job swaps weekly: BBB elevates two to co-chief banking officer

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees The British Business Bank appointing two co-chief banking...

Green Nordic debut

SRT market update

The European Investment Bank (EIB) Group and Norwegian DNB Bank ASA (DNB) have completed a landmark synthetic securitisa...

Leader of the pack

Digital securitization the star turn in 2024 and the future

Esoteric issuance has been voluminous in 2023 and this will continue in 2024, led in particular by data centre securitiz...

Robust pipeline

Italian cash SRT market on the rise

Five Italian cash SRT deals closed in the consumer and auto loan space earlier in 2024 (SCI 12 July), and two recent ann...

Variety rules in European ABS

October saw strong momentum in the European and UK ABS and MBS markets, fuelled by diverse issuance

European and UK ABS and MBS markets maintained momentum in October, building on the robust issuance pace set in Septembe...

SRT: The long view – video

Man Group's Moniot delves into key differences between European and North American SRT

Matthew Moniot, md and co-head of credit risk sharing at Man Group in London, speaks to SCI’s Simon Boughey...

Raiffeisen finalises latest SRT

SRT market update

Raiffeisen Bank International (RBI) has completed a €2.8bn synthetic securitisation (named ROOF Corporate 2024)...

Asset migration

Euro mid-market deal flow set to grow

As year-end approaches, the private credit market is poised for continued expansion, with middle-market corporate deals...

CLO manager corner series: Investcorp

CLO market faces loan supply challenges, but outlook remains strong

A limited supply of new loan issuance could challenge the CLO market in the future, with the development of a private eq...

SRT Journal: Cross-pollination

The third of five essays compiled in SCI's inaugural SRT Journal investigates whether CRT market ter...

An increasingly favoured solution to banks’ capital needs, the US CRT market is poised for substantial expansi...

Stiff competition

SRT market update

As we approach year-end, tightening spreads continue to raise the eyebrows of many investors across the SRT market. In...

Job swaps weekly: Senior Pemberton CLO exec launches Auctus Strategies

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees a former Pemberton Asset Management director launching he...

Auto II for Huntington

Second auto loan CLN in 2024 for Huntingdon

Huntington Bank last week settled a prime auto loan CLN reg cap trade, referencing a US$4.072bn portfolio. Joint bookr...

Italian revival

Private credit in real estate finance gaining traction

AXA IM Alts recently acquired a portfolio of Italian real estate loans from an international bank through a securitisati...

SCI In Conversation Podcast: Gregor Burkart, Enpal

We discuss the hottest topics in securitisation today...

In this episode of the SCI In Conversation podcast, SCI's Selvaggia Cataldi speaks to Gregor Burkart, leader of the refi...

Zilch eyes zero-cost credit via ABS

Zilch paves the way for financial inclusion with plans for public ABS and IPO

In a bid to disrupt the revolving debt burden that impacts millions of consumers, London-based fintech Zilch is eyeing t...

Latest SRTx fixings released

SRTx figures display continuity

With market sources continuing to report a tightening in spreads for new issue trades (repeat benchmark deals from estab...

Ex-Accunia exec to launch Euro CLO equity investment platform

Grane speaks to SCI about building a new London team and seeking investors

Christian Grane, the former head of investments at Accunia Credit Management, is aiming to launch a dedicated European C...

Fund finance milestone

Investec and Ares ink 'first of its kind' subscription lines securitisation

Investec Fund Solutions, the fund solutions arm of Investec Bank, has recently inked a landmark partnership with alterna...

SRT Journal: Moving parts

The second of five essays compiled in SCI's inaugural SRT Journal explores US regional bank CRT acti...

CRTs are becoming increasingly attractive to US regional banks, having historically remained almost exclusively the pres...

More, more, more

SRT market update

The race to getting transactions wrapped up before thanksgiving is heating up, as sights are already set on seeing growt...

Monroe closes maiden CFO

Firm closes new vehicle in strategic private credit push

Monroe Capital has closed its inaugural collateralised fund obligation (CFO) – Monroe Capital CFO I &ndash...

EU CLO performance realigns with loan index post-volatility

CLO Research Group's Tan analyses how EU CLO managers' performance fluctuated from strong pre-pandem...

European CLO managers have returned to performing on par with the Morningstar European Euro-Denominated Loan Index on av...

Job swaps weekly: Ogier snaps up Dublin-based partner

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Ogier hiring a structured finance veteran from Matheson a...

Pillar 3 league tables

Barclays and Santander lead SRT issuance

In a brief published this morning, rating agency S&P highlights the well-known view that Barclays and Santander...

Election special

As America goes to the polls and the world watches, US editor Simon Boughey - with the help of Matt...

B3E Harris wins. If the Democrats win the White House again, things will probably go on much as they have been for t...

M&G unveils €200m ABS fund

Firm launches vehicle aimed at unlocking daily liquidity in high-grade securitised assets

M&G’s structured credit team has launched the M&G Investment Grade ABS Fund, a new daily liqui...

NAV in focus

Growing market 'key' to fund finance toolkit

Net asset value (NAV) lending volumes are poised to more than double over the next few years. Indeed, panellists at Invi...

SCI In Conversation Podcast: Jeffrey Stevenson, VSS Capital

We discuss the hottest topics in securitisation today...

In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Jeffrey Stevenson, managing pa...

Pre-judgment day ABS rush in Europe

October sees strong European and UK ABS issuance ahead of US presidential election

October ended with a surge in European and UK ABS and MBS issuance, with €3.5bn placed from seven deals in the...

Democratising investment

Christian Parker, structured credit partner at Paul Hastings, argues that ELTIF 2.0 could represent ...

It’s a well-established truth that European retail investors have no access to credit investments in the form...

SRT Journal: Growing pains?

The first of five essays compiled in SCI's inaugural SRT Journal investigates the momentum seen this...

The US Fed’s FAQ on CLNs in September 2023 sparked anticipation that the floodgates would finally open for US...

Hitting for six

SRT market update

Barclays has reportedly issued its sixth Colonnade deal of the year. The deal references corporate, revolvers and term...

Job swaps weekly: Linklaters lures four A&O Shearman partners

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Linklaters hiring four partners from A&O Shearman...

Clean and replenish

Optimistic outlook for US CRE market is welcome news for CMBS and CRE CLOs

A rebound in activity in the US CRE market is pointing to brighter times ahead for both CMBS and CRE CLOs. Activity in t...

Blueprint for sustainable growth

EIF's Jesper Skoglund and Georgi Stoev discuss EIB, EIF, and BPCE's €800m ABS initiative, craf...

EIB, EIF and BPCE have collaborated on a new €800m financing initiative aimed at driving innovation and sustain...

C-PACE 'the winner'

Growing institutional interest, new market frontiers and legislative updates steal the spotlight in ...

With R-PACE uptake cooling across the US, industry leaders hailed C-PACE as “the winner” at Invisso&...

SCI in focus: Hot water

Thames Water, whole business securitisation and the challenge of debt financing

Crisis on the balance sheets of the UK’s largest water utility, Thames Water, is exposing major failures of th...

SCI CRT Awards: Newcomer of the Year

Winner: EMX Partners

(Re)insurer participation in SRT deals has historically been limited to unfunded and non-STS transactions. EMX Partners...

SCI CRT Awards: Outstanding Contribution to SRT

Winner: International Association of Credit Portfolio Managers (IACPM)

The IACPM is SCI’s pick for the Outstanding Contribution to SRT award this year, for being uniquely the voice...

Significant piece of regulation

The PRA's latest consultation paper introduces consequential developments for the SRT market

While the Prudential Regulation Authority’s (PRA) latest consultation paper (CP13/24 – Remainder of...

Yield-seekers' paradise

Esoteric ABS set to shine amid stable rates and digital surge, say Miami speakers

Esoteric ABS issuance has surged to represent nearly a third of the US securitisation market so far this year, reaching...

SCI CRT Awards: Service Provider of the Year

Winner: Credit Benchmark

Adoption of Credit Benchmark as a service provider has steadily grown among the SRT community in the last year, with nea...

Tried and true

Michelle Manuel and Michael Schewitz, portfolio managers at Investec, answer SCI's questions

Q: What do you look for in a CLO manager?Michelle Manuel: With a 70% US middle market portfolio, we tend to look for man...

SCI CRT Awards: North American Law Firm of the Year

Winner: Mayer Brown

That Mayer Brown is the most active firm in the North American CRT market today is no surprise. While the uptick in the...

Fannie CIRT

Last CIRT of 2024 comes with structural improvements

Fannie Mae has completed its seventh and final Credit Risk Insurance Transfer (CIRT) deal of 2024, transferring US$338.6...

SCI CRT Awards: European Law Firm of the Year

Winner: Clifford Chance

In Europe, Clifford Chance continues to act for the originator bank as structuring and drafting counsel on the majority...

Job swaps weekly: Kirkland names two new partners

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Kirkland & Ellis hiring two partners for its stru...

