2025 wrapped: Structured finance year in review

As market prepares for 2026, SCI looks back on themes that shaped 2025

The structured finance market in 2025 is much more clearly defined by structural evolution than headline volumes, from t...

European ABS sees resilient monthly issuance heading into year end

Demand for primary remains resolute despite some widening of spreads

The European ABS market maintained solid momentum in November, supported by continued primary issuance and resilient inv...

ECB reveals New Year resolution

SRT Market roundup

There has been a flurry of activity in the SRT market ahead of year end, with the ECB announcing the launch of its fast-...

Major MDB retaps SRT as it adds US$450m to flagship deal

Deal marks first retap of securitisation executed under originate-to-share model by an MDB

IDB Invest has completed a US$450m retap of its Scaling4Impact securitisation, increasing the size of the transaction to...

SCI In Conversation Podcast: Neal Wilson, EJF Capital

We discuss the hottest topics in securitisation today...

In this episode of SCI In Conversation, US editor Simon Boughey speaks to Neal Wilson, co-ceo, co-cio and joint founder...

SCI In Focus: Managers bet on growing LP spotlight for fresh ABF capital

New and established GPs eye different angles to gain edge

As the European ABF market has grown this year, initial capital allocation has unsurprisingly gone to the largest manage...

Job swaps weekly: Barrenjoey snaps up asset-backed income fund

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps – and the final roundup of 2025 – sees Bar...

Double-B CLO BWIC highlights softer trading conditions

Poh-Heng Tan provides insight into this week's US CLO double-B BWIC which highlights a flat-to-softe...

This week saw several US BSL CLO double-B tranches trade with cover DMs ranging from 542 bps to 1,059 bps, corresponding...

Debut public Lithuanian securitisation prints

UAB ILTE completes apartment renovation loan securitisation

UAB ILTE has closed the first-ever public Lithuanian securitisation. Called Vytis Reno Loans 2025-1, the €163m...

New SRT asset classes set to emerge in 2026

Expanding issuer base driving elevated activity

Activity in the SRT market has remained elevated through 2025, with issuance becoming more evenly distributed across the...

Call for increased EU regulatory ambition

Concerns remain over newly published SecReg texts

The European Parliament’s ECON committee, in charge of negotiating the securitisation reform package,...

Opportunities eyed in the 'eddies of ABF'

Davidson Kempner favours market's quieter corners for risk-adjusted returns

While direct corporate lending dominates private credit headlines, Davidson Kempner Capital Management argues that inves...

Solvency 2 recalibration reopens door to CLOs but hurdles remain

S&P says capital relief improves senior tranche economics, though a broad-based shift in insurer...

Reforms to Solvency 2 could significantly reduce capital charges on senior securitisation tranches, including triple-A&a...

ABF Deal Digest: Sardis Group targets retail investors with private market interval fund

A weekly roundup of private asset-backed financing activity

This week’s roundup of private ABF activity sees securitised credit investment management firm Sardis Group la...

Landmark SRT announced in the Baltics

SRT market update

The EIB Group has completed an inaugural SRT based entirely on an Estonian portfolio. The transaction is issued...

Pair of Spanish securitisations print

SRT market update

BBVA has closed a pair of securitisations, in which the EIB Group has invested a total of €714m. The investment...

Pinnacle Bank signs strategic partnership with Greystar

ABF deal will build Pinnacle's bridge lending platform

Editor's note: updated on 17 December with further details on the structure. Pinnacle Bank has entered a strategic par...

RTL securitisations set to gain traction next year

Cardinal Capital and Saluda Grade securitisations mark inflection point for residential transition l...

A wave of residential transition loan (RTL) securitisations is transforming how private lenders finance property develop...

ELFA updates guidelines to improve CLO reporting

Trade body adds information for a number of areas where inconsistent reporting is holding back the i...

The European Leveraged Finance Association (ELFA) has added more information to its best practice guidelines around the...

Japanese lender completes first Asia Pacific SRT

SRT market update

SMBC has closed its first SRT transaction out of its Asia Pacific division, referencing a US$3.2bn portfolio of...

Regulars line up for last orders

SRT market roundup

There continued a regular cadence of SRT issuance this week, but it is likely to be the last busy week of the year and t...

Spanish issuer crosses the pond

SRT market update

Santander has priced a US$212m auto loan CLN, designated SBCLN 2025-A, and split into seven tranches. The US$10.17m A2...

Spanish corporate loans offered

SRT market update

CaixaBank will next week finalise a €2bn SRT transaction referencing a portfolio of Spanish SME and corporate l...

Job swaps weekly: Jefferies strikes Hildene deal

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Jefferies Financial Group acquiring a 50% stake in the pa...

ABF market eyes a stronger 2026 as bank appetite rebuilds

Banks face a defining year as private credit advances into their core markets

Banks are entering 2026 in a competitive ABF landscape, as private credit platforms continue to absorb activity that onc...

L&G preps new evergreen fund finance strategy

Fund will focus on private wealth and insurance capital channels

L&G is preparing to launch a new evergreen fund finance strategy, SCI has learned. The new fund will focus on sh...

Dutch lender inks trade with Blackstone

SRT market update

ABN AMRO has closed another SRT transaction, referencing a €2bn portfolio of large corporate loans, partnering...

StrideUp reopens UK's Sharia-compliant securitisation market

Country's first HPP-backed RMBS since 2018 signals renewed institutional appetite for Islamic home f...

StrideUp has reopened the Sharia-compliant securitisation market in Q4 this year with Meridian Funding 2025-1, the first...

SCI In Focus: Powering complex data centre deals

Offshore SPVs are becoming critical infrastructure for ABF structures worldwide

Offshore SPVs have gone from dusty filing cabinets to the control rooms of global finance and are now a core component o...

ABF Deal Digest: Virtus adds asset-backed lending capability with Keystone acquisition

A weekly roundup of private asset-backed financing activity

This week’s roundup of private ABF activity sees Virtus Investment Partners, which operates a multi-manager as...

BlackRock targets global flexibility and cross-sector relative value

BGF Global Securitised Fund to allocate dynamically across ABS, MBS and CLOs

BlackRock has launched the BGF Global Securitised Fund, a new strategy designed to invest across the major global securi...

Africa gears up for landmark multi-originator SRT platform 

AfDB/SG team to issue new deal in 2026

A ground-breaking deal from the new partnership between African Development Bank (AfDB) and Société...

Fitch warns of CLO tail-risk as legal finals shorten

Tail periods under four years flag structural vulnerabilities, despite limited market adoption

Fitch Ratings has cautioned that a small number of European CLOs are emerging with tail periods of less than four years,...

SCI In Conversation Podcast: Jeremy Hermant, Alantra

We discuss the hottest topics in securitisation today...

In this episode of SCI in Conversation, US editor Simon Boughey speaks to Jeremy Hermant, senior advisor at Alantra, abo...

2026 CLO Outlook: Reset heavy and pronounced manager tiering

Global CLO supply is expected to be dominated by refi/rest activity as continued dispersion drives f...

This year has seen the global CLO primary market surpass $600bn in gross supply, according to SCI data, with $197bn in n...

Latest SRTx fixings released

Fundamentals healthy, with caveats, at year end

The SRTx fixings for November 2025 show continued strong performance in European markets, while the US corporate segment...

Aluna arranges loan receivables deal

Originated by a South African SME lender

Aluna Partners Group has arranged a US$10m loan receivables deal, SCI has learned. Cape Town SME Funding 2025-1 has be...

Record-breaking US CLO triple-A flow underscores strong market depth

Poh-Heng Tan from CLO Research provides insights on market liquidity as $1.5bn triple-A surge marks ...

Last Thursday saw a remarkable surge in CLO secondary market activity, with around US$1.5 billion of US CLO tri...

European lenders to the forefront

SRT market roundup

At the end of this week – the penultimate week of execution of 2025 – Allied Irish Bank (AIB) was pr...

Secondary trading signals a tougher landscape for US CLO equity

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

Overall, the latest BWIC colour shows that prices for these CLO equity tranches have fallen by far more than the distrib...

Job swaps weekly: Fitch succession plan kicks into action ahead of Duignan retirement

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Fitch Ratings making a wave of changes in its global anal...

Democratising structured capital solutions

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

Q: You recently joined Gibson Dunn as the head of fund finance and a partner in New York. What attracted you to th...

Flexam eyes transport deals for niche origination

European lender gaining traction in the Nordics, Netherlands and Germany

Flexam Invest is eying new origination opportunities in the transport sector. The European lender is bullish on new orig...

UK homebuilding finance uses risk sharing

SRT market update

The British Business Bank (BBB) has completed a new credit risk transfer deal of up to £350m with UK merchant...

EU urged to recalibrate securitisation reforms

Council's technical compromise viewed as 'unduly conservative'

AFME and the European Banking Federation (EBF) have published an open letter to the European Council and Member...

Triple-A liquidity and yield make CLOs a 2026 standout

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

As rates stay low, triple-A CLO debt continues to stand out as an attractive option relative to other fixed income asset...

Newmark targets burgeoning European data centre pipeline

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

Newmark's newly appointed European co-heads of data centres are preparing to launch between €1bn and €...

Imminent RMBS SRT from European

SRT market update

Allied Irish Banks (AIB) is poised to issue a new SRT trade referencing a €2bn portfolio of residential mortgag...

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

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

Three years post-ruling, the operational reality of the German Federal Court of Justice (BGH) ruling IX ZR 145/21 is fin...

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

A weekly roundup of private asset-backed financing activity

This week’s roundup of private ABF activity sees Riyadh-headquartered SME financing platform erad secure US$12...

Resets drive record year for European CLOs

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

It has been another strong year for the European CLO market, which has exhibited continued growth in terms of volume, ma...

SRT: EIF highlights strategic focus in the Nordics - video

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

Jesper Skoglund, structured finance manager at the European Investment Fund (EIF), speaks to SCI's Nadezhda Bratanova...

Big lender to close Czech loan SRT

SRT market update

A major European issuer will close a new SRT transaction referencing Czech assets in the first weeks of Decembe...

Spanish RMBS takes centre stage

SRT market update

Banco Santander has closed its expected cash RMBS SRT deal. Called Santander Residential 1, the deal is worth &eur...

Programmatic issuer inks pair of SRTs

SRT market update

Santander has finalised SRT deals in both the UK and Spain under its Motor Securities and Magdalena programmes respectiv...

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

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

Q: Enpal’s second public ABS transaction, Golden Ray 2, began marketing in November, shortly after an...

NLC expands investor base for sub-line fund

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

NLC Capital Partners has hit US$750m for its new subscription line financing fund, SCI has learned. NLC Fund Financing I...

GSIB surfacing

SRT market update

Goldman Sachs is said to be in the market with a US$5bn risk transfer deal, based on a portfolio 80% composed of investm...

Active October brings heavy supply and strong demand

Despite strong issuance, volatility highlights diverging views on valuations

The European ABS market remained active in October, with substantial primary issuance, strong demand across most sectors...

Job swaps weekly: IQ-EQ acquires Zenith

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees IQ-EQ acquiring Zenith Global, marking its entrance into...

NLC targets up to US$3bn for new NAV lending fund

Ex-Macquarie pros Steve Berry and Roger Fox will manage the strategy

NLC Capital Partners is eyeing up to US$3bn for a new credit NAV lending fund, SCI has learned. The new product, which...

Sprint to the finish line

SRT market update

After this weekend, the SRT market will enter the last frenetic fortnight of pricing and execution before year-end, and...

Australia eyes debut data centre securitisation

Issuance anticipated within next 12 months

Australia is to capitalise on growing demand for digital infrastructure with its first data centre securitisation within...

Breaking new ground with Europe's first multi-country public auto deal

AUTO1's FinanceHero 2 points to potential for more multi-country issuance

AUTO1 Group’s Q3 completion of Financehero 2, the first European public securitisation to pool auto instalment...

CLOs: Surging issuance in Europe - video

Kartesia's Htun speaks to SCI about key themes shaping the CLO market and the outlook for 2026

Michael Htun, head of CLOs at Kartesia, speaks with SCI’s Solomon Klappholz about the key themes shaping th...

Austrian bank returns to SRTs after decade absence

UniCredit and PGGM seal long-term SRT partnership

UniCredit Bank Austria has re-entered the SRT market after a 10-year hiatus, SCI has learned, with a €1.945bn S...

Regulators turn nice

Global reforms to boost issuance

Securitisation volumes will blossom in 2026 should a constellation of global regulatory initiatives come to fruition, ac...

Busy year-end, steady Q1 in SRT land

SRT market update

The SRT market is entering the last helter-skelter period of execution for 2025 and pricing decisions will be made in th...

ABF Deal Digest: LendingClub expands into home improvement financing

A weekly roundup of private asset-backed financing activity

This week’s roundup of private ABF activity sees LendingClub Corporation partner with Wisetack to enter the US...

Ex-BZ duo eye ABF fund launch

Eden Rock Credit seeking family offices for European-focused strategy

Former BZ duo Robert Wakeford and Kevin Yates have teamed up to launch a new asset-backed finance fund, SCI has learned....

BciCapital closes hybrid aftercare facility while expanding into CLOs

BciCapital pairs hybrid aftercare innovation with rising demand for mid-market CLO solutions

BciCapital has closed a U$75m hybrid aftercare structured credit facility for a major alternative asset manager with mor...

Double whammy for new SRT issuer

SRT market update

ING closed its two debut SRT trades today, the Dutch lender has confirmed. These deals mark its initial foray...

SRTs: Growth in unfunded SRTs powered by insurers - video

Mayer Brown's Edmund Parker speaks to SCI about the growing activity in the unfunded SRT space

Edmund Parker, partner and global head of derivatives and structured products at Mayer Brown, speaks to SCI&rsquo...

UK mortgage lenders at the forefront

SRT market roundup

The busiest quarter of the year in the global SRT market continues to fail to disappoint, with deals, rumours of deals a...

Job swaps weekly: Amundi and ICG ink long-term partnership

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Amundi and ICG launch a long-term partnership that will s...

Inside EDW UK's strategy: bringing transparency to private credit

Nigel Batley, executive director of EDW UK, answers SCI's questions

Q: You were named executive director of European DataWarehouse UK in September, taking over from Markus Schaber. What ma...

Number four at Newmarket

SRT market update

Newmarket, the well-known US SRT investor, this week announced the closing of its fourth investment fund directed at SRT...

Pearl Diver targets SRT strategy as LP demand strengthens

SRT market update

Pearl Diver Capital, the investment manager which last week announced the closing of its Pearl Diver Aquanaut Fund, plan...

Enpal debuts first public solar and heat pump ABS

Golden Ray 2 marks the next stage in funding Europe's renewable energy transition

Enpal is in the market with its highly-anticipated second consumer ABS, Golden Ray 2, marking the first public...

SRT: Identifying comps as yields tighten - video

Alantra's Jeremy Hermant speaks to SCI about comparative value and pricing in a climate of SRT yield...

Jeremy Hermant, special advisor with SRT arranger Alantra, speaks to Simon Boughey, SCI US editor, about comparative...

Chenavari eyes new evergreen ABF fund

Preparing for early 2026 launch, strategy incorporates SRT transactions

Chenavari Investment Managers is eyeing the launch of a new evergreen asset-backed finance fund. Called Chenavari Europe...

ABF Deal Digest: Shentel launches inaugural fibre network ABS

A weekly roundup of private asset-backed financing activity

Editor's note: updated on 25/11/25 to name one of the lenders in the ASOS refinancing. This week’s round...

Cutting through the complexity

Thomas Picton, partner at Paul Hastings, answers SCI's questions on the evolution of the ABF market

Q: You joined Paul Hastings earlier this month, at a time of expansion in the asset-backed finance market. What drew you...

Former Emso credit head begins fundraising

Marco Lukesch is working with IQ-EQ on a multi-currency credit strategy

Former Emso Asset Management veteran Marco Lukesch is launching a new asset-backed finance fund. Lukesch, who left Emso...

EIB eyes Baltics as next SRT frontier

Bank scaling up activity amid push to open emerging markets

The European Investment Bank (EIB) is seeking to scale up its synthetic securitisation activity across the Baltics, as t...

BciCapital targets CRE NAV gap in US market

Structured products platform deploys US$2bn as it carves a niche in bespoke ABF

BciCapital is rapidly gaining traction in the US asset-backed finance market, after deploying nearly US$2bn since launch...

CLO secondary depth improves as triple-A activity dominates

BWIC activity shows lower DNT rates and stronger price discovery

CLO market liquidity remains resilient as 2025 secondary trading volumes continue to climb across US and European market...

Q4 in SRT land still rumbling

SRT market roundup

The week-ending November 14 in the SRT market perhaps lacked the frenetic activity of the previous seven days but there...

ABF Deal Digest: Nexamp ramps up innovative clean energy financings

A weekly roundup of private asset-backed financing activity

This week’s roundup of private ABF activity sees clean energy firm Nexamp close a US$600m aggregation facility...

Job swaps weekly: Newmark adds two London-based mds

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Newmark making two senior appointments to its European de...

New managers join the SRT surge

SRT market update

Pearl Diver Capital, a boutique CLO investment manager, yesterday (November 13) announced the closing of a new open-ende...

SRT: Third-quarter data suggests 'flight to quality' - SCI Analytics

Inaugural SCI Analytics quarterly report underlines SRT investor preference for clarity in due dilig...

The SRT market is demonstrating resilience, despite a high-pressure, end-of-year rush, with credit quality and investor...

Ashland Place eyes European expansion as aviation finance rebounds

Alternative lender capitalises on milestone securitisation and new hire as it targets growth

Ashland Place, the aviation finance platform backed by Davidson Kempner Capital Management (DK), is seeking to capitalis...

SCI In Focus: Redefining the boundaries of ABF

Structured asset sales gain traction in the race to fund the tech revolution

Private credit’s rapid expansion is rewriting the rules of financial markets, as the race to fund what many ar...

Chorus hits halfway mark for US$3.5bn SRT fund

SRT specialist achieves US$1.75bn nine months after launch

Chorus Capital has hit the halfway point for its new US$3.5bn SRT fund just nine months after launch, SCI has learned.&a...

CLO equity BWIC activity shows strength

CLO equity has faced a challenging period, with ongoing asset repricing weighing on annual distribut...

  Notional CLO Manager Deal Closing Date ...

German lender seen with new auto deal

SRT market update

Deutsche Bank is structuring a synthetic securitisation referencing a €1bn portfolio of Italian auto l...

Ex-Goldman structuring pro eyes ABF fund

Luca Lombardi seeks investors for ArxNova Asset Management

Former Goldman Sachs veteran Luca Lombardi is eyeing the launch of an asset-backed finance (ABF) fund, SCI has learned.&...

Debut SRT for Belgian bank

SRT market update

KBC Group has completed its inaugural SRT transaction, transferring mezzanine risk on a €4.2bn Belgian corporat...

US CLO equity payouts hit five-year low

Loan spread tightening and erosion in junior OC cushions continue to weigh on headline payouts

US CLO equity payouts continued to soften this quarter (Q4), with the median quarterly distribution declining to 2.6%, m...

IFC expands SRT programme with trade finance deal

SRT market update

Crédit Agricole has finalised a US$2bn SRT with the IFC, marking the fourth deal under their decade-long Marc...

BXCI targets complex corporate solutions

Private credit giant bolsters European ABF push with new hire

Blackstone is seeking to capture the growing demand for large, complex corporate solutions, as the ABF market continues...

First Brands fallout tests CLO confidence but impact remains contained

Loan spread tightening and erosion in junior OC cushions continue to weigh on headline payouts

The collapse of US auto-parts manufacturer First Brands shook credit markets with participants worried by the firm&r...

Latest SRTx fixings released

US spreads reprice risk as market sentiment remains stable

The latest SRTx fixings show a complex picture, including a widening of US corporate spread. This response directly alig...

SCI In Focus: Vanishing borrowers the 'unpriced risk' in securitisation

Mass deportations and due diligence gaps are exposing cracks in the US consumer ABS market

The US consumer ABS market is facing a new kind of crisis – not of defaulting borrowers, but of disappeari...

Bellemeade Re 2025-01 prices

Arch US$200m ILN prints and oversubscribed

The US$199.3m mortgage insurance linked note (ILN) Bellemeade Re 2025-01 from mortgage insurer Arch and seen in...

Q4 frenzy in SRT land

SRT market roundup

As befits a week deep in Q4, it has been a very busy five days in the SRT market with plenty of deals both pricing and i...

SRT market activity firing in all sectors

SRT market update

Several key SRT transactions advancing towards pricing before year-end as activity as the market continues to fire on al...

German bank eyes programmatic SRT issuance after debut CRE deal

SRT Market Update

On the heels of its its debut synthetic securitisation last month,  Aareal Bank is strongly considering regular...

Job swaps weekly: Arcmont makes trio of senior hires

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Arcmont making three senior appointments spanning structu...

Rare sighting of USD ILN

First ILN for 14 months in the market

Arch Insurance has sold the first insurance-linked note (ILN) seen in the market for 14 months, and the first such note...

Spanish issuer bombards SRT sector

SRT market update

Santander is reportedly in the market with at least 10 synthetic risk transfer deals, as the bank heads into what is sha...

Europe and Asia see new deals

SRT market update

A major European lender is understood to be preparing its first-ever SRT in the Czech Republic, referencing a €...

ABF Deal Digest: SBI Group to access private credit via Carlyle partnership

A weekly roundup of private asset-backed financing activity

This week’s roundup of private ABF activity sees Carlyle and SBI Group team up to provide private credit oppor...

UK BTL drought behind European RMBS decline

Drop in volumes reflects market adjustment rather than fundamental weakness

Weakness in the UK's buy-to-let mortgage sector could be responsible for the decline in European RMBS issuance this year...

Issuers turn to CRE and RMBS for next wave of SRT growth

Basel IV triggers CRE and RMBS SRT surge in Europe

European SRT issuance is entering a new phase of diversification, with CRE and residential mortgage portfolios now drivi...

Japanese lender to return to market in Q1 2026

SRT market update

Mitsubishi UFJ Financial Group (MUFG) is planning an SRT backed by a US$1.5bn–$2.5bn portfolio of large corpor...

US CLO double-Bs trade inside 500 DM on strong BWIC demand

Poh-Heng Tan from CLO Research gives insight on BWIC post-trade colour

Yesterday saw a nice line-up of BB tranches traded, each with a notional of one million, providing useful pricing colour...