SCI CRT Awards: North American Arranger of the Year

Winner: BMO

As last year’s North American Issuer of the Year, Bank of Montreal (BMO) has set a high bar for itself. Thanks...

Teutonic tenacity

German consumer ABS sees strong investor demand despite rising challenges

Despite rising interest rates and escalating costs of living across Europe, the consumer ABS market shows little sign of...

Optimisation optimism

SRT activity set to soar as banks adjust to Basel 4

Panellists at SCI’s 10th Annual Capital Relief Trades Seminar in London last week widely agreed that banks are...

SCI CRT Awards: European Arranger of the Year

Winner: UniCredit

UniCredit completed nine SRT transactions during the awards period, across four jurisdictions and five asset classes, re...

SCI CRT Awards: North American Issuer of the Year

Winner: JPMorgan

Project Appia, which JPMorgan closed on the final business day of 2023, represented perhaps the largest and most complex...

Ally autos

Ally Bank said in with another auto CRT

Ally Bank is in the market with another auto loan synthetic securitization in CLN format, say sources. The arrangers a...

Here comes the sun

Enpal passes €5bn ahead of Europe's debut public solar ABS deal

Enpal has passed another milestone, as it surpassed €5bn in renewable energy financing commitments. The announc...

Milestone deal

IDB Invest lays off risk to private investors

IDB Invest – the Inter-American Development Bank (IDB) Group's private sector institution –...

SCI CRT Awards: European Issuer of the Year

Winner: BNP Paribas

BNP Paribas issued an eye-watering 12 SRT transactions referencing €26.3bn of exposures across six asset classe...

SCI CRT Awards: (Re)insurer of the Year

Winner: RenaissanceRe

Over the company’s 30-year history, RenaissanceRe has evolved from a property catastrophe reinsurer to a multi...

SCI CRT Awards: Investor of the Year

Winner: Magnetar

The 2023/2024 awards year marks a period of transformative growth in the significant risk transfer (SRT) market. Amid a...

Summer in the city

European ABS and CLO markets defy summer lull with €34bn Q3 issuance

The European securitisation market saw significant activity through the third quarter of 2024, defying the typical summe...

SCI CRT Awards: Innovation of the Year

Winner: Granular Portfolio Insurance Product

The Granular Portfolio Insurance Product (GPIP) has won Innovation of the Year in this year’s SCI Capital Reli...

SCI CRT Awards: ESG Transaction of the Year

Winner: Lion 4

The EIB Group and LBBW closed Lion 4 in September 2023, with the latter committing to channel €350m of freed-up...

Spanish banks

SRT market update

Banco Sabadell is reportedly planning to execute a CRT on a predominantly project finance book out of Miami. The move...

SCI CRT Awards: Emerging Markets Transaction of the Year

Winner: Project Patagonia

Project Patagonia has won Emerging Markets Transaction of the Year in this year’s SCI Capital Relief Trades Aw...

Job swaps weekly: MidOcean boosts capital formation capabilities

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees MidOcean Partners strengthen its ranks with the appointme...

SCI CRT Awards: North American Transaction of the Year

Winner: Granville USD

Upsized from US$5bn to US$9bn, Scotiabank’s Granville USD represented the largest-ever debut Canadian SRT - in...

Irish SRT

SRT Market Update

Allied Irish Bank’s (AIB) SRT transaction is making headway. In its first half results back in August, AIB dis...

Resonating strongly

SRT Market Update

Details have emerged on BNP Paribas’ latest synthetic securitisation from its Resonance programme. The 0.5-5...

SCI CRT Awards: European Transaction of the Year

Winner: Fanes SRT 2023

Sparkasse’s debut SRT trade, Fanes SRT 2023, is SCI’s pick for the European Transaction of the Year...

Local network

Jonas Hybinette, co-founder and co-head of business development at RoundShield, answers SCI's questi...

Q: RoundShield, a private investment firm specialising in asset-backed credit across Western European markets,...

Latest SRTx fixings released

SRT market projections include spreads firming up and incrementally worsening credit risk outlook.

While we enter the final quarter of the year, September was characterised by central banks and the significant easing pr...

SRT issuer profile: NatWest

Rob Lloyd, head of balance sheet management at NatWest Commercial and Institutional, answers SCI's q...

Q: How long have you been involved in SRT and what were the drivers behind your first trade? A: SRT is not a new conce...

Transactions and tightening

SRT market update

New issuers of corporate and project finance SRT in Germany, SME trades from Spain and Greece and an auto trade out of S...

Job swaps weekly: KBRA rings the changes

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees KBRA making multiple senior structured finance appointmen...

SCI In Conversation Podcast: Volker Gulde, Moody's Ratings

We discuss the hottest topics in securitisation today...

In this episode of the SCI In Conversation podcast, SCI head of content Kenny Wastell speaks to Volker Gulde, senior vic...

Doubling down

Deutsche Bank finalises two SRT trades

Deutsche Bank completed two SRT trades in September. The first transaction concerns the well-documented LOFT 2024-1 deal...

Heating up

Potential for heat-pump-backed ABS in Europe's energy transition

The wait for Europe’s first public heat pump-backed ABS transaction may soon be over, as the demand for sustai...

Capital call debut

SFF securitisation could mark 'the beginning of a new market'

Goldman Sachs is in the market with what is believed to be the first publicly-rated cash capital call securitisation - t...

How does it end?

Lawyers discuss how the US' Basel Endgame will be implemented, the implications for the CRT market, ...

Despite the recent and potentially exponential growth of the US CRT market, regulatory clarity is still out of reach. So...

Flexible financing

Apollo warehouse loan facility rated

Further details have emerged regarding the transaction at the core of the recent strategic financing collaboration betwe...

Job swaps weekly: Blackstone lures two new partners

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Blackstone adding two new partners to its infrastructure...

Secondary innovation

SRT market update

In addition to its rumoured upcoming CRT transaction, Bank of America is reportedly looking into the secondary securitis...

Different beats

European ABS slows as Australian market surges, marking contrasting dynamics.

ABS activity in Europe slowed during the final week of September, while Australia experienced a surge in issuance in the...

Rating reverberations

S&P's revised RMBS criteria and Fitch's growing influence in Australia spark key investor discus...

Recent updates to S&P's rating criteria in Australia are reshaping the landscape for RMBS, sparking discussions...

Winds of change

Key talking points from SCI's inaugural regional banks conference in Chicago.

SCI’s maiden regional bank CRT seminar took place in the Windy City last week. Top of mind was market potentia...

CNI boost

European data centre ABS poised for growth

The UK's data centre sector recently received a major boost, with the government last month officially designating it as...

Private securitisations grow

Latest EBE report highlights market expansion

Over 67% of European private cash securitisations fund sellers in the EU and over 74% directly fund the real economy, ac...

Resilient tapestry

Maddi Rowlatt at Challenger navigates the dynamic ABS and MBS landscape, balancing investor demand w...

The ABS and MBS landscape continues to be dynamic and resilient, supported by strong investor demand and favourable macr...

ABF push

Apollo, BNP Paribas ink strategic collaboration

Apollo last week unveiled a US$5bn strategic financing and capital markets collaboration with BNP Paribas, as it seeks t...

Job swaps weekly: Toorak and Merchants parent names new coo

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Roemanu hire a former Finance of America Home Improvement...

C-PACE renaissance

Carlyle, North Bridge partnership highlights opportunity

Carlyle last week announced a minority investment in North Bridge, a real estate financing provider, to support the orig...

Building on a niche

Specialist lenders continue to drive growth in UK RMBS

Specialist lenders in the UK are making good on their promises to serve the underserved while ramping up RMBS issuance &...

Recalibrating the agenda

The LMA is experiencing fresh SRT member growth

The loan market association (LMA) – the authoritative voice of the loan market in EMEA – is ramping...

Endgame resistance

B3E implementation hits another bump in the road

The Basel 3 Endgame has hit another bump in the road. A re-proposal from the Fed (SCI 10 September) has been met with re...

Digital milestone

Inside KKR and NetCo's landmark infrastructure deal

The recent KKR-NetCo deal marks a significant milestone for Italy, as it introduced securitisation technology for the fi...

How low can you go?

SRT market update

Morgan Stanley’s latest CRT transaction referencing subscription lines is reportedly about to price even tight...

Soar like an Eagle

Eagle Point makes mark in SRT

  Eagle Point Credit, based in Greenwich, Connecticut, is not, perhaps, a veteran of SRT investment but it&am...

Coming up next...

SRT market update

As the SRT market heats up for a busy year end, SCI hears that UK banks, NatWest and Lloyds, are preparing trades. A N...

Job swaps weekly: EIF exclusive

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees SCI exclusively reveal that the European Investment Fund&...

Resilience amidst volatility

European and UK ABS and MBS markets displayed resilience in August, despite widespread volatility.