Dutch SRT supports energy transition

SRT market update

Rabobank and PGGM have completed a €1bn SRT referencing a portfolio of granular CRE exposures in the Netherland...

Job swaps weekly: Barclays names New York ABS and RMBS co-heads

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Barclays elevate a pair of mds to lead its New York ABS a...

European expansion

SRT market update

Deutsche Pfandbriefbank is in the market with a US$2bn synthetic securitisation referencing US loans, SCI learns. The de...

SCI In Conversation Podcast: Pietro Bellone, A&O Shearman

We discuss the hottest topics in securitisation today...

In this episode of SCI In Conversation, Pietro Bellone, structured finance and securitisation partner at A&O She...

Siepe builds for scale as the lines between private credit and structured finance blur

New hires and fresh investment driving global expansion and product innovations as convergence conti...

Siepe is gearing up for its next growth phase following a recent WestCap investment and a wave of new client wins. T...

New UK CRE deal attracts strong investor interest

SRT market update

NatWest is progressing with a synthetic CRE transaction, with an expected closing in early December.  The ref...

ABF Deal Digest: Barclays expands US consumer finance footprint with Best Egg acquisition

A weekly roundup of private asset-backed financing activity

This week’s roundup of private ABF activity sees Barclays US Consumer Bank strengthen its consumer loan origin...

Digital credit pioneer sees blockchain as natural fit for CLO mechanics

Sam Paderewski co-founder of Grove - incubated by Steakhouse Financial – answers SCI's questio...

Paderewski previously spent five years as an investment analyst at Hildene Capital Management and four years on Citi&...

Santander leading uptick in European ABS volumes

Demand for paper trumps selective risk assessment amid robust investor appetite

The European securitisation market is undergoing a period of significant expansion, following the end of quantitative ea...

Monthly international ABS activity reaches 2025 peak in September

Monthly European ABS issuance reaches annual high as portfolio managers hail consumer and mortgage-b...

The European ABS market picked up pace in September, following a quiet August, with high levels of issuance and strong i...

SCI Risk Sharing Awards: Outstanding Contribution to SRT

Winners: Georges Duponcheele and William Perraudin

SCI’s 2025 Outstanding Contribution to SRT Award celebrates Great Lakes Insurance senior credit portfolio mana...

SCI Risk Sharing Awards: SRT Team of the Year

Winner: Seer Capital

Seer Capital’s regular and accessible research publications are widely viewed as the gold standard for intelli...

UK SRT policy finalised

PRA publishes near-final policy statement

The PRA has confirmed key targeted policy changes for securitisation, providing (much-needed) clarity for the UK SRT mar...

UK lender securitises CRE exposure

SRT market update

Lloyds Bank is expected to price a £500m synthetic securitisation referencing a portfolio of CRE exposures by...

UK's largest master trust appoints Invesco for triple-A CLO allocation

Scheme targets higher yields and diversification through Invesco-managed triple-A CLO exposure

Invesco has been appointed to manage over £260m in triple-A CLO debt for the UK’s largest commercial...

SCI Risk Sharing Awards: Service Provider of the Year

Winner: Cardo AI

The degree of automation and scalability provided by the Cardo AI platform creates genuine efficiency in the portfolio o...

SCI Risk Sharing Awards: North American Law Firm of the Year

Winner: Mayer Brown

Mayer Brown prides itself on providing US market participants with comprehensive, cutting-edge legal counsel for risk tr...

SCI Risk Sharing Awards: European Law Firm of the Year

Winner: A&O Shearman

A&O Shearman’s CRT platform is a unique offering: fully transatlantic capability, trusted counsel to b...

US pension fund backs Canyon Partners with new commitment

Canyon CLO Fund IV extends firm's two-decade CLO track record, targeting US and European equity...

Texas County & District Retirement System (TCDRS) has committed US$74.3m to Canyon CLO Fund IV, adding...

US regionals line up to do deals

The small US regional bank CRT market is hotting up

EJF Capital is readying seven or eight smaller US regional banks to issue CRT transactions to the market value of US$500...

SCI Risk Sharing Awards: North American Arranger of the Year

Winner: Scotiabank

Scotiabank demonstrated excellent arranging and structuring skills with the successful execution of the US$7bn Cabot 202...

Job swaps weekly: BTG Pactual snaps up alternative credit veteran

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees BTG Pactual Global Alternatives hiring a former cofounder...

SCI In Focus: Building teams for a new era

Talent strategy a competitive differentiator in an evolving securitisation market

The saying goes that there’s no ‘I’ in team, but there is in the core values for teams...

Back leverage easing European CRE refi crisis

Debt funds help cut funding gap by 18% to €74bn, but regional differences remain

The European commercial property refinancing crisis is slowing dissipating, with borrowing costs stabilising and an infl...

SCI Risk Sharing Awards: European Arranger of the Year

Winner: Alantra

Alantra demonstrated outstanding breadth and depth across the European SRT market during the awards qualifying period, a...

SCI Risk Sharing Awards: North American Issuer of the Year

Winner: Citi

Citi’s Terra Significant Risk Transfer (SRT) programme stands out as one of the most active, robust and effici...

Landmark Romanian SRT completed

SRT market update

Raiffeisen Bank has executed a €1bn synthetic securitisation referencing a portfolio of unsecured personal loan...

SRT sceptics

Market participants refute perception of magical thinking

The SRT market is (once again) the subject of a debate regarding its role in financial stability. While critics, notably...

Rare multi-lender SBA securitisation prints

Alternative lenders reshaping small business finance amid search for liquidity solutions

Community Bank & Trust, a US regional lender, has completed a rare multi-lender securitisation of unguaranteed p...

Established asset managers seek scale in European ABF

Collateralised, data-driven origination to drive next phase of private credit growth 

With ABF becoming the fastest-growing frontier of private credit, established asset managers are now making moves to...

Reckoner debuts BBB-B CLO ETF

Fund set to tap growing investor appetite for mezz exposure

Reckoner Capital has launched the Reckoner BBB-B CLO ETF (RCLO) on the New York Stock Exchange, offering retail inve...

SCI Risk Sharing Awards: European Issuer of the Year

Winner: Intesa Sanpaolo

Intesa Sanpaolo achieved a high SRT transaction volume, both by deal count (seven) and notional value (€12bn),...

Four GSIBs reported in CRT market

Bumper Q4 in the offing

JP Morgan is reported to have priced a CRT deal tied to a pool of leveraged loans today, but no other terms have emerged...

SCI Risk Sharing Awards: (Re)insurer of the Year

Winner: AXIS

AXIS participated in a wide range of transactions during the awards period, demonstrating broad asset class expertise. F...

JPMorgan implements BSL cashless roll solution

Platform promises to streamline loan facility tracking as refis, repricings and extensions take up a...

JP Morgan has become the first administrative agent to adopt Versana’s new cashless roll solut...

Polish lender closes SRT backed by green infrastructure

SRT market update

PGGM and mBank have successfully closed a new SRT, the third between the two parties in three years. The deal references...

ABF Deal Digest: GCI vets helm new container platform

A weekly roundup of private asset-backed financing activity

AB CarVal launches evergreen fund  AllianceBernstein has launched an evergreen ABF fund, the AB CarVal Credit...

SCI Risk Sharing Awards: Investor of the Year

Winner: Chorus Capital

The only major independent SRT-focused asset manager, Chorus Capital raised US$2.5bn of capital commitments during the a...

De-stressing stress tests

Fed could recognize CRT deals in US bank stress tests

This Friday, October 24, the Federal Reserve could announce at an open board meeting that future bank stress tests will...

SCI Risk Sharing Awards: Innovation of the Year

Winner: Derivative Credit Risk Transfer Solution

BNP Paribas and Howden’s Derivative Credit Risk Transfer Solution represents a pioneering step in untranched s...

Enpal and M&G expand partnership with €700m warehouse

Clean-energy firm ramps up refinancing ahead of issuing its second ABS this year, featuring heat-pum...

Enpal has established a €700m warehouse with M&G to refinance its growing portfolio of residential...

SCI Risk Sharing Awards: ESG Deal of the Year

Winner: Scaling4Impact

Scaling4Impact stands out for its multiple ‘firsts’ and its broad-reaching impact. For making a real...

MPOWER closes debut private student loan securitisation

US fintech plans programmatic private deals alongside annual public ABS issuance

MPOWER Financing has completed its first private securitisation, a U$100.5m transaction including refi loans alongside i...

SRT talent lag

RCQ associates discuss recruitment trends

As the market nears the year-end, the Q4 pipeline for SRT activity is reaching its peak, fueling notable hiring momentum...

SCI Risk Sharing Awards: European Transaction of the Year

Winner: ARTS Leasing 2024

The €2.5bn ARTS Leasing 2024 deal represents the largest fully unfunded SRT ever placed with (re)insurers and t...

SCI Risk Sharing Awards: North American Transaction of the Year

Winner: EJF CRT 2025-1

EJF CRT 2025-1 established a precedent for smaller financial institutions aiming to adopt synthetic securitisations to m...

Job swaps weekly: White & Case names new partners for 2026

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees White & Case has announced a swathe of promotions...

CLO warehouse lifecycles extend as investors recalibrate risk

Longer ramp-up periods, greater use of subordinated debt and renewed confidence in Cayman structures...

CLO warehouse activity is showing signs of evolution in 2025, with lifecycles stretching and investors repositioning the...

European SRT momentum: French lender completes deal

SRT market update

Natixis has completed a €1bn synthetic securitisation referencing a portfolio of leveraged loans, according to...

Asian SRT market expands to new jurisdictions

SRT market update

Investors eye new synthetic securitisation opportunities in expanding Asian markets as two new jurisdictions are expecte...

World Risk Sharing Summit review

SCI innovates by giving a platform to active LPs in the SRT market

As part of SCI’s World Risk Sharing Summit, a panel of leading institutional investors, focused on the LP pers...

SCI In Focus: Infrastructure CLOs to be key in closing global financing gap

As infrastructure financing needs continue to grow, CLO-based securitisations could alleviate banks'...

CLOs will play an important role in the global push to close the infrastructure financing gap, experts suggest. As infra...

Pemberton's push into NAV financing

Partner Thomas Doyle answers SCI's questions

Pemberton Asset Management recently closed its debut NAV Financing Core Fund I at US$1.7bn, marking a milestone in its e...

European ABF Forum 2025: Insurers, partnerships and the push for pragmatism

Insurers emerge as key buyers as Europe's ABF market eyes clearer standards and a clearer path forwa...

SCI’s inaugural European ABF Conference on Monday (13th October) was packed with discussion, centering on the...

NatWest inks debt facility to rural lender backed by BBB

Guarantee enables preferential pricing for agricultural finance specialist

NatWest has provided a £100m senior debt facility to Rural Asset Finance (RAF), a specialist lender to UK farm...

US BSL BB cover bids span 503–792 DM, with high-MVOC deals priced tight

Poh-Heng Tan of CLO Research shares insights on secondary trades which highlight renewed demand for ...

  Face (original) Reinvestment End Date Optional Rede...

Targeted amendments to EU securitisation capital rules

Risk Control paper introduces technical fixes to the European Commission's June 2025 proposals.

The European Commission’s June proposal was, as we noted at the time, “incrementally positive.&r...

Auxmoney raises €950m in dual ABS deals

Lender breaks new ground with largest-ever securitisation funding for a European fintech platform

European consumer lender auxmoney last month completed its largest-ever capital markets funding spree, raising &...

Job swaps weekly: Orrick and Cadwalader ring the changes

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Orrick hiring 37 CLO and asset-backed lending lawyers fro...

Arra Finance acquires Crescent Auto Finance in ABS push

Subprime auto lender expands origination platform and diversifies capital base ahead of securitisati...

Arra Finance has purchased Crescent Bank’s auto finance division in a bid to scale its origination platfor...

Latest SRTx fixings released

Spreads and sentiment retrace

The latest SRTx fixings suggest that the current market environment and outlook for the SRT sector is characterised by a...

SEC eyes rule revamp in a bid to revive public RMBS

'Rare opportunity' for feedback as ABS definitions and disclosure rules are reviewed

The US SEC has proposed changes to ABS definitions and RMBS asset-level disclosure rules in a bid to reinvigorate th...

European CRE CLOs set for growth as transitional real estate financing evolves

Stabilising rates and the rise of non-bank lenders are setting the stage for European CRE CLO boom

European commercial real estate markets are showing tentative signs of recovery as interest rates stabilise, prompting r...

Greek bank completes SRT with Davidson Kempner

SRT market update

CrediaBank has completed a €0.5bn synthetic securitisation referencing performing SME and corporate exposures,...

CRE issuance on the rise

SRT market update

Commercial real estate SRT deals are on the rise in Q4, with four such transactions currently in the pipeline,...

EM SRT gearing up for a busy autumn

SRT market update

Emerging SRT markets are gearing up for a busy autumn, with two Mexican transactions already in progress, sources tell S...

LatAm SRT on 'slow burn' as IDB signals market surge

Further jurisdictions set to open up across the region

Latin America has long been seen as a region where excess bank capital, patchy data practices and volatile macro conditi...

Job swaps weekly: Apollo launches sports and events investment division

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Apollo Global Management launching a sports and live even...

Tamara secures landmark ABS in Middle Eastern fintech deal

BNPL facility reflects growing confidence in Gulf consumer credit market and online shopping boom

Saudi Arabian fintech Tamara last month secured a US$2.4bn Shariah-compliant ABS facility from Goldman Sachs, Citi and A...

European issuer in the market

Well-known SRT shop offers high yield exposure

BNP Paribas has two SRT deals in the market, according to well-placed market sources, and is currently canvassing bids. ...

Intain doubles down on AI and tokenisation for ABF

Intain founder and ceo Siddhartha Siddhartha answers SCI's questions

Q: Earlier this year, Intain announced its partnership with KSD Capital. What’s the ultimate aim behind your m...

SCI In Focus: IFC joins MDB securitisation push with debut emerging market CLO

World Bank's private-sector arm prices $510mn securitisation to mobilise private capital for develop...

The World Bank Group, through its private sector arm, the International Finance Corporation (IFC) has closed its first s...

Securitisation reforms could reshape European ABF market

Proposed regulatory changes to cut costs and boost transparency, if executed with proportionality

The EU’s proposed securitisation reforms could boost the European ABF market, with the potential to reduce cos...

Tricolor not canary in the coal mine

Default of ESG lender does not suggest wider ABS problems

The collapse of sub-prime car lender Tricolor appears to be the result of fraudulent conduct and does not suggest there...

CLO single-B tranches face scrutiny as first brands fallout weighs on pricing

Poh Heng-Tan from CLO Research finds that recent BWIC activity highlights how maturity, MVOC and sec...

Single-B tranches, given their position as second-loss in the CLO structure, are more exposed to idiosyncratic risk and...

Inside Aluna Partners' SME lending bet

Co-founders Victor Rivera and Stefano Sciacca tell SCI how Aluna is leveraging ABF and trade receiva...

As banks retrench and SMEs across Europe and Latin America increasingly struggle to access credit, London-based Aluna Pa...

SCI In Conversation Podcast: Jennifer Marques, Oaktree

We discuss the hottest topics in securitisation today...

In this episode of SCI In Conversation, Jennifer Marques, head of strategy and structuring for Oaktree’s struc...

South African SRT deal 'unsuccessful'

SRT market update

A source close to what was widely expected to become the first post-GFC South African SRT transaction has advised that t...

Fibre optics ABS market set for growth in US and Europe

High-yield fibre operators turn to securitisation for cost-efficient funding

The ABS market is increasingly turning its attention to fibre optics infrastructure, quickly advancing in the US, with p...

Job swaps weekly: Crescent lures two SRT veterans

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Crescent Capital hiring two industry veterans and credit...

CFOs and RNFs drive record private credit issuance in 2025

Carlyle AlpInvest CFO highlights growing investor demand and fund finance market sophistication

The August closing of Carlyle AlpInvest’s US$1.25bn publicly rated GP-led collateralised fund obligation (CFO)...

USS debuts with Summerhouse 1

ERM securitisation introduces new structural features to the UK market

Universities Superannuation Scheme (USS) last month completed its first sponsored securitisation, Summerhouse 1. The &am...

Further spread compression opportunities 'limited'

Fund managers highlight firm technicals and resilient performance

The European ABS/MBS market continued to benefit from strong demand in August, despite a quieter month for issuance, wit...

Funding Circle inks £300m forward flow deal with TPG Angelo Gordon and Barclays

SME finance platform reports growth from newer products as businesses prioritise cash flow managemen...

Funding Circle has inked a £300m forward flow agreement with TPG Angelo Gordon and Barclays, aiming to strengt...

Regulatory roadblock: unlocking non-life (re)insurance companies' participation in the EU SRT market

SUERF policy note calls to discard outdated banking metrics

The integration of the non-life (re)insurance sector into the European Union's SRT market requires policymakers to adopt...

DataBank raises US$1.1bn in landmark hyperscale securitisation

Second green financing from industry giant marks the first dual-rated data centre ABS

DataBank has priced its fifth and largest securitisation, raising US$1.1bn via a newly established master trust that...

Orrick poaches eight-partner CLO team from Cadwalader

High-profile hires across London and the US mark Orrick's bid to expand its CLO and structured finan...

Orrick is hiring an eight-person CLO team from Cadwalader Wickersham & Taft, an industry source has confirmed to...

Q4 pulse

SRT market update

The SRT market continues to experience a significant pick-up in activity, with market commentators highlighting several...

NatWest and BBB back £100m SME lending facility

ENABLE Guarantee programme supports 4Syte's asset-based and invoice finance growth with streamlined ...

NatWest and the state-owned British Business Bank (BBB) have finalised a funding facility of up to £100m to su...

CLOs emerge as private credit's resilient outperformer

IQ-EQ highlights diversification, liquidity, and innovation – from active risk management to t...

CLOs have continued to prove more resilient than other parts of the private credit market, thanks to structural diversif...

CLOs steps out of manual era as Octaura modernises BWIC trading

Octaura's new CLO trading platform looks at modernising BWIC trading through a digitised "list" trad...

The CLO secondary market has long been plagued by efficiency and transparency problems, inhibiting its ability to scale,...

Institutional surety capital enters fund finance with £120m Investec facility

First-of-its-kind structure brings insurance balance sheets into subscription lines in the name of s...

Institutional surety capital has made its debut in fund finance after Investec successfully closed on a £120m...

Unfunded tranche

SRT market update

AIB Group’s latest €2bn mortgage SRT is progressing well, with the transaction reportedly including a...

Job swaps weekly: Fasanara hires CLO-focused md and portfolio manager

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees a former Goldman Sachs director joining Fasanara Capital...

Co-Op CRT

SRT market update

A CRT is reportedly in the pipeline, referencing a new asset class of working capital lines extended to cooperatives. Ma...

Domino's US$1.32bn refi signals next phase of wholebiz ABS growth

Pizza chain streamlines cashflows, adds production assets and modernises terms of securitisation, pa...

Domino’s Pizza closed a US$1.32bn refinancing earlier this month, modernising one of the oldest whole business...

Back leverage, forward flow and convergence: Europe's next ABF frontiers

SCI webinar spotlights CRE refinancing, origination partnerships and emerging asset classes driving ...

Yesterday’s webinar ‘Back Leverage, Forward Flow – the New Rules of European ABF,&rsqu...

Palmer Square static triple-A at 93 DM aligns with secondary market

Poh-Heng Tan from CLO Research provides insight on static primary vs secondary: Palmer Square's 93 D...

Last week, Palmer Square European Loan Funding 2025-3, a static deal, priced its triple-A tranche at 93 DM with a WAL of...

Prime auto CLN prices

Debut deal prints inside guidance and is upsized

Truist Financial Corporation has priced its prime auto CRT transaction – its debut in the market – w...

Palmer Square lists first European passive CLO ETF on LSE

Shortly after debuting on German Xetra platform, Palmer Square has expanded ways investors in Europe...

Palmer Square has today listed its debut European CLO ETF, the EUR CLO Senior Debt Index UCITS ETF (PCL0), on t...

Views from SCI's Regional Bank CRT Forum 2025

US regional banks embrace CRTs for growth and capital efficiency

At SCI's Regional Bank CRT Forum 2025 in New York City, industry players gathered to discuss a new reality: CRTs are no...

Art Capital's AJ Storton on the future of back leverage

New Art Capital partner shares why he's betting on back leverage and how regulation is reshaping opp...

Newly appointed Art Capital partner AJ Storton tells SCI what drew him to the firm, why back leverage is attracting fres...

Dutch banks line up new SRTs across asset classes

SRT market update

A new wave of synthetic securitisation transactions is set to define a busy autumn for the Dutch SRT market, starting wi...

Job swaps weekly: Ymer SC accelerates North American expansion with key hire

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Ymer SC furthering its North American expansion plans wit...

Solvency II reforms hailed as breakthrough for EU insurers and securitisations

AFME welcomes easing of barriers as STS seniors emerge as winners, but warns capital charges still o...

AFME is the latest to voice its opinion on the European Commission’s proposed amendments to the Solvency II De...

European CLOs post resilient performance in August, finds Fitch Ratings

Fitch signals that European CLOs remain an attractive option as long as investor focus remains on hi...

A new Fitch Ratings analysis of European CLOs shows broadly stable performance in August 2025, with upgrades outpacing d...

Latest SRTx fixings released

Credit risk divergence?

While the SRTx sentiment and data in August presented a fragile credit market, market sources and financial reports are...

Major prime auto CRT enters market

SRT market update

Truist Financial Corporation (Truist) is reportedly in market with a $3.5bn multi-tranche CRT deal referencing prime aut...

DeFi's integration with structured finance gathers pace

First issuer credit rating on a DeFi protocol underscores 2025's on-chain credit momentum

Decentralised finance (DeFi) is edging further into the structured finance mainstream, with Sky Protocol –...

Secondary BWICs shed light on EU CLO single-Bs

Recent covers highlight relative value opportunities as certain tranches clear below par despite sim...

Yesterday saw a fairly long list of EU CLO single-B tranches on BWIC, providing useful colour on the single-B secondary...

Arini builds UK CRE book as valuations bottom, refinancing wave swells

ABF specialist sees surge in back-leverage and refinancing deals as banks retrench and capital needs...

Arini is ramping up its focus on UK CRE as valuations near a bottom and refinancing demand surges. With banks retrenchin...

Post-summer uptick in SRTs

SRT market update

Market consensus in the SRT space remains strong, conveying a “so far, so good” sentiment with parti...

SCI in Focus: ABF's data dilemma - Part 2

The second instalment of a two-part series on the ABF data landscape investigates how the influx of ...