The European and UK ABS and MBS markets in August demonstrated resilience in the face of volatility, according to monthl...

Renewables prioritised

Coventry's PACE, solar efforts gain momentum

Coventry Structured Investments, a Los Angeles-based asset management firm specialising in niche debt and equity solutio...

CLO manager corner: Sculptor Capital Management

Adeel Shafiqullah, head of European CLO management, discusses launch of manager's new captive CLO eq...

The launch of Sculptor Capital Management’s captive CLO equity platform in April, secured by an anchor commitm...

Breaking regulatory chains

Calls for reform intensify as industry pushes to fuel growth and fund Europe's green transition

The European securitisation market is “far too small and illiquid,” according to a recent report fro...

In demand

ETF CLO growth gathers pace as firms ramp up offerings

Demand for floating rate assets with robust surplus yield outlook is driving ETF (exchange-traded fund) CLO growth, acco...

Set for take-off?

Increased volumes, improving fundamentals boost aircraft ABS

A handful of US aircraft ABS worth US$2.87bn have priced so far this month, taking the total number of deals printed thi...

Latest SRTx fixings released

SRT market sentiment re-adjusts after financial markets experienced significant volatility.

The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. If August got off to an rough star...

Records to fall

European and Australian ABS markets approach post-crisis issuance records amidst autumn surge

Primary markets in Europe and Australia are showing significant momentum as we head into autumn. According to research s...

New CAS

Market moves and sector developments

Fannie Mae has priced a US$708m CAS deal, its sixth of the year, via joint bookrunners Bank of America and Cantor Fitzge...

Sub-par

SRT market update

The impact of new entrants – otherwise commonly or derogatorily referred to as tourist investors – i...

Prodigal student standards

Standard and Prodigy announce US$24m student loan partnership

Standard Bank has announced a US$24m funding partnership with Prodigy Finance to support African students intending to p...

Silver lining

Optimism around strong growth in RMBS and ABS at S&P conference

Market participants shared widespread optimism at S&P Global Ratings' European Structured Finance conference, bu...

Engineering efficiency

Structural changes afoot across UK RMBS market

The UK RMBS market continues to evolve as new innovative transaction features emerge with issuers seeking to tackle inef...

Job swaps weekly: Chatham AM appoints four for new CLO management team

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Chatham Asset Management establishing a CLO management bu...

Regulating mood

Advisory's insights on how to remove SRT regulatory barriers

SCI catches up with Jonas Bäcklund, ceo of Revel Partners, to analyse suggestion on how regulatory tweaks could...

Ringing the bell for CLO ETFs

Palmer Square Capital Management launches two CLO credit ETFs

Asset manager Palmer Square Capital has launched two exchange traded funds (ETFs), both of which provide retail investor...

Seeds of evolution

illimity's Lionetti answers SCI's questions

Tech-focused Italian banking group illimity recently announced the structuring of two new loan securitisation p...

Strength on several fronts

Ninety One's Barua answers SCI's questions

New issuance CLO volumes are on course to challenge previous full-year records and the market is well-positioned to weat...

Called to the Barr

CRT still makes sense for US banks despite slimmed down B3E

The significant retrenchment of Basel III Endgame (B3E), the details of which were announced in a speech by Federal Rese...

Off to a flier

Busy week points to standout September for European and Australian ABS and MBS

As the third quarter of 2024 winds down, September is shaping up to be a standout month for the European and Australian...

New partnership

Market moves and sector developments

GP stakes firm Armen and Chorus Capital (Chorus) have announced a strategic partnership. As part of the partnership, Arm...

Secret Revolution

How will the US regional bank market develop?

The US CRT market is slowly absorbing volumes and experiencing increased growth from unexpected players. Regional bank d...

US$853m STACR prices

Market updates and sector developments

Freddie Mac has priced the US$853m STACR, designed HQA2, which was reported to be in the market last week. The A1 pric...

TGIF terminated as WBS manager

Market updates and sector developments

The control party for TGIF Funding Series 2017-1 has declared a manager termination event, following the failure of the...

Lofty heights

SRT market update

LOFT 2024-1, the latest issuance from Deutsche Bank’s established leveraged loans SRT programme, is set to clo...

Oh Canada

SRT market update

Toronto Dominion is reportedly back in market with a repeat issuance of its inaugural trade and programme, which closed...

Job swaps weekly: The 'Art' of launching

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees two industry veterans join forces to launch Art Capital,...

Region' new heights

Key themes from SCI's recent regional banks webinar

Activity in the US CRT market is picking up, though it is yet to reach the levels that many market participants expected...

MV Credit acquisition agreed

Market updates and sector developments

Clearlake Capital Group is set to acquire pan-European private credit specialist MV Credit from Natixis Investment Manag...

SCI In Conversation Podcast: Mike Nowakowski, Conning

We discuss the hottest topics in securitisation today...

In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Mike Nowakowski, md and head o...

Freddie Mac in with STACR

Market updates and sector developments

Freddie Mac is in the market with an US$825m STACR, via joint bookrunners Bank of America and Nomura, and is expected to...

Job swaps weekly: Norton Rose Fulbright adds Paris-based partner

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Norton Rose Fulbright adding a partner to its banking and...

Backup power

Fallout from Gedesco deal could have positive impact on wider market

Servicer defaults can happen, and when they do it is important to keep operations running smoothly. However, this isn&am...

CLO manager corner: Antares Capital

Katzenstein and Pitke discuss the firm's liquid credit platform and plans for the future

Antares Capital’s liquid credit platform, which launched last year and today is a BSL CLO issuance platform, i...

New programme

SCI catches up with Mike Strevens, head of structured guarantees at the British Business Bank, to di...

Central to the British Business Bank’s debt financing activities is the ENABLE Guarantee programme, which aims...

NYSEG eyes recovery bond

Market updates and sector developments

New York State Electric and Gas (NYSEG), a subsidiary of Avangrid, is moving ahead with what will be the inaugural recov...

Gearing up

SRT Market Update

Heading into the autumn months, the SRT market is gearing up for a bustling end to the year, in spite of the volatility...

Diverging markets?

SRT investor-issuer relationships evolving

A common gripe among SRT practitioners is that the flood of new investors to the sector has suppressed spreads. However,...

Job swaps weekly: Texas Capital bags sales and trading MD

People moves and key promotions in securitisation

A quiet week for securitisation job swaps ahead of the UK’s August bank holiday. Nordea Asset Management&n...

CLO analytics firm eyes private credit

Market updates and sector developments

Siepe has raised US$30m in a Series B funding round led by WestCap, which will drive a multi-product roadmap, including...

Shot across the bows

US Senator Jack Reed urges the Fed to place additional guardrails around CRTs

Senator Jack Reed (D-RI) has called on the Federal Reserve to create stricter regulations on credit risk transfer (CRT)...

CRE analytics tie-up agreed

Market updates and sector developments

SitusAMC has entered into a strategic partnership with CMBS.com, the owner of Backshop, a commercial real estate loan or...

Resilient CLO market in July despite early August volatility

Kartesia sees spreads tightening slightly across capital structure throughout the month

The CLO market demonstrated continued strength in July, with spreads tightening slightly across the capital structure, a...

Rock-solid July for primary ABS market

Low volatility and strong investor appetite lure new issuers

The primary ABS market remained robust in July despite the typical summer slowdown, with strong issuance and investor de...

CRT Awards shortlist revealed

Gala dinner to close World Risk Sharing Week

SCI has published the shortlist for this year's Capital Relief Trades Awards, which celebrate excellence and innovation...

A buyer's market

Chorus Capital concludes fundraising

Chorus Capital (Chorus) has successfully concluded fundraising for Chorus Capital Credit Fund V (the fund), its latest d...

Mini Morgan

SRT market update

JP Morgan’s latest new mortgage-referencing CRT has a unique structure which has raised some eyebrows. The b...

Funded access

Rated repacks on the rise

(Re)insurer participation in SRT deals has historically been limited to unfunded and non-STS transactions, but they are...

Job swaps weekly: New Cayman structured finance chief for Maples

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Maples and Calder naming a new head of its Cayman Islands...

Italian NPL volumes significantly down

Volumes fall down 20% for Italian NPL collections during the first half of the year

After hitting a three year low in 1Q24 (SCI, 30 May), Italian NPL volumes were down 20% over 1H24 compared to the same p...

Data centre securitisation: Growing in waves - video

S&P Global Ratings' Jie Liang speaks to SCI about data centre securitisation

Jie Liang, sector lead in S&P Global Ratings’ structured finance esoteric ABS group, speaks to SCI'...

Latest SRTx fixings released

SRT market sentiment highlights global market volatility.

The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. If last month’s data poi...

Solera MBO boosts auto finance platform

Market updates and sector developments

Obra Capital has partnered with the Solera Auto Finance (SAF) team in a management buyout from Solera Corp. SAF will be...