Complexities of Excel and the errors and the frustrations associated with it are real, and make up so much of the da...

SCI in Focus: ABF's data dilemma – Part 1

The first instalment of a two-part series on the ABF data landscape examines how the growth of the m...

The ABF conversation – and market – is booming. But for all the fundraising headlines and buildi...

Job swaps weekly: Rithm to acquire Crestline

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Rithm Capital agreeing to acquire Crestline Management. E...

NA bank with Q3 CRT deal

Top ten bank in the market with IG corporates deal

US Bank, the seventh largest bank in the US, is said to be in the market with a CRT deal referencing a US$5bn pool of in...

Prime time for European private credit

Transparency concerns mount as Europe's ABF market tipped to overtake the US

Europe’s ABF market is on the cusp of an important turning point, as deglobalisation and technological adv...

Clean-up call language deters CRT

Restrictions on exercise of calls scares off issuers

Current US regulations regarding clean-up calls are so narrowly defined that they constitute a significant barrier to ex...

Recreational finance: why Octane is betting big on forward-flow

Octane doubles down on ABF as institutional appetite for powersports, RV and marine receivables heat...

When Octane announced its US$300m forward flow deal with Moore Capital Management’s specialty credit platform...

SCI webinar: Growing role for CRT by US regionals

CRT usage and variety on the rise, say panellists

US regional banks continue to make use of CRT transactions as an improved regulatory framework, more varied reference as...

US CLO equity IRRs show minimal divergence across strategies

Poh-Heng Tan from CLO Research provides analysis on US CLO equity IRR – hold to maturity vs s...

Against the backdrop of a strong loan market, elevated loan prices and ongoing repricing activity, many seasoned deals h...

Europe's CLO middle market sees renewed energy as private credit expands

Previously held back by scalable collateral and complex regulations, Europe's middle market CLO spac...

Private credit has become an increasingly attractive proposition for investors looking to maximize returns amid tighteni...

Talking point: Higher RWAs on repo?

SRT market update

A recent working paper from the ECB suggests and demonstrates that a bank's true risk extends far beyond its direct and...

Job swaps weekly: PGGM appoints credit risk sharing leader

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees PGGM announce a new head of credit risk sharing following...

Greek issuer targeting Q4

SRT market update

Piraeus Bank (Piraeus) is preparing a new SRT transaction, with a targeting execution for Q4.The deal references a portf...

Klarna seals US$26bn forward flow deal to drive US expansion

Global fintech teams up with Nelnet to optimise balance sheet and boost liquidity

Klarna has secured one of the largest forward flow agreements in the BNPL sector, striking a multi-year deal worth up to...

Insurers underpin ABF bonanza

Annuity rich insurance companies look to new investments

The boom in ABF products in the US in the last two or three years is driven by reserves of capital insurers currently en...

Thermondo debuts private securitisation for solar, heat pump refi

Inaugural deal could encourage broader adoption of renewable energy ABS in Europe

Berlin-based Thermondo has completed its first securitisation of solar and heat pump receivables in a private transactio...

Saudi Arabia's first RMBS launched following SAMA clearance

More than two years in the waiting, the landmark deal supports Vision 2030 homeownership targets

The Saudi Real Estate Refinance Company (SRC) has completed the Kingdom’s first RMBS issuance, following n...

SCI in Focus: Supreme Court ruling lifts cloud over UK auto ABS

Issuance primed for rebound as credit risk seen to be limited

The UK Supreme Court’s ruling on motor finance commission arrangements has eased a major overhang...

Hilton Grand Vacations debuts Japanese timeshare ABS

Deal reflects growing interest in esoteric assets

Hilton Grand Vacations (HGV) last month completed the first publicly rated Japanese timeshare securitisation, the &y...

European ABS demand continues through quieter July

Fund managers eye attractive carry and credit discipline in an uncertain macro environment

The European securitisation market remained supported despite a slowdown in new issuance towards the end of the July, wi...

Liquidity hurdles and secondary market gaps challenge MM CLO growth

Regulatory limits and structural constraints weigh on expansion despite strong investor demand

The alignment of interest between a CLO manager and the vehicle’s performance is key, according to Dan Zwirn,...

Harley-Davidson transforms finance arm with KKR, PIMCO deal

Motorcycle maker turns HDFS into capital-light unit in private credit milestone

Harley-Davidson has recently inked a US$1.25bn deal with KKR and PIMCO  to transform its lending arm, Harley-Da...

Middle market CLOs gain momentum as private credit surpasses $40bn

Growth in PC/MM CLO issuance and tighter structures fuel optimism despite origination challenges

Private credit and middle market CLOs (PC/MM CLOs) are beginning to gain traction in Europe after continued momentum in...

Job swaps weekly: Fifth Third expands ABF group

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Fifth Third expand its asset-backed finance group. Elsewh...

FCA consultation to create tailwind for SRT issuance?

SRT market update

On 1 August 2025, the UK Supreme Court overturned a landmark ruling on car finance commissions, stating that car dealers...

EU tightens CLO originator standards

The EU's clarified originator definition upends established use of conditional sales agreements to s...

CLO risk retention for manager-originators has become more complicated after the European Commission recently clarified...

Strong demand for EU CLO triple-Bs despite differing post-RP dynamics

Poh-Heng Tan from CLO Research highlights seasoned EU CLO triple-B tranches trading above par despit...

This week saw a list of seasoned EU CLO triple-B bonds, all of which received covers well above par, with discount margi...

Värde Partners eyes fund finance as next growth engine in ABF

Värde ceo Brad Bauer highlights partnerships, value in the middle-market and data-driven risk m...

Värde Partners is making a strategic push into fund finance, positioning subscription lines for private equity...

Swedish consumer SRT finalised

SRT market update

Avida Finans has executed a synthetic securitisation referencing a SEK2.8bn portfolio of consumer loans.  Set...

BBB agrees to a new ENABLE Guarantee transaction

SRT market update

The state-owned British Business Bank (BBB) has finalised a credit risk transfer with merchant banking group, Close Brot...

Inside Aperture's new billion-dollar ABF strategy

Aperture's new global head of ABF discusses strategy, market timing, and expansion plans with SCI

Aperture Investors has launched a US$1bn asset-backed finance (ABF) strategy led by their newly hired portfolio...

Another auto deal for US regional

Huntington revisits the CLN market

Huntington Bank, headquartered in Columbus, Ohio, priced its expected credit-linked note (CLN) referencing prime auto lo...

Back-leverage deals drive UK CRE recovery as continental Europe stalls

Debt funds lean on bank back-leverage to scale, preparing to navigate Europe's looming CRE maturitie...

The recovery in Europe’s commercial real estate (CRE) lending market is proving patchy, with the UK pulling ah...

Job swaps weekly: Castlelake launches Merit AirFinance

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Castlelake naming the leadership team for its new aviatio...

Internationalisation of music ABS gains momentum

First securitisation with European sponsor closed

London-headquartered Recognition Music (formerly Hipgnosis Song Management) last week closed via Barclays the first rate...

Green asset finance SRT (UPDATED)

SRT market update

The British Business Bank (BBB) is reportedly set to announce a green asset finance SRT next week. Market sources sugges...

Inaugural Swedish synthetic securitisation

SRT market update

Marginalen Bank has closed its inaugural synthetic securitisation (Project Apple). The transaction references an initial...

Vehis Finanse completes Poland's first warehouse-to-public securitisation

Leasing firm raises PLN1.35bn in landmark deal that could open doors for other mid-sized companies

Vehis Finanse last month completed Poland's first-ever warehouse-to-public securitisation, raising PLN1.35bn an...

CLO triple-As above par as discount margins rise with WALs

Poh-Heng Tan from CLO Research highlights BSL CLO triple-A term curve slopes upward, unaffected by m...

Between 8 and 12 August, more than 10 BSL CLO triple-A tranches still within their non-call periods changed hands, with...

Risk in data centre securitisation

Fitch assesses asset quality according to a range of factors

Re-contracting risk in data centre securitisation, which occurs when an initial tenancy is shorter than the life of the...

SCI in focus: FICO versus Vantage

GSEs make haste to incorporate Vantage4.0 scoring for mortgages

Since the July 8 tweet by Bill Pulte, director of the Federal Housing Finance Agency (FHFA), saying “Fannie an...

Pantheon taps ABF amid record growth in credit secondaries

Continuation funds, ABF portfolios gain momentum as liquidity crunch bites in private credit

As evergreen structures continue to proliferate across private credit, another trend is accelerating: secondary sales an...

Finland's ABF scene heats up

Regulatory clarity and Eurozone ties boost Finnish private credit as esoteric assets slowly become '...

Finland's ABF market is experiencing growth as traditional banks step away from smaller deals, opening the door for priv...

Latest SRTx fixings released

(Spread) momentum continues

Uncertainty remains the dominant theme for 2025 to date, primarily driven by the US administration’s evolving...

Man Group seeks diversification over asset class bets in SRT playbook

Man Group highlights diversification, discipline and durability

Man Group foresees an exciting course in the European SRT landscape, as supply-demand dynamics stabilise and emerging is...

CLO volatility misunderstood as credit risk, says CIFC

Huang unpacks the real risks in CLOs, the rise of ETFs and how a niche market is becoming more mains...

When the Covid-driven market chaos hit in March 2020, many investors saw the sharp price moves in CLO tranches and drew...

Job swaps weekly: Aperture names global head of ABF

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Generali Investments subsidiary Aperture appointing a new...

UK bridge loan sector primed for public securitisation

Improvements in loan-level data and structural protections eyed

The UK bridging loan market appears to be on a continued growth trend. With total outstanding volumes exceeding &pou...

Reset vs non-reset: Equity IRR gap highlights performance divide

Reset equity tranches have materially outperformed non-reset counterparts in US CLOs, Poh-Heng Tang ...

This study examines a sample of 570 US CLO equity tranches from the 2017–2022 vintages. Trading colour, such a...

SRT pipeline sees uptick in CRE and RMBS issuance in H2

SRT market update

The SRT market is gearing up for a busy second half of the year, with activity expanding into less traditional asset cla...

Palmer Square launches debut European CLO ETF

PCL0 marks the first of a trio of CLO ETFs for European institutional investors

Palmer Square has launched its first European UCITS CLO ETF, tracking its popular index on senior CLO debt in the re...

SCI in focus: German megadeal skews first-half ABS volumes

SCI and AFME data reveals stability beneath headline surge in publicly placed European securitisatio...

The European securitisation market saw a strong first half to 2025, as publicly placed issuance volumes surged to &a...

Sun King closes US$156m securitisation to power over a million Kenyan homes

Largest commercial-bank-backed deal outside South Africa highlights securitisation's growing role in...

Sun King, the world's largest off-grid solar pay-as-you-go firm, has completed a US$156m (KES 20.1bn) commercial-bank-ba...

Milestone capital relief in Singapore

SRT market update

PGGM and Standard Chartered have closed an SRT referencing a US$1.5 billion portfolio of trade finance loans to companie...

SCI In Conversation Podcast: CJ Wei, Northleaf Capital

We discuss the hottest topics in securitisation today...

In this episode of SCI In Conversation, CJ Wei, md at Northleaf Capital Partners, sits down with SCI’s ABF edi...

Spread pattern shifts studied

SCI data sheds light on international ABS spread movements and risk appetite before and after Libera...