The Great White Deep Freeze

SRT market update

After a bumper 2023 for Canadian CRT, issuers seem to be focused on other forms of capital allocation optimisation. Wh...

Israel debuts landmark public RMBS deal

Credito's public offering marks new era in Israeli securitisation industry

Israel is on the brink of a major milestone in its financial sector with the launch of its first public RMBS deal. The g...

JHG bolsters private credit capabilities

Market updates and sector developments

Janus Henderson Group has entered into a definitive agreement to acquire a majority stake in Victory Park Capital Adviso...

August RMBS surge surprises experts

Unseasonably high activity defies market volatility and summer slowdown

In an unexpected twist, the typically quiet international primary market in August has burst into activity, with two UK...

Job swaps weekly: Blackstone names new head of international at BXCI

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Blackstone appointing a new head of international for Bla...

Focus on Ally

SRT market update

Ally Bank has released further details on its debut CRT transaction, ABCLN 2024-A, in its Q2 earnings report. Ally ret...

Echo in

SRT market update

BNP Paribas is rumoured to be in market with a fresh SRT transaction entitled “Project Echo”. The...

Angel in ETFs

Angel Oak's active structured credit ETF takes off

Angel Oak Capital Advisor’s securitized credit-focused active ETF platform, launched in October 2022, has now...

Reset boost

Portfolio quality upgraded amid European CLO resets in H1 24

The portfolio credit quality of European CLOs that were reset in the first half of 2024 were improved compared with the...

In its prime

Debutants boost auto CLN volumes

US$1.36bn across four prime auto loan CLN issuances has been placed so far this year, according to JPMorgan figures. The...

Australian ABS branches out

IFM Investors' Wanigasekera shares insights on growth and diversification in Australian ABS market

Diversification and growing interest from global investors are fueling innovation in the Australian ABS market, accordin...

Esoteric excellence

Reed Smith doubling down on esoterics

Top structured finance law firm Reed Smith has a developed esoteric practice, but is looking to beef up even more, says...

Tight Morgan CRT

Morgan Stanley in the market with another ultra-thin CRT

Morgan Stanley is in the market with a US$5bn CRT transaction referencing subscription line facilities, and, like the re...

WBS: New frontiers - video

Ropes & Gray's Patricia Lynch speaks to SCI about whole business securitisation

Patricia Lynch, partner and leader of the US securitisation practice at Ropes & Gray, speaks to SCI's Simon B...

Job swaps weekly: DWS boosts alts franchise

People moves and key promotions in securitisation

DWS has appointed Max Elliott-Taylor as CLO portfolio manager. Based in London, he reports to...

Third Merchants deal revealed

SRT Market Update

Merchants Bank has revealed details of its third CRT, which closed at the end of March. Called MBMF 2024-C1, th...

BNPP set to acquire AXA IM

Market updates and sector developments

AXA has entered into exclusive negotiations to sell its asset manager AXA Investment Managers (AXA IM) to BNP Paribas fo...

Goldie synthetic

New capital call CRT targets sub-500bp

Goldman Sachs is the latest US bank to enter the synthetic securitization fray, on this occasion referencing a US$2bn ca...

Swedish SRT finalised

SRT market update

Further demonstration of the growing interest, opportunities and activity from the Nordics for risk-transfer mechanisms...

Hayfin inks MBO

Market updates and sector developments

Hayfin Capital Management has entered into an agreement with private investment firm Arctos Partners to support a manage...

Ears pricked

Interest returning to CRE market as conditions improve

Alternative real estate investors say securitisation is set to remain a key tool to increase market share amid persisten...

Valley vaults

Valley, another regional, does CRT on auto loan book

As further evidence of the growing reach of the CRT product into deeper regions of the US regional bank market, Valley N...

Pinnacle peaks

Pinnacle, a US$50bn bank, gets in on the CRT game

Pinnacle Financial Partners, a regional bank based in Nashville, Tennessee, has completed a debut CRT transaction refere...

WAM understatement hits FFELP SLABS

Market updates and sector developments

Moody's has placed 12 tranches from nine FFELP student loan securitisations administered by Nelnet and 61 tranches from...

Job swaps weekly: Reed Smith snaffles top hire

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees experienced structured finance lawyer Jeffrey St...

No endgame in sight

SRT market update

Optimism around the wave of US CRT deals expected during Q3 is fading with the outcome of the Basel 3 Endgame still unre...

Resonance marketed

SRT market update

Further details have emerged on Citi Bank’s corporate SRT deal (SCI, 10 May). Sources suggest the spread lande...

In recovery

Recovery ABS is increasingly big business, despite caveats

Over US$2bn of recovery ABS has been issued so far this year, and though 2024 issuance is unlikely to surpass the record...

Job swaps weekly: Proskauer lures A&O Shearman co-head of global banking

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Proskauer Rose snapping up two A&O Shearman partn...

Regional rapture

Pressures combine to make CRT the dream ticket for US regionals

Capital relief trades make even more economic sense for the larger regional banks than they do for the GSIBs, according...

CAS five

Market updates and sector developments

Fannie Mae has priced its fifth CAS deal of the year – a US$659m REMIC designated CAS 2024-R05. The transactio...

Speeding ticket

Rate of EV development compounds declining residual values and increased credit risk in auto ABS

Declining residual values of fully electric vehicles (BEV) and plug-in hybrids (PHEV) is leading to increased credit ris...

Esoteric ABS: Fragmenting industry - video

Revere Capital's Gary Miller speaks to SCI about esoteric ABS

Gary Miller, head of Revere Capital’s specialty finance team, speaks to SCI’s Simon Boughey about...

The (re) insurance equation

Insurers have a niche in European SRT, but regulatory hurdles block US market

While insurance company participation in European reg cap trades has become an appreciable segment of the market and lik...

H1 commentary and league tables

SRT market update

While reflecting on the first half of the year, many market participants have often used and repeated the expression &am...

Expect new issuers

SRT market update

A notable trend during the first half of the year has been the growth and surge in cash SRT transactions. While...

Job swaps weekly: Newmark snaps up industry veteran

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Newmark hiring an experienced executive as md on its UK a...

Latest SRTx fixings released

SRT market sentiment highlights balanced trends and market conditions

The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. While last month’s data...

Fundraising target exceeded

AXA IM Alts announces it has raised €2.3bn for its SRT strategy

The investment management firm, which boasts €184m AUM and has closed 110 deals since the launch of its strateg...

School's out?

SRT market update

It seems summer has officially arrived and with it its traditional hiatus in deal flow. Market sources suggest that acti...

Job swaps weekly: Medalist names Buccola as head of structured credit

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Medalist Partners appointing a former Cantor Fitzgerald s...

Agriculture CLN incoming

SRT market update

Lloyds is in market with a fresh transaction from its Fontwell programme. It previously issued the agricultural mortgage...

New kid on the block

European data centre ABS now reality as region claims growing share of capital investment

Data centre ABS is to take the EMEA region by storm, as investment in the sector continues to climb and issuers seek out...

CIRT five for 2024

Market updates and sector developments

Fannie Mae (today) executed its fifth CIRT deal of the year, designated CIRT 2024 L-3, transferring US$337.2m of mortgag...

Continued growth

SRT Market Update

As both Q2 and the first half of the year come to a close, SRT investors highlight a consistent and continued growth in...

Job swaps weekly: Crescent promotes three to senior leadership team

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Crescent Capital Group bolstering its senior management t...

Landmark transaction

SRT Market Update

The EIB group has revealed another transaction, this time with Romanian bank Banca Transilvania (BT). The landmark trans...

Northern green light

Norwegian securitisation to benefit from 'plug-and-play' scenario

The EEA’s long-awaited passage of the EU Securitisation Regulation should finally open the door for Norway&...

Super settlement week

Santander, Ally and Huntington CLNs settle in 7-day period

Three auto credit CLNs from Santander, Ally and Huntington, which were reported to be in the market, have all settled in...

CEE it to believe it

Three major talking points from SCI's Emerging Europe SRT Seminar in Warsaw

Over 100 SRT practitioners gathered in the Polish capital for SCI’s inaugural Emerging Europe SRT Seminar last...

SCI In Conversation Podcast: Chris Hentemann, 400 Capital Management

We discuss the hottest topics in securitisation today...

In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Chris Hentemann, managing part...

Sustainable SRT debuts

SRT Market Update

Banco Sabadell has completed its inaugural sustainable synthetic securitisation, with the aim of releasing capital to ke...

Stairway to securitisation

Alternative lenders taking UK forward flow market by storm

Forward flow transactions continue to rise in popularity, with the private market serving as both a useful tool for exis...

FHFA approves second mortgage pilot

Market updates and sector developments

The FHFA has provided conditional approval for Freddie Mac to engage in a limited pilot to purchase certain sin...

Growing up fast

CEE SRT benefitting from breadth and depth

The Central and Eastern Europe (CEE) SRT market is on the cusp of maturity, benefitting from a clear regulatory framewor...

EIB Group and BBVA partnership

SRT market update

Details have emerged of an EIB Group investment in Spanish bank BBVA’s synthetic securitisation from March 202...

Job swaps weekly: Fitch appoints successor to outgoing Murray

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Fitch Ratings appointing a successor to outgoing BRM head...

Double trouble

Senior UK CMBS noteholders face losses after property sale

The full write-down of the outstanding balance of the class B to E notes and a partial loss on the class A notes issued...

Lloyds prints

SRT Market Update

Lloyds has priced a pair of SRT transactions from its Musselburgh programme. The recently completed synthetic securiti...

Bereft of banks

MBS languishes as the market waits for the banks and the Fed

Like many in the US ABS market, portfolio manager Brendan Doucette is waiting for the Federal Reserve to issue new guida...

Embracing diversity

Regulators urged to recognise importance of internal models

Recent proposals regarding the application of the revised Basel 3 standards in the UK and the US favour the standardised...

Fed OKs Merchants

2023 Merchants Bank CLN approved for RWA calculations

The Federal Reserve has granted retroactive approval for the Merchants Bank of Indiana Reference Notes, Series 2023-1 CL...

Special situations

Jean-Francois Leclerc and Carlo Perri of Polar Asset Management Partners' structured credit team ans...

Q: Can you give us some background to SRT at Polar?CP: Polar has been investing in SRTs since the mid-2010s and more bro...

Warehouse deal closed

SRT Market Update

Goldman Sachs is believed to have completed a CRT referencing a pool of US residential mortgage warehouse lines at the e...

Private credit JV formed

Market updates and sector developments

Stifel Financial Corp and Lord Abbett have formed a substantial leveraged lending joint venture, which compliments the e...

Challenger bank debuts

SRT Market Update

Allica Bank last month closed its debut SRT transaction, becoming the first UK challenger bank to achieve capital relief...

SCI Start the Week - 17 June 2024

A review of SCI's latest content

*SCI’s inaugural Emerging Europe SRT Seminar takes place in Warsaw tomorrow* Last week's news and analysisCI...

Norway gets SecReg green light

Market updates and sector developments

The EU Securitisation Regulation was incorporated into the EEA Agreement on 12 June and it is widely expected that t...

Three deals and a print

SRT Market Update

Nordea is prepping a corporate SRT deal, marking its second synthetic securitisation foray of the year. The Nordic ban...

Low supply?

SRT Market Update

Some slight pessimism about SRT deal flow ahead of the summer break is emerging, with one source suggesting that the mar...

Tailoring TRS

Markus Musielak, md, working capital structuring at Demica, argues that data plays a critical role i...

Trade receivables securitisations (TRS) remain resilient and of an increasing focus following the end of low interest ra...

Job swaps weekly: Guy Carpenter lures Schnieders to lead new division

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Guy Carpenter launching a new capital and advisory group...

Credit risk sharing: Raising the bar for ESG requirements - video

PGGM Investments' Alien Pauw speaks to SCI about ESG and investing in credit risk sharing

Alien Pauw, director and senior investment manager at PGGM Investments, speaks to SCI's Vincent Nadeau about ESG and...

Private credit marketplace launched

Market updates and sector developments

Figure Technology Solutions has launched a first-of-its-kind blockchain-based multi-seller, multi-buyer marketplace for...

Ratings rapture

US reg cap deals seek AAAs, but not so European

Recent risk-sharing CLNs from US banks have been structured to receive the highest possible credit ratings, according to...

Polish SRT incoming

SRT Market Update

A debut SRT transaction issued by a state-owned Polish bank is said to be in advanced stages. The Polish state holds a...

Latest SRTx fixings released

While the broader macro backdrop (notably geopolitics and central bank expectations) remains volatil...

The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. While last month’s figur...

CIRT X 4

Market updates and sector developments

Fannie Mae has completed its fourth CIRT deal of 2024, transferring US$284.8m of mortgage risk to 25 insurers and reinsu...

SCI Start the Week - 10 June 2024

A review of SCI's latest content

Last week's news and analysis Data dynamics Investor interest in data centre ABS takes off Five-point pl...

Job swaps weekly: Paul Hastings poaches private credit team

People moves and key promotions in securitisation

This week’s round-up of securitisation job swaps sees Paul Hastings poach a team of restructuring, private cre...

Top of the pops

Private risk sharing volumes hit €1trn

Private risk sharing exceeded €1trn of cumulated volumes across over 500 transactions between 2016 and 2023, ac...

ILS opportunity set revealed

Market updates and sector developments

A recent SIGLO Capital Advisors study estimates that the global ILS market is slightly over US$100bn in size an...

Five-point plan

EU securitisation reform package mooted

AFME has published a position paper that outlines a five-point plan to revive the securitisation market in the EU. Entit...

Record breakers

B1 tranches hit all-time low new issue print

Record tight new issue spreads were recorded in GSE-issued CRT B1 tranches in May, according to research conducted by Ma...

Treasury survey underlines regulatory constraints

Market updates and sector developments

AFME has published the results of a survey undertaken to examine bank treasuries’ asset allocation drivers in...

Data dynamics

Investor interest in data centre ABS takes off – SCI esoteric seminar

The number of investors in data centre ABS deals has grown by threefold and there are now about 150-160 involved in the...

SCI Start the Week - 3 June 2024

A review of SCI's latest content

Last week's news and analysis Italian NPL volumes hit three-year low Updates on NPL volume drop & r...

Job swaps weekly: WTW appoints experienced leader from SMBC

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees WTW appointing a head of alternative credit insurance, fi...

Italian NPL volumes hit three-year low

Market updates and sector developments

Italian NPL volumes last quarter hit their lowest point since 2021, according to Scope Ratings. Volumes wer...

Stars aligned

Nordic advisory firm to capitalise on constructive outlook

The new advisory venture of two ex-Nordea SRT experts seeks to capitalise on a growing Nordic market (SCI 17 May). Indee...

Mortgage boost?

ICO guarantee to have twofold effect

Abanca and Banco Santander are among the first lenders to sign up to the Official Credit Institute (ICO)’s new...

GACS 2.0 ABS 'better positioned' than GACS 1.0

Market updates and sector developments

GACS 2.0 NPL securitisations appear to be better positioned than GACS 1.0 securitisations, both from an asset side persp...

New SRT jurisdiction?

Israeli banks await securitisation regime

While securitisation transactions have been historically scarce in Israel, last year (30 July) the department of justice...

Irish double

SRT Market Update

Further details have emerged on Bank of Ireland’s latest Mespil SRT deal (SCI 1 May). The transaction is under...

Job swaps weekly: McCarthy Denning appoints CTLA-focused partner

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees McCarthy Denning hiring a former Greenberg Traur...

SG returns

SRT Market Update

Societe Generale is back in the SRT market with a new Junon deal. Sources say the deal could complete as early as next m...

Agency angle

SRT ratings on the rise?

Ratings for GSE credit risk transfer transactions are commonplace, given the US agencies’ desire to appeal to...

Transition finance: Mobilising capital - video

Morningstar Sustainalytics' Begum Gursoy speaks to SCI about transition finance in the context of ha...

Begum Gursoy, director at Morningstar Sustainalytics, speaks to SCI's Kenny Wastell about transition finance...

Lever up

Back leverage for CRT buying on the rise

It is becoming increasingly common for buyers of positions in synthetic capital relief trades to use leverage, say well-...

CAS prices

Market updates and sector developments

Fannie Mae’s US$708m CAS 2024 R04, reported to be in the market earlier this week, closed today. The US$220....

Picking up the PACE

Consumer protection measures bring benefits

The property assessed clean energy (PACE) ABS market could be set for a renaissance, following progress in bolstering co...

MPOWER graduates into securitisation

Provider of loans to international students says deal is first of many

MPOWER Financing, a provider of loans for international university students, has issued its first securitisation, in wha...

Agile framework

PRA and FCA publish new UK securitisation rules

Last month, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) published policy stateme...

Ally entry

Ally Financial in CRT market with new auto-linked CLN

Ally Financial is in the market with a debut CLN regulatory capital relief trade, arranged by JP Morgan, according to we...

New CAS

Market moves and sector developments

Fannie Mae is in the market with a US$707.6m deal, designated CAS 2024-R04 and its fourth CAS deal of the year. The re...

SCI Start the Week - 20 May 2024

A review of SCI's latest content

*CRT Awards 2024*The submissions period for SCI’s 2024 Capital Relief Trades Awards closes on 31 May. Apply no...

CFPB funding mechanism 'constitutional'

Market updates and sector developments

The US Supreme Court has issued its decision in the ‘Consumer Financial Protection Bureau v. Community Financi...

Job swaps weekly: Nordic advisory boutique opens

People moves and key promotions in securitisation

This week’s round-up of securitisation job swaps sees a pair of Nordea SRT vets set up a structured credit adv...