The European and Australian ABS/MBS primary markets have seen notable shifts in volumes and pre-pricing spread behaviour...

UK issuer targets Q3 and Q4

SRT market update

Having already closed three deals during 1H25 - across its large corporate and leveraged finance portfolios - NatWes...

Job swaps weekly: Ares snaps up new partner from AIMCo

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Ares Management Corporation naming a new partner and co-h...

Opening doors at Akin Gump

Sarah Milam speaks to SCI about joining Akin Gump's capital solutions team

Sarah Milam recently joined Akin Gump Strauss Hauer & Feld as a partner in the firm's New York office, focusing...

From gaps to growth: ABF's answer to SME lending's so-called valley of death

Avellinia Capital co-founders and managing partners, Julian Schickel and Matthias Dux, answer SCI's ...

Q: Avellinia Capital (AvCap) and the British Business Bank (BBB) recently announced a new partnership to provide capital...

CLO double-Bs trade heavily as CIFC equity deal stands out

Poh-Heng Tan from CLO Research Group highlights BWIC activity on selected discounted CLO double-Bs a...

Last week saw active double-B tranche trading, with approximately 68 CLO double-B bonds totalling around US$220 million...

Data centres love securitisation

Exploding US data centre development turns increasingly to structured finance

Securitisation is becoming increasingly popular as the preferred route for financing of data centre development in the U...

Spanish bank hits the market

SRT market update

Just months after its last deal, CaixaBank is back in the market with a new SRT transaction, advised by A&am...

Job swaps weekly: CalPERS lures industry veteran from PGGM

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees the California Public Employees’ Retirement Sys...

Aviation ABS platform nears live rollout as issuance rebounds

Maples and Aerlytix aim to modernise post-Covid infrastructure as US$5bn in deals signal sector reco...

As aviation ABS issuance picks up after two years of muted activity, Maples Group and Aerlytix are preparing to laun...

French SRT market attracts broader investor base

H2 to see greater issuance

French banks could be more active in SRT in H2 2025 as the market prepares to welcome a more diverse investor, pool desp...

Ninety One leverages ABF to fill EU's SME lending gap

Private lender accelerates dealmaking with €12.2m German resi loan as EU banks retreat from mi...

Ninety One is moving quickly to capitalise on Europe’s mid-market lending gap, deploying capital with speed, p...

Italian SRT surge on course despite regulatory uncertainty

Investor base for Italian product widens

Italy is seeing a renewed wave of synthetic securitisation activity, with local and international investors increasingly...

The irresistible lure of private markets

KBRA report notes rise and rise of structured finance private market

About 20% per year of all KBRA-rated structured finance deals since 2020 have been placed in the private market, accordi...

Investor demand booms for SRT product

M&G navigates SRT market intricacies

M&G Investments is expecting a busy H2 in SRTs as although supply and demand remain partially out of sync there...

EU CLO equity delivers higher IRRs than US counterparts

Analysis of BWIC trading and liquidated 2.0 deals highlights stronger returns for European CLO equit...

EU CLO equity has outperformed US CLO equity, based on BWIC colour from a sample of approximately 446 equity tranches tr...

Securitisation risk factors targeted in Solvency 2 consultation

Senior STS tranches expected to benefit the most

The European Commission last week published for stakeholder feedback a draft delegated act reviewing the Solven...

SRT volumes up by nearly a third

IACPM survey underlines EU issuer dominance

SRT volumes increased by nearly a third in 2024, protecting €21.4bn of credit risk on €260bn of loans,...

Solid performance

European ABS funds remain resilient through volatile June

Despite geopolitical tensions and mixed macro signals, the European ABS market demonstrated resilience in June, with mon...

Second social RMBS prints amid ESG market revival

LiveMore targets older borrowers underserved by traditional mortgage market

LiveMore Capital has completed its second ESG securitisation, Exmoor Funding 2025-1, marking a milestone for the non-ban...

PRA update ushers in unfunded protection

Amended supervisory expectations clarify SRT oversight and notification

The PRA has updated its Supervisory Statement 9/13 - Securitisation: Significant Risk Transfer to include new supervisor...

New GW&K fund targets retail securitized buyers

B3E still deters bank buyers of agency MBS

Boston-based investment manager GW&K last month unveiled a new investment grade securitized fund targeted at sep...

SCI in Focus: ABF momentum builds as esoteric assets go mainstream

NorthWall and DoubleLine push beyond bank retrenchment into niche credit

The definition of ABF is widening fast, as investors embrace a growing mix of sectors, structures and strategies acr...

Brazil's private credit growth attracts global investment giants

KKR joins rush into Brazil's expanding private credit market

Brazil's structured credit market is experiencing sustained growth, with private credit funds capturing R$323.1bn in net...

Regulatory reform set to 'begin delivering'

European ABS on the cusp of a steady but meaningful evolution

European public securitisation volumes are expected to start building steadily over the next five to seven years, as lon...

Job swaps weekly: Man Group snaps up Bardin Hill

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Man Group acquiring US private debt manager Bardin Hill....

Balbec rapidly deploying Fund VI amid mortgage and consumer debt surge

Asset-based credit firm leans into smaller, operationally complex deals while scaling CRE debt strat...

Balbec Capital is ramping up activity across all corners of the residential loan market, CRE loans, consumer NPLs and se...

CLO issuance surges past midyear milestones as market eyes record 2025

US and European volumes race ahead of forecasts, with analysts predicting a strong finish despite vo...

The CLO market is moving at a vigorous pace, with many market analysts revising their projections upwards for the rest o...

Funding Circle and Deutsche Bank ink £200m deal to boost UK SMEs

Forward-flow agreement secures funding for small businesses, backed by AI-driven credit models

Funding Circle, one of the UK’s largest SME lending platforms, has announced a £200m forward flow ag...

US esoterics: up and ever up for digital infrastructure - video

Kirkland & Ellis's Mellecker speaks to SCI about developments in the digital infrastructure mark...

Kelly Mellecker, a partner at Kirkland & Ellis in New York, chats to Simon Boughey, SCI US editor, about rece...

BWIC shows MVOC, WAL driving spread dispersion in active double-B CLO trading

With last week's activity showing active BWIC trading in both long- and short-dated double-B tranche...

US CLOs: Weak MVOC, cover prices below par; WAL ~6.25–6.5 years Deal/Tranche ID ...

SCI in Focus: Cloudy days for US solar market

Sunnova/Mosaic bankruptcies illuminate sector frailties

Holders of ABS issued by Sunnova and Mosaic, both of which filed for chapter 11 at the beginning of last month, will be...

Reckoner unveils first leveraged triple-A tranche CLO ETF

The actively managed vehicle deploys financial leverage to double the fund's exposure - typically ta...

Reckoner Capital Management has launched the Reckoner leveraged AAA CLO ETF (RAAA), its first US-listed fund providing l...

Job swaps weekly: Akin appoints ABF-focused partner

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Akin Gump Strauss Hauer & Feld hiring a new partn...

ABF emerges as go-to strategy for evergreen private credit funds

Open-ended private credit vehicles draw institutional and retail capital with repeatable, cash-flowi...

Asset-backed finance (ABF) strategies are gaining momentum in the growing market for evergreen funds – open-en...

IP rights and royalties ABS: private shift - video

MetLife Investment Management's Priya Desai speaks to SCI about the private market, IP-backed deals ...

Priya Desai, md at MetLife Investment Management, speaks with SCI’s Marta Canini about the evolving landsca...

Dechert guides first reinvesting private credit CLO as investor interest accelerates

Innovative reinvestment structure and non-traditional features highlight growing flexibility in the ...

Law firm Dechert has advised Ares Management on its first European private credit CLO, a deal that builds on th...

Latest SRTx fixings released

Risk indexes project improvement

As unusual as this year has seemed thus far, the credit markets continue to remain resilient.  Looking back a...

US insurers love mortgage structured products

Annuity providers lead the charge into resi mortgage assets

Ellington Management Group is a US$15bn credit fund based in New York. Over the past ten years, it has taken an increasi...

EIF builds SRT pipeline across Europe, eyes riskier tranches and new regions

EIF continues to drive SRT growth

The European Investment Fund (EIF) expects to close at least 15 synthetic securitisation transactions this year across b...

Deer Park CLO equity outshines peers with stellar returns and high transparency

Poh-Heng Tan from CLO Research provides insights on EU CLO equity BWIC highlighting Blackstone's Dee...

Last week saw several EU CLO equity tranches trade with released cover bids, which are generally viewed as good market p...

UniCredit and PGGM join forces again

SRT market update

UniCredit Bulbank and PGGM have finalised €2.1bn SRT referencing a portfolio of corporate and SME loan...

Ferovinum bottles world-first public securitisation of wine and spirits

Landmark deal backed by inventory and receivables across wine, spirits and soft drinks showcases sec...

Ferovinum has closed the world’s first public asset-backed securitisation of wine and spirits - a landmark...

Job swaps weekly: Sound Point names Gerlitz's successor as global cfo

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Sound Point Capital Management naming a new global chief...

CFOs set to surge amid Europe's fund finance evolution

Liquidity needs and fundraising challenges trigger wave of interest in structured secondaries, drawi...

Collateralised fund obligations (CFOs) are emerging as the next frontier in European fund finance, with a notable recent...

NatWest's expanding SRT activity

NatWest maintains SRT momentum with Nightingale programme

The latest iteration of the Nightingale programme, which priced in June[1], marked NatWest’s eighth SRT issuan...

Swedish SRT

SRT market update

Swedish issuer Marginalen Bank is expected to price an SRT imminently. Named Project Apple, the deal references a SEK4...

Italian first

SRT market update

IBL Banca has completed a €1.2bn synthetic securitisation referencing a portfolio of CQS (Italian salary and pe...

EU reforms: CLO market sees progress, but key concerns remain

Law firms assess latest European Commission proposals and implications for CLOs

The European Commission’s proposed amendments to the EU Securitisation Regulation signal meaningful progress f...

SCI in Focus: Private credit expands its role in APAC securitisation

Australia's innovation and Japan's fund finance surge boost private credit's prominence across the r...

Private credit is playing an increasingly prominent role in the evolution of Asia-Pacific’s securitisation mar...

Market volatility, tightening spreads drive renewed demand for CLO mezzanine notes

Mezzanine paper sees spike in demand as yield-seeking investors want returns amid tightening spread ...

CLO managers and investors report that broader market volatility, a tightening spread environment, and growing liquidity...

Swiss art-backed securitisation debuts

ArtSecure Capital's Sfr250m ABS brings blue-chip fine art to private credit markets

ArtSecure Capital is set to launch Switzerland’s first art-backed securitisation, a Sfr250m private facility t...

'Keep calm, but keep cautious'

Rob Ford, retired founding partner of TwentyFour Asset Management, shares his views on the current s...

Q: How would you characterise the current state of the European securitisation market? A: Last year was fantastic for p...

Reg cap market veterans Citi and JP Morgan in the market

Corporate loans and high yield loans feature in two deals

Citigroup is in the market with a US$8bn synthetic securitisation of corporate loans issued from its Terra programme, an...

AXIS Capital targets SRTs emerging regions as Southeast Asia and CEE gain traction

MDBs pave the way for emerging market SRTs

SRT issuance in emerging markets poses an attractive opportunity for investors, AXIS Capital’s Victor Ong tell...