Climate-friendly mortgage programme launched

SRT Market Update

The EIB Group and Deutsche Bank have executed a synthetic securitisation of consumer loans in Germany. The transaction s...

CLOs: Improving arbitrage - video

TwentyFour Asset Management's Elena Rinaldi speaks to SCI about the CLO market and ESG initiatives w...

  Elena Rinaldi, portfolio manager on TwentyFour Asset Management's ABS team, speaks to SCI's Cor...

Freddie fallout

GSE CES buying would gut private label market, says report

Corroborating industry misgivings, Freddie Mac’s proposed purchase of single-family closed end second (CES) mo...

AI credit analysis project launched

Market updates and sector developments

Stratiphy and Chenavari Financial Group have joined forces to develop custom AI tools aimed at improving the quality of...

Attraction stations

SRT relative value in focus

The relative value of SRT transactions is attracting a swathe of new as well as former investors to the space, despite t...

SRT Market Update

Issuance overview in April

While March precipitated the first significant wave of SRT transactions of the year – notably through seasoned...

SCI Start the Week - 13 May 2024

A review of SCI's latest content

*CRT Awards 2024*The submissions period for SCI’s 2024 Capital Relief Trades Awards closes on 31 May. Apply no...

CFPB alleges student loan servicing failings

Market updates and sector developments

The CFPB has taken action against the National Collegiate Student Loan Trusts (NCSLT) and Pennsylvania Higher Education...

US CRT prepped

Citi back in market with a fresh CRT mandate

Citi is prepping another funded synthetic securitisation of corporate loan assets. The US bank is believed to b...

Job swaps weekly: Western Alliance Trust elevates CLO expert to president and ceo

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Western Alliance Trust Company appointing a new president...

Double whammy

US Bank back with another but bigger IG CRT

US Bank is soon to close another synthetic securitization of investment grade corporate loans, according to market sourc...

Golub launches insurance solutions team

Market updates and sector developments

Golub Capital has launched an insurance solutions team to be led by newly appointed md and head of insurance solutions J...

European SRT: Shifting prices – video

Alvarez & Marsal's Robert Bradbury speaks to SCI about pricing dynamics in the European SRT mark...

Robert Bradbury, md and head of structured credit execution at Alvarez & Marsal, speaks to SCI's Simon Boughe...

Efficient frontier

Optimising returns in a post-Basel 4 landscape

With the implementation of Basel 4 (also known as Basel 3.1 or Basel 3 Endgame) looming ever closer[1], banks are yet ag...

Latest SRTx fixings released

Following a strong Q1, the April indexes point to rising geo-political risks and higher rates in the...

The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. In a shift from last month (SCI 10...

Exclusive mandate

RCQ associates point to high demand for CRT specialists

Structured credit head-hunters RCQ Associates (RCQ) have an exclusive mandate to help boost Bank of Montreal’s...

Funded vs unfunded divide

SRT Market Update

This week investors and market insiders have highlighted a debate and disagreements regarding the future of unfunded SRT...

Job swaps weekly: Ashurst lures Fried Frank trio

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Ashurst hiring three structured products professionals, i...

PRA and FCA confirm new UK securitisation rules

Market updates and sector developments

The Financial Conduct Authority’s (FCA) and Prudential Regulation Authority (PRA) have published policy statem...

A long-awaited sequel

SRT Market Update

Bank of Ireland is releasing a third Mespil SRT transaction. Features of the deal include an 8.5% attach tranche and bot...

Hey Magdalena

SRT Market Update

Santander is in the market with the latest SRT deal from its Magdalena programme. The deal will have a mixed tr...

GSE results, tender

Profits up at both GSEs

Fannie Mae profits climbed 10.3% in Q1 to US$4.3bn, despite a 11.4% decline in acquisitions of single-family mortgages,...

UK bridging loan RMBS market primed for growth

Enquiries around publicly rated deals rise as lenders eye more diverse sources of funding

Enquiries into European bridging loan RMBS securitisations are on the rise, with industry sources anticipating the UK wi...

Double down

ASRS goes big in SRT in new mandate with AXA

Arizona State Retirement System (ASRS) will double its investment in SRT through its new US$400m mandate to AXA IM Alts,...

European CLO new issuance soars in Q1

Primary new issuance reaches highest level since Russia's invasion of Ukraine

European CLO primary new issuance has reached the highest level since the Russian invasion of Ukraine two years ago, whi...

ATLAS attracts MassMutual commitment

Market updates and sector developments

MassMutual has become a minority equity owner in ATLAS SP Partners and a capital partner to the ATLAS platform. As part...

Fresh mandate

Frank Benhamou joins Cheyne Capital

Cheyne Capital has announced that Frank Benhamou has joined the firm as Portfolio Manager for its Risk Transfer strategy...

UK SRT prepped

SRT Market Update

Lloyd’s is understood to be prepping a UK SRT deal, which will reference a portfolio of large corporate loans....

Job swaps weekly: Cheyne Capital snaps up SRT veteran

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Cheyne Capital hiring an SRT veteran who recently left th...

Opening up

LatAm SRT activity gaining traction

SRT activity in Latin America is gaining traction, with three deals now completed - including two in the last 12 months...

Italian mortgage disposal inked

Market updates and sector developments

Barclays Bank Ireland is set to dispose of its performing Italian mortgage portfolio via a securitisation. Funds and acc...

Final FCA, PRA rules 'imminent'

Market updates and sector developments

HM Treasury has published a draft statutory instrument that outlines the next steps in the process of replacing the&...

Completing the project

SRT Market Update

NatWest recently closed a project finance SRT transaction. The maturity of the deal is believed to be in 10 years, while...

Uncommon assets

SoFi Technologies CLN the forerunner of unusual asset CRTs

The imminent SoFi Technologies CLN securitizing student loan exposure is said to be the harbinger of a new class of CRT...

FFELP loan 'waivers' proposed

Market updates and sector developments

The US Department of Education last week published a notice of proposed rulemaking (NPR) in the Federal Register regardi...

SCI Start the Week - 22 April 2024

A review of SCI's latest content

*CRT Awards 2024* The submissions period for SCI’s 2024 Capital Relief Trades Awards closes on 31 May. Apply...

Bridging the gap

Syndicated solution launches for portfolio insurance

As appetite for structured credit solutions continues to grow, insurance balance sheets seem increasingly well suited to...

Rithm anchors captive CLO platform

Market updates and sector developments

Sculptor Capital Management has launched Sculptor Loan Financing Partners, the firm’s captive CLO equity inves...

Barrier to entry?

SRT allocation under scrutiny

The raft of funded and unfunded buyers seeking to enter the SRT market is driving intense bidding for allocations on dea...

Job swaps weekly: ELFA names Rinaldi as CLO investor committee co-chair

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees the European Leveraged Finance Association (ELFA) appoint...

RFC on agency second mortgage product

Market updates and sector developments

The FHFA has issued a notice of a proposed new product from Freddie Mac to begin purchasing single-family closed-end sec...

Moroccan debut

SOFAC launches first synthetic securitisation

Back in December 2023, SOFAC Structured Finance – a subsidiary of Moroccan consumer credit company SOFAC &...

Not dead yet

Hope remains for a 'vibrant' Indian NPL securitisation market

Developing a vibrant secondary market in loan sales remains possible in India, despite the failure of its ‘bad...

SCI Start the Week - 15 April 2024

A review of SCI's latest content

Tomorrow SCI’s ESG Leaders’ Securitisation Summit in London Last week's news and analysisBalancing...

Collectibles offered

SFS debuts fine art programme

Sotheby’s Financial Services (SFS) is in the market with its inaugural 144a securitisation. Believed to be the...

Mr Powell and the banks

B3E looks set to change, but how will it affect US SRT?

Few pronouncements by Federal Reserve chairmen have been as eagerly embraced by the financial community as those made by...

Job swaps weekly: A&O Shearman promotes two securitisation lawyers to partner

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees A&O Shearman announcing two new securitisation pa...

Balancing act

SRT Market Update

The first quarter was notable for a number of SRT trades referencing investment grade portfolios being executed at very...

Real estate finance platform formed

Market updates and sector developments

Blue Owl Capital has launched a real estate finance strategy with the acquisition of Prima Capital Advisors for the aggr...

Sustainable double

Polish STS SRT completed

The IFC has closed its second SRT in the Central and Eastern Europe region in under a week (SCI 5 April). Also featuring...

Latest SRTx fixings released

Tightening in the spread and volatility indexes reflect general firming across the broader markets a...

The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. Similarly to last month (SCI 6 Mar...

Skills gap?

Lack of specialist SRT talent on the market

The SRT sector is in a period of flux, with many new issuers and new investors entering the market (SCI 28 March). Altho...

SCI Start the Week - 8 April 2024

A review of SCI's latest content

Last week's news and analysis AGL, Barclays ink cooperation agreement New private credit investment platform Blue...

Wake-up call?

NCSLT decision spurs documentation improvements

The Third Circuit’s decision last month that the National Collegiate Master Student Loan Trusts (NCSLT) are &a...

SRT Monthly - March 2024

First significant wave of transactions of the year

Issuance overviewDuring March, the SRT market experienced its first significant wave of transactions of the yea...

Sustainability-linked SRT inked

SRT Market Update

BRD Groupe Societe Generale and IFC have closed a landmark synthetic securitisation that will free up capital for BRD to...

Job swaps weekly: Mount Street hires two amid international expansion

People moves and key promotions in securitisation

This week’s round-up of securitisation job swaps sees Mount Street Group fill two newly created senior roles,...

Serious business

ESG's evolving role in structured finance unpacked

ESG is still a top priority within structured finance, despite competing concerns stemming from rising interest rates. P...

Blue Owl to form insurance solutions unit

Market updates and sector developments

Blue Owl Capital has entered into a definitive purchase agreement to acquire Kuvare Insurance Services (doing business a...

AGL, Barclays ink cooperation agreement

Market updates and sector developments

AGL Credit Management and Barclays have launched a new private credit investment platform called AGL Private Credit (AGL...

EARN unveils 'strategic transformation'

Market updates and sector developments

The board of trustees of Ellington Residential Mortgage REIT (EARN) has unanimously approved a strategic transformation...

Directional correlations

SRTx mirroring SRT market developments

SCI launched the SRTx (Significant Risk Transfer Index) 12 months ago with the aim of providing market participants more...

CMBS slide

Commercial real estate values falling with no bottom in sight

Collapsed commercial real estate values, which will not recover for perhaps half a decade, will drive expected losses in...

More of the same, only more so

SRT market update

Deutsche Bank printed its latest Craft synthetic securitization, NatWest is about to print a securitization of...

On the up

Nordic reticence towards SRT "less pressing"

The Nordic and Baltic countries are expected to experience a “not-insignificant” increase in SRT iss...

Bayview bonanza

Spreads for HNB via Bayview auto loan CLN

Further details have emerged about the US$346m auto credit-linked note from Bayview Opportunity Master Fund VII 2024-CAR...

Hot, hot, hot!

Four takeaways from IMN's SRT Symposium

SCI attended IMN’s SRT Symposium at Clifford Chance last week. Based on our takeaways from the conference, her...

CRAFT 2024-1 prints

DB's latest corporate SRT unveiled

Deutsche Bank has executed the latest synthetic securitisation from its CRAFT programme. The significant risk transfer t...

Capital call exposures on offer

SRT Market Update

NatWest is understood to be in the final stages of executing a synthetic securitisation of capital call facilit...

SCI In Conversation Podcast: John Beacham, Toorak Capital Partners

We discuss the hottest topics in securitisation today...

In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to John Beacham, founder and CEO...

Navigating market volatility

Mike Nowakowski, md and head of structured products at Conning, outlines the opportunities for yield...

Institutional investors navigating market volatility increasingly seek asset classes offering unique yield opportunities...

Nordic SRT prepped

SRT Market Update

Nordea is believed to be on the brink of closing an SRT transaction. The move comes amid expectations that synthetic sec...

SCI Start the Week - 25 March 2024

A review of SCI's latest content

Last week's news and analysis Job swaps weekly: ARMOUR reveals successors to Gruber People moves and key promotions...

NCSLT found to be 'covered persons'

Market updates and sector developments

In a case involving the CFPB and the National Collegiate Master Student Loan Trust (NCSLT), the Third Circuit h...

Regional clamour

Fed approves Truist, Huntington in the market as regionals seek SRT balm

The Federal Reserve this afternoon (March 22) published approval on its website for Truist Bank to have an upcoming CLN,...

Job swaps weekly: ARMOUR reveals successors to Gruber

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees ARMOUR Residential REIT announce successors to o...

Tight print for Broadway

SRT Market Update

BNP Paribas’ Broadway SRT trade has priced, with the French issuer placing a first loss tranche (believed to b...

Motor finance review sparks RWA optimisation

Market updates and sector developments

Close Brothers has unveiled plans to strengthen its capital position by optimising RWAs, including by reducing...

SCI Start the Week - 18 March 2024

A review of SCI's latest content

Last week's news and analysis CLO strategic partnership inked Sagard partners with HalseyPoint, while Obra launches...

Tale of two markets

SRT Market Update

The outlook for the US SRT market currently appears to be mixed, with some banks reportedly waiting for the outcome of N...

Job swaps weekly: Newmark launches Paris office with raft of senior hires

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Newmark Group appointing two commercial real estate veter...

Vintage matters

Adam Castle, partner and portfolio manager at Lord Abbett, answers SCI's questions

Q: When did Lord Abbett begin investing in securitised products? Was there a specific driver behind its decision to ente...

CLO strategic partnership inked

Market updates and sector developments

Global alternative asset manager Sagard has begun laying the groundwork to expand its presence in the US CLO ma...

Constructive engagement

What it takes to close a debut SRT trade

Completing an SRT transaction from a first-time issuer takes time and resources, but investors are incentivised to parti...

Relaunched CMU prioritises securitisation

Market updates and sector developments

The ECB Governing Council has agreed a new roadmap for advancing the Capital Markets Union (CMU), with the aim of making...

Growth expectations

Alastair Pickett, co-portfolio manager of Chenavari's risk sharing strategy, answers SCI's questions

Q: As the team prepares to launch a new fund around its risk sharing strategy within the next few months, can you give u...

Job swaps weekly: Cadwalader appoints former FDIC deputy general counsel as partner

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Cadwalader appoint an industry veteran as a New-York-base...

SCI In Conversation Podcast: Ruhi Patil, Dentons

We discuss the hottest topics in securitisation today...

In this special International Women's Day episode of the SCI In Conversation podcast, SCI deputy editor Kenny Wastell sp...

Develop, advance and retain

IWD 2024: Inclusion in structured finance

Diversity is a cornerstone of the practice of securitisation, but the same cannot be said for the make-up of securitisat...

Unlocking potential

Embrace neurodiversity to drive success in securitisation

Neurodiversity is gaining more recognition as a crucial component in the pursuit of gender diversity and inclusion in st...

Latest SRTx fixings released

Index values indicate expectations of rising volatility and tempering in positive sentiment around l...

The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. There has been some incremental ti...

Barclays to hit up risk transfer

UK lender looks to offload risk from US card business

Barclays Bank is to use “selective risk transfer” to reduce an increase in risk weighted assets (RWA...

US SRT: Igniting issuance – video

PIMCO's Mark Kruzel speaks to SCI about the changing landscape in the US SRT market

Mark Kruzel, senior vice president for bank capital markets at PIMCO, speaks to SCI's Simon Boughey about the changin...

Ares forms equipment financing shop

Market updates and sector developments

Ares Alternative Credit has launched Ansley Park Capital, a newly-formed lending and specialty finance company that deli...

SRT buyer

Pension fund reputed to snap up US Bank deal

A pension fund has bought the synthetic securitization of US corporate loans from US Bank which was reported to be in th...

SCI Start the Week - 4 March 2024

A review of SCI's latest content

Last week's news and analysis Bank bonanza GSIBs, super regionals and regionals to line up for SRT Barclays inks...

Greater visibility?

SRT Market Update

As the last month of Q1 begins, a number of banks are expected to close SRT trades imminently. Consequently, more clarit...

Job swaps weekly: Starwood to draft in Blackstone exec as president

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Starwood Capital Group appoint a new president, as Jeffre...

It's a CIRT

First CIRT of 2024 for Fannie

Fannie Mae has completed its first CIRT deal of 2024, the GSE announced today (March 1). The deal, designated CIRT 202...

Toorak debut

New asset class gets first time rating

Toorak Capital Partners has closed the inaugural rated securitization of residential transition loans, it announced yest...

CEE momentum

EIB inks pair of green transition deals

The EIB Group this week executed two synthetic securitisations that support the green transition, one in Austria and the...

US SRT: Unblocking uncertainty – video

Clifford Chance's Gareth Old speaks to SCI about recent developments in the US SRT market

Gareth Old, derivatives- and structured-finance-focused partner at Clifford Chance, speaks to SCI's Simon Boughey abo...

Barclays inks 'strategic' credit card sale

Market updates and sector developments

Barclays Bank Delaware (BBDE) has entered into an agreement with insurance accounts managed by Blackstone’s as...

Budding partnerships

Hope for newcomers to tap opportunities in US private-label RMBS

Fitch and subsidiary dv01 launched a new RMBS presale platform in February with the intention of boosting access to data...

Bank bonanza

GSIBs, super regionals and regionals to line up for SRT

Between 10 and 30 US banks will be regular issuers in the SRT market, and there also is likely to be a few smaller deals...

Endgame alarm

Speakers at SFA mull the chances of re-proposal of Basel Endgame

There is only a 30% chance that the highly controversial US bank capital rules known as the Basel III endgame will be re...