US CLO triple-A's trade above par amid strong BWIC demand

Poh-Heng Tan from CLO Research provides insights on benchmarking the triple-A curve based on recent ...

Based on last week’s BWIC colour, many US BSL CLO triple-A bonds received cover bids above par. For deals stil...

EBA survey confirms growing SRT appetite

'Wide range' of CET1 capital relief reported

EU/EEA banks’ SRT issuance represents slightly more than half of their total outstanding securitisation volume...

Santander brings back Colossus

SRT market update

Deal information Santander has issued Colossus 2025-1, a synthetic securitisation referencing a £1.520bn por...

Job swaps weekly: O'Melveny launches cross-disciplinary group with securitisation partners

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees O’Melveny launching a cross-disciplinary specia...

BBVA expands capital optimisation effort

SRT Market Update

BBVA has completed two synthetic SRT transactions with a combined value of €3.5bn. Combined with the €...

Building Canada's ABF market from within

Nur Khan, md and head of SAF Group's new ABF strategy, answers SCI's questions

Q: You’ve recently joined SAF Group (SAF) to lead its new ABF strategy. Can you tell us more...

EU securitisation reforms: a step forward, but is it enough?

Investors still face 'significant hurdles' compared to other asset classes

The European Commission’s recently proposed amendments to the EU securitisation framework aim to reduce the hi...

Billion dollar onchain CLO strategy launched bridging institutional credit and DeFi

Backed by the Sky Ecosystem, Grove tokenises Janus Henderson's flagship CLO strategy with the aim of...

In an approach combining traditional finance (TradFi) and decentralised finance (DeFi), Grove, an institutional-grade cr...

Fed steps around Treasury market exclusion

Proposed SLR changes carry broad support

The proposed changes to the SLR made by the Federal Reserve at its open board meeting yesterday (June 25) have avoided g...

SLR changes proposed by Fed

Substantial reduction of SLR under consideration

The Federal Reserve today (June 25) proposed reducing the supplementary leverage ratio (SLR) for GSIBs from the current...

Private credit strengthens its hold

US institutional accounts like private credit and debt more and more

Confirming anecdotal evidence, global asset manager Schroders today (June 25) released new data showing that institution...

Carlyle and Diversified ink partnership for US energy assets amid global oil supply tensions

US$2bn deal targets mature domestic PDP assets as energy security concerns and investor demand conve...

Carlyle and Diversified Energy Company (DEC) have teamed up to invest up to US$2bn in proven developed producing (PDP) o...

Global ABS attendees tip CLOs to lead European structured finance growth

Fitch who surveyed over 100 attendees (including investors, bankers and issuers) on their outlook fo...

Majority of market participants (45%) attending the Global ABS conference in Barcelona this year have forecast the CLO s...

Pricing resistance: PGGM's take on risk sharing

PGGM emphasises lenders' credit underwriting capabilities

In a market where pricing often dominates the conversation, Dutch pension investor PGGM sees beyond the headline coupon....

ABF booms on flexible capital, but talent gap looms

Structural innovation and smart capital power rapid market expansion, triggering a race for skilled ...

Flexible structures and fresh capital are driving rapid growth in asset-backed finance (ABF), but a shortage of skilled...

Aviation finance: Cloud cover - video

GlobalAir Finance Services's Wallach speaks to SCI about changing conditions in the aviation finance...

Evan Wallach, co-president of GlobalAir Finance Services, an advisory to investors in the aviation market, talks to S...

Incrementally positive: (SRT) review of the European Commission's official proposal for reform of securitisation regulation

European Securitisation Regulation Amendments to substantially strengthen the use of SRTs

After various leaks, the draft amendments to the EU Securitisation Regulation and associated CRR provisions have finally...

Vertical retention outperforms first loss by 1% in EU CLO equity IRR analysis

Poh-Heng Tan from CLO Research provides insights on vertical vs first loss risk retention

This study examines a sample of 83 EU CLO equity tranches that have traded via BWIC since July 2024. Based on their disc...

Job swaps weekly: Blackstone hires CLO veteran from Jefferies

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Blackstone snapping up Jefferies’ global head o...

Multicurrency CLOs gain traction in Europe's private credit push

European managers explore cross-currency strategies to unlock middle market potential amid diversifi...

European CLO managers have started exploring multicurrency portfolio structures, especially in private credit scenarios,...

Asset managers capitalising on strong demand

European ABS funds have a good May

May brought renewed strength to the European ABS market, as easing geopolitical tension and lower eurozone inflation imp...

AvCap and BBB partner to scale UK fintech ABF

Avellinia and British Business Bank join forces to target the mid-market SME funding gap

Avellinia Capital (AvCap), the London- and Luxembourg-based private credit investor, has partnered with the British...

Danske Bank targets CLO market with ESG-led strategy

Scandinavian bank rolls out dynamic fixed income solution amid growing demand for responsible credit...

Danske Bank continues its expansion into the CLO market, launching a new fund under its alternatives platform that combi...

CACLN shelf makes comeback

SRT market update

Deal Information:  JP Morgan Chase (JPMCB) has priced CACLN 2025-1, a synthetic securitisation referencing a...

Carlyle and Citi ink ABF partnership for fintech lenders

Firms merge private-public market expertise to fund fintechs across credit lifecycle

Carlyle Group and Citi have launched a long-term asset-backed finance (ABF) collaboration targeting the fintech specialt...

CaixaBank stays on trend with SRT deal on corporate loan portfolio

SRT market update

CaixaBank has completed its second SRT via a securitisation fund (Fondo de Titulización), referencing a &...

Santander AM set to boost SRT offering?

SRT Market Update

Santander Asset Management is reportedly in the early stages of fundraising for an SRT fund dedicated to buying...

Oaktree's ABF pipeline 'exploding'

After fielding over 300 deals worth US$20bn since 2023, the firm is doubling down on unrated private...

Oaktree Capital Management is experiencing an exponential increase in asset-backed finance (ABF) deal flow, with more th...

Australian ABS undergoing period of transition

Bank retreat diversifying securitisation landscape

The Australian ABS market is undergoing a period of transition, driven by reduced activity from major banks, growing par...

Job swaps weekly: RenaissanceRe promotes senior SRT executives

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees RenaissanceRe elevating two SRT leaders in a round of sen...

DeFi securitisation breakthrough?

Figure Markets launches first blockchain-based RWA credit facility

Figure Markets has launched a US$15m senior lending facility, initially backed by home equity lines of credit (HELOCs) o...

Views from Barcelona: EC vote, positive CLO outlook and fintech considerations

Global ABS participants anticipate smoother sailing ahead for CLOs and await post-ESA report Europea...

Securitisation markets may benefit from increased stability in the months ahead, according to speakers at FT Live Fixed...

Views from Barcelona: EC capital proposal could be 'transformational'

The SRT market continues to gather momentum, with 2025 shaping up to be a year of growth and diversification, according...

FDIC fires SLR reform salvo

Banking regulator issues proposal to change current rules

The Federal Deposit Insurance Corporation (FDIC) last Friday (June 6) filed a proposal for reform of the Supplementary L...

CLOs adjust amid shifting global regimes

JPMorgan sees resilient CLO market in 2025, with wider spreads, steady issuance and selective value ...

JPMorgan’s 2025 midyear outlook highlights a cautiously resilient CLO market adjusting to an evolving macroeco...

Latest SRTx fixings released

EU/US divergence revealed

While last month’s SRTx data points illustrated a one-directional widening in spreads and credit risk...

Views from Barcelona: ABS held its ground amid April chaos

The European ABS market has demonstrated superior performance compared to other fixed income asset classes, according to...

Views from Barcelona: Unfunded SRT volumes to double

Unfunded SRT deals could double over the next three to five years, according to Munich RE’s Michael Heckl. Spe...

SCI In Conversation Podcast: Christophe Fritsch, AXA IM Alts

We discuss the hottest topics in securitisation today...

In this episode of SCI In Conversation, Christophe Fritsch, global head of alternative credit at AXA IM Alts, speaks wit...

Proceed with caution: SRT market navigates macro uncertainty

Eagle Point Credit Management discusses current trends

‘To proceed with caution’ is the underlying message echoed by market participants as global uncertai...

Inside TwentyFour AM's new ABF fund

Douglas Charleston, partner and co-head of ABS at TwentyFour Asset Management, answers SCI's questio...

Q: TwentyFour AM recently launched a new dedicated ABF fund. Why launch the fund now, and what’s diff...

Ares breaks ground with £305M European Direct Lending CLO debut

First reinvesting CLO of its kind in Europe targets middle-market defence sector loans, tapping into...

Ares Management has announced the pricing of its first European Direct Lending CLO at £305m, Ares European Dir...

Explosive CLO growth fuels Palmer Square's global ETF strategy

CLO Market surges to US$1trn as Palmer Square marks 10 years of indices and expands global ETF platf...

The value of the global CLO market has grown by a factor of approximately 2,500 in the last decade, according to Palmer...

One begets another: Third Coast gets new deal thanks to April execution

Innovative APV/ABS structure allows drastic reduction in RW

Texas lender Third Coast Bank, with assets of US$5bn, last week week completed its second securitization of assets with...

Aurium and Dryden excel in EU CLO equity BWIC landscape

Poh-Heng Tan from CLO Research shares insights on strong cover bids and diverging IRRs highlighting ...

  CLO Manager Deal Closing Date Reinv End Date ...

Secondary SRT market likely to remain a tactical option

Analysing the current outlook for secondary SRT market volumes

Back in April, when the announcement of “Liberation Day” tariffs by President Trump sparked signific...

Regulatory colour

Risk-sensitive Risk Weight Floor and Solvency II in focus

Following last week’s leak of the two draft documents from the European Commission proposing adjustments to th...

Latham & Watkins on hiring spree as structured finance market heat up

Firm recruits 11-strong team to work in the London office

Latham & Watkins has executed one of its largest lateral hiring drives in London, completing its recruitment of...

Job swaps weekly: Howden acquires Granular Investments to bolster CRT capabilities

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Howden make a major acquisition to strengthen its Europea...

NA bank reg cap market at the crossroads

Meagre 2025 volumes, but progress evident

The US CRT market could do with, in the words of one experienced market-watcher, “a little less conversation,...

KKR retires credit opportunities platform, doubles down on ABF

Fund to be rebranded K-ABF amid shift towards longer-duration private credit

KKR is pulling the plug on its credit opportunities platform (K-COP) and rebranding the vehicle as the KKR Asset-Based F...

LGT Capital Partners debuts CLO platform

ESG principles to be implemented throughout the investment process

LGT Capital Partners has launched Legato, a platform for managing CLOs in Europe. The new platform focuses on building c...

Third Coast Bank and EJF hit the tape again

Asset manager and Texas bank securitize CRE assets

Third Coast and EJF have teamed up for another CRT transaction, this time referencing pool of commercial real estate (CR...

NAV specialist lender sees robust 2025 pipeline

17Capital rides NAV boom with US$2bn deployed in six months; Moody's forecasts insurer allocation gr...

The net asset value (NAV) financing market is rapidly scaling, with 17Capital forecasting that it could reach US$145bn b...

European DataWarehouse expands to India with Bangalore office

New hub to serve global clients and develop securitisation products

European DataWarehouse (EDW) has started its operations in India by opening a new office in Bangalore. The goal of the c...