NRA loans on the rise

Market updates and sector developments

Non-recoverable advance (NRA) determinations impacted US$2.7bn of US CMBS loans last year, representing an eye-watering...

SCI Start the Week - 26 February 2024

A review of SCI's latest content

Last week's news and analysis Challenger firm Dentons looking to put SRT at the forefront CLO 'stress indicator'...

Into the blue

Alpha Bank's latest SRT unveiled

Further details have emerged regarding Alpha Bank’s synthetic securitisation that it executed in Q4 l...

Getting ahead

SRT Market Update

Investors continue to highlight the notable pipeline of European corporate mandates in the SRT market as a clear trend....

Landmark DFC facility inked

Market updates and sector developments

Fintech provider StoneCo has obtained a landmark commitment of US$467.5m from the US International Development Finance C...

Job swaps weekly: Allen & Overy lures five from Milbank

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Allen & Overy hiring five structured finance prof...

SCI In Conversation Podcast: Ian Wolkoff, Pretium Partners

We discuss the hottest topics in securitisation today...

In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Ian Wolkoff, structured credit...

Historic opportunity?

MPL ABS set to benefit from credit card refinancing needs

Marketplace loan ABS issuance in the US posted volumes of US$7.6bn last year, lower than the US$9.5bn of supply seen in...

Rates and regionals

Greater AOCI pressures will bring US regional banks to SRT market

The pipeline in the burgeoning US SRT market is in the hands of the Federal Reserve, according to a leading asset manage...

Unlocking new frontiers

TRS market to grow as investor demands and market needs collide

The trade receivables securitisation (TRS) market is set for growth, as strong investor appetite and the ongoing squeeze...

CLO 'stress indicator' launched

Market updates and sector developments

KopenTech has launched a multifactor measure designed to enhance the monitoring of secondary CLO market conditions. Call...

US SRT: First waves - video

Seer Capital's Terry Lanson speaks to SCI about the outlook for SRT in 2024

Terry Lanson, md and portfolio manager at Seer Capital, speaks to SCI's Simon Boughey about the outlook for SRT in 20...

Challenger firm

Having recently joined law firm Dentons, partner Toby Gray and counsel Ruhi Patil are looking to put...

Q: Tell us about your recent move to Dentons and your targets within this new practice?TG: I joined Dentons in October 2...

SCI Start the Week - 19 February 2024

A review of SCI's latest content

Last week's news and analysis Corporate flow SRT Market Update Job swaps weekly: Hogan Lovells adds dozens from O...

Record breakers

SRT benefiting from 'greater public awareness'

SRT issuance volumes reached another record last year, as new funded investors entered the market and bank interest in s...

Survival of the biggest

CLO platforms retain allure as M&As in alternative credit continue apace

The volume of mergers and acquisitions in the alternative credit manager space grew last year, as large institutions and...

Corporate flow

SRT Market Update

As the halfway mark in Q1 approaches, a backlog of European corporate mandates appears to be building in the SRT market....

Job swaps weekly: Hogan Lovells adds dozens from Orrick

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Hogan Lovells snapping up a hoard of Italy-based finance...

Judgement day

Appeals court to rule on SEC's private funds proposals

The Court of Appeals for the Fifth Circuit is set to soon issue a ruling on the SEC’s Private Funds Adviser Ru...

On the cards?

BBUK acquisition could spell end of DELAM issuance

Barclays Bank UK (BBUK) last week entered into an agreement to purchase Tesco’s retail banking business for an...

Tectonic shift

Evolution of European NPL market could change geography of ABS opportunities

The European NPL market is poised for change this year, as Italy sees volumes decline and government-backed schemes comi...

SCI Start the Week - 12 February 2024

A review of SCI's latest content

Last week's news and analysis Break in the clouds 2024 investment opportunities eyed across Europe Capital veloci...

Romanian SME boost

EIB Group and Deutsche Leasing Romania close synthetic securitisation

The EIB Group and Deutsche Leasing Romania (DLRO), part of the Deutsche Leasing Group, have executed a &eur...

Job swaps weekly: Interpath poaches four from EY

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Interpath Advisory hiring four senior professionals from...

Capital velocity

SRT market update

With February now well underway, SRT investors repeatedly report a busy start to the year. Describing a context in which...

Non-traditional use

CMBS temporary housing challenges highlighted

Some landlords grappling with elevated office and lodging property vacancies in New York City are turning to alternative...

Break in the clouds

2024 investment opportunities eyed across Europe

With brighter skies forecast for 2024 as some normalcy returns to the European economy, several interesting pockets of i...

Transition boost

Climate-focused guarantor eyes emerging markets

The Green Guarantee Company (GGC), the first-ever climate-focused financial guarantor, is set to boost climate finance i...

Economic risk underestimated?

RWA density study shows downward convergence

A new Deutsche Bundesbank discussion paper points to a downward convergence of banks’ RWA densities over time...

FCA review spells uncertainty for UK auto ABS

Market updates and sector developments

The UK FCA last month announced a review of the historical commission structures across several auto lenders in the UK,...

Structured finance in private capital's pivot to hybrid fundraising

Growth in CFOs and RNFs driven by ongoing demand from regulated investors

Hybrid products including rated note feeders (RNF) and collateralised fund obligations (CFO) are growing in prominence,...

Latest SRTx fixings released

Index values indicate tightening in spreads in line with overall risk markets, with improved outlook...

The latest fixings for the SRTx (Significant Risk Transfer Index) have been released. Spread indexes have tightened comp...

Navient unveils 'strategic actions'

Market updates and sector developments

Navient has unveiled a strategic action plan designed to simplify the company, reduce its expense base and enhance its f...

SCI Start the Week - 5 February 2024

A review of SCI's latest content

Last week's news and analysis B note bonanza GSE CRT benefitting from 'bullish technical' Job swaps weekly: M&...

Job swaps weekly: M&G lures new cio from Allianz GI

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees M&G Investments snap up a new private markets cio...

PRA urged to fix non-neutrality issue

Market updates and sector developments

PCS has submitted its response to the UK PRA in connection with the consultation on the introduction of the output floor...

Mortgage modelling

Agency MBS could 'exacerbate' financial crises

Conventional wisdom holds that by fostering diversification and creating a ‘safe’ asset in the form...

Powen pioneers Spanish solar ABS

Market updates and sector developments

Powen Group, a portfolio company of Brookfield Asset Management, has closed a pioneering bank-funded securitisation of S...

Office loans face global DFG challenges

Market updates and sector developments

AEW has published its first global commercial real estate debt funding gap (DFG) analysis, which provides insights on th...

B note bonanza

GSE CRT benefitting from 'bullish technical'

The GSE credit risk transfer market posted one of the highest daily trading volumes on record last Thursday (25 January)...

SCI Start the Week - 29 January 2024

A review of SCI's latest content

Last week's news and analysis Building momentum Chinese consumer ABS market tipped for growth GSEs get set for so...

Job swaps weekly: Dechert rings the changes in US securitisation group

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Dechert make two appointments to its US asset finance and...

Inside job

Internal ESG assessments and SPOs favoured

Second-party opinions (SPOs) are growing in importance as climate credit risks and sustainable impact efforts continue t...

TCW launches ABF business

Market updates and sector developments

The TCW Group has launched a dedicated asset-backed finance (ABF) business that will be anchored with over US$1bn in cap...

Risk transfer round-up - 25 January

The week's SRT developments and deal news

Market newsBofA Global Research analysts believe that there is potential for 2021-2022 GSE credit risk transfer transact...

Pilot transaction

IDB expands focus and lending capacity to the private sector

The Inter-American Development Bank (IDB), the main source of development financing for Latin America and the Caribbean,...

The way back

SRT gives US banks chance to regain market share

Greater use of synthetic securitization will allow US banks to compete more effectively with the burgeoning private cred...

GSEs get set for social MBS

Market updates and sector developments

Fannie Mae and Freddie Mac have unveiled a new iteration of their social scores, rebranding them as ‘Mission I...

Building momentum

Chinese consumer ABS market tipped for growth

Chinese securitisation issuance posted a 7% decline in volumes last year. However, backed by solid mortgage originations...

SCI Start the Week - 22 January 2024

A review of SCI's latest content

Last week's news and analysis Back in the game Citi sells SRT, more in the works, say sources Fed checks banks' h...

Back in the game

Citi sells SRT, more in the works, say sources

Citi is said to have sold a SRT transaction referencing corporate loans before the end of last year, and ArrowMark is ru...

Job swaps weekly: Permira Credit promotes pair to lead expansion

People moves and key promotions in securitisation

This week’s round-up of securitisation job swaps sees Permira Credit appoint two new co-heads to lead the firm...

Gathering momentum

SRT market update

Following a measured start to the year, SRT investors are expecting a pick-up in issuance to materialise soon. Meanwhile...

Sound the retreat

No end in sight for bank lending deficit