SLR reduction hoped

CRTs vs SLR: US approach to bank capital

The challenging landscape for CRTs in the US shows no signs of easing, even amidst rumours of regulatory reform in the U...

BC Partners to explore insurer-led strategy as private credit demand soars

With US$1bn deployed from its latest fund, BC Partners ramps up insurer-led plans, retail distributi...

Nearly two months after closing its third Special Opportunities Fund (SOF III) at US$1.4bn, BC Partners has deployed alm...

Emerging CLO managers face rising bar for entry, but see path to scale

CIC Private Debt and Acer Tree Investment Management share their experiences in debuting CLO deals a...

Speaking at SCI's ‘Emerging CLO Managers’ panel discussion, Steve Dunn, head of European CLOs and pr...

OHA and Madison Park Funding lead CLO equity BWIC landscape

Poh-Heng Tan from CLO Research shares insights on OHA and Madison Park attracting standout bids, spo...

  Deal Closing Date Reinv End Date Percentile* ...

SCI In Conversation Podcast: Scott Frame, Bank Policy Institute

We discuss the hottest topics in securitisation today...

In this episode of SCI In Conversation, Scott Frame, senior vice president and deputy head of research, at the Bank Poli...

Job swaps weekly: Lane42 names senior execs for new strategy launch

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Lane42 Investment Partners naming six senior executives t...

EC proposes 'serious' adjustments to the CRR and SecReg

Leaked drafts point towards 'consistent and predictable' SRT framework

This week, two draft documents from the European Commission (EC) regarding proposed adjustments to the CRR and Securitis...

Muzinich launches European CLO business, building on US track record with Eagle Point

New initiative aims to replicate US success with regular issuance, conservative credit strategy, and...

Muzinich & Co has today announced the expansion of its CLO platform into Europe, by continuing its strategic par...

Crayhill eyes expansion after closing US$1.3bn ABF fund

ABF platform to scale with fresh capital and a growing pipeline as insurers fuel demand amid annuity...

Crayhill Capital Management is seeking to expand its horizons after closing its third ABF fund at US$1.31bn last month,...

Forward flow appetite grows in real estate ABF

LibreMax backs Legacy with US$180m ABF facility amid surge in real estate forward flows

As real estate lenders seek deeper institutional partnerships to scale short-term credit platforms, structured credit in...

Agency mortgage paper looks good, says new report

Asset manager spotlights unusually attractive risk profile for MBS

Agency MBS, historically something of a niche investment, currently offer good returns versus investment grade (IG) pape...

US BSL CLO double-B tranche covers range widely amid MVOC dispersion

Poh-Heng Tan from CLO Research shares insignts into US BSL CLO double-B tranches

US BSL CLO double-B tranches traded yesterday with cover bids ranging from 496 DM to 1,000 DM, according to SCI...

Setting the scene

Ahead of her panel appearance at FT Live Fixed Income Events' Global ABS in Barcelona next month, Sa...

 Q: The Global ABS Conference is just around the corner – which SRT topics or panels are you most loo...

Reed Smith builds structured finance practice

New partner to spearhead push in esoterics and others

Reed Smith recruited Jeffrey Stern as a partner in its Financial Industry Group, based in New York, last July and his hi...

Fitch faces backlash from KBRA over use of retracted NAIC data

Dispute sparks debate over ratings credibility in booming private credit market

KBRA has publicly criticised rival agency Fitch Ratings for publishing a report on Monday that leaned on a data...

JPM has brought auto loan private CRT

Prolific US CRT issuer appears on radar screen

It has emerged that JP Morgan completed a private, bilateral CRT deal on auto loans in March, according to well-placed s...

'Strong comeback' for European ABS market

Managers highlight mezz demand amid Liberation Day volatility

The European and UK ABS/MBS market was last month dominated by volatility from the US Liberation Day tariff announcement...

TAMI 2 marks new phase for UK ERM securitisations

Issuance of MA-compliant RMBS expected to rise in 2H25 as regulations evolve

The UK’s equity release mortgage (ERM) securitisation market is gaining traction, with the latest deal - TAMI...

Job swaps weekly: LGT names leadership team for European CLO platform

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees LGT Capital Partners making senior appointments to suppor...

Private credit eyes master trust potential

ABF convergence continues as securitisation tools tipped for evergreen funds

The lines between fund finance and structured credit are continuing to blur, with growing recognition of the potenti...

Preplaced flow

Preplaced flow

Yesterday, the UK/European ABS/MBS markets saw two preplaced and full-cap stack transactions price.&nbs...

Why visuals win: SCI's new dashboard makes structured credit data instantly actionable

SCI has launched a new dashboard allowing subscribers to view and manipulate its extensive historical data spanning mult...

CLO BWICs show wide IRR spread despite strong distributions

Poh-Heng Tan from CLO Research provides BWIC highlights on majority CLO equity traded

Last week’s BWIC lists included four majority equity trades according to SCI BWIC data, with cover bi...

Forced buyer

Increasingly crowded SRT market should experience natural rotation in investor base

With (consistently) increasing demand a shaping factor of the SRT market, investors could possibly revise their approach...

CLO issuance slows, but hopes for late-year rebound remain

Market participants agree that low levels of M&A activity and limited loan supply will suppress ...

Recently, JP Morgan revised its forecast for US and European CLO issuance, adjusting it from US$180bn to US$150bn. In Ap...

Pawn loan ABS debuts

Malaysia's Ta Yoong behind innovative, revolving MTN programme

Malaysian pawnbroking group Ta Yoong is sponsoring the country’s debut pawn loan securitisation. The transacti...

Key takeaways from SCI's esoteric ABS seminar

From data centres to IP royalties to aircraft ABS, NYC speakers highlight resilience, innovative str...

Leading voices in structured finance stressed the esoteric asset market’s resilience and evolving opportunitie...

Job swaps weekly: SAF Group hires md for new ABF strategy

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees SAF Group naming the md who will lead its new ABF strateg...

Pemberton pushes into NAV and GP lending amid PE gridlock

Firm leverages liquidity solutions to bridge gaps in frozen exit environment

Private equity’s long-awaited rebound has yet to materialise in 2025. In the face of this stagnation, Pemberto...

Moody's flags risks to stable SME ABS outlook amid trade and climate pressures

German and French SME ABS collateral outlook turns negative, but sector seen as resilient for now

Moody’s has reaffirmed its broadly stable credit outlook for European SME ABS, although persistent trade f...

SRT allocation

US pension backs Arrowmark with $225m as SRT strategies gain traction with LPs

The $42bn Iowa Public Employees’ Retirement System (IPERS) has backed the synthetic securitisation market at s...

2025 shaping up as big year in storm recovery ABS

Numerous deals and utilities line up

In excess of US$4bn of storm recovery ABS bonds will be sold in the second half of 2025 from five or more different util...

MSP rides back-leverage wave in £350m funding line from JP Morgan and Pollen Street

Deal comprises £200m securitisation facility and £150m provided by private debt manager

JP Morgan and private capital manager Pollen Street provided a combined £350m funding line for UK property dev...

Growing opportunities

New SRT markets demand early regulatory dialogue Cadwalader states

Scandinavia, Greece and Eastern Europe are among the growing and emerging jurisdictions set to take the spotlight this y...

Inaugural trade

PKO Bank Polski and CRC complete SRT deal

PKO Bank Polski has completed its first synthetic securitisation with Christofferson, Robb & Company (CRC). The...

CLO equity market reawakens as post-tariff bids strengthen

Poh-Heng Tan from CLO Research provides BWIC highlights on quality US BSL CLO equity tranches traded

Typically, over US$1 billion of US CLO equity notional is put on BWIC following payment dates each quarter. However, equ...

New academic paper supports unfunded SRT

Call to remove collateralisation obligation in synthetic STS for insurance protections

A new academic paper shows how highly regulated, well-capitalised and well-diversified (re)insurers increase the stabili...

SCI In Conversation Podcast: Darrell Purcell, S&P Global Ratings

We discuss the hottest topics in securitisation today...

In this episode of the SCI In Conversation podcast, we explore how securitisation is emerging as a key funding tool for...

New jurisdiction

South African SRT imminent

Landmark deal A large South African bank is closing in on its inaugural SRT transaction. The bank can’t yet...

MPOWER prices second ABS as demand for international student loans rises

US-based student loan provider completes second ABS deal, expanding into Canadian loans and growing ...

MPOWER Financing, a US-based provider of loans to international university students, has completed its second securi...

Grounded, again

After burst of life in 2024 and early 2025, aircraft ABS wings clipped

Following a brief flurry of activity in the aircraft ABS market that began in July of last year, the window has now slam...

Job swaps weekly: MUFG snaps up Barclays head of CLO primary

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees MUFG hiring Barclays’ head of CLO primary as md...

Rethinking fixed income: strategic role of ABS in modern portfolios

Simplify Asset Management's md explains how ABS enhances income, diversification and stability in to...

As investors recalibrate portfolios amid persistent rate volatility and shifting macroeconomic conditions, ABS is gainin...

MDB risk transfer gaining traction

ADB inks insurer agreement, while SST platform issues RFP

The Asian Development Bank (ADB) has signed an agreement with 10 global insurers to mobilise up to US$2.75bn of private...

CLOs surge as safe haven driven by ETF boom

High-quality performance and improved accessibility are driving new investors into the CLO space, th...

Traditionally regarded as complex and niche, CLOs have emerged as a surprising safe haven in the structured credit marke...

Investor caution advised as solar ABS faces credit performance hurdles

KBRA report highlights structural evolution and emerging risks in the solar ABS sector

Credit performance risks and originator concentrations are coming into focus for the ever-growing solar ABS market. Acco...

Bank-Alt partnerships surge but longevity risks flagged

UBS-General Atlantic deal underscores momentum, yet many partnerships unlikely to stand the test of ...

The private credit market is on track to double to US$3trn by 2028, Moody’s confirmed during a media briefing...

Fitch opens consultation on physical climate risk in structured finance

Rating agency seeks market input on draft assessment framework

Fitch is calling for feedback on its new physical climate risk framework following publication of a discussion paper at...

Resets reshape CLO equity returns across vintages

Poh-Heng Tan from CLO Research provides observations on recent BWIC Trades of CLO equity particularl...

  Deal Closing Date Reinv End Date Face (original) ...

Private auto ABS fuels EV innovation

Investor appetite for auto ABS remains resilient in Europe, with private markets stepping up to fund...

A recent discussion hosted by Scope Ratings on auto ABS underscored that private placements are booming, not just due to...

SCI in Focus: New frontiers emerging for European NPLs

As legacy guarantee schemes end, investors pivot to PPCs, RPLs and real estate

As legacy guarantee schemes such as Greece’s HAPS and Italy’s GACS reach their end, the Eur...

SRT debut and pipeline prospects

EBRD eyes debut SRT as CEE region presents attractive opportunities

The European Bank for Reconstruction and Development (EBRD) is preparing its first synthetic securitisation as an issuer...

SCI In Conversation Podcast: Ujjaval Desai, Sound Point Capital

We discuss the hottest topics in securitisation today...

In this episode of SCI In Conversation, Simon Boughey, US editor, talks to Ujjaval Desai, head of structured products in...

Tariff turbulence tests CLOs - but structures and stability hold firm

Macroeconomic risks may outweigh tariff exposure

Asset prices in US broadly syndicated loans (BSL) CLOs have fallen following the recent wave of tariff announce...

Decarbonisation

BNP Paribas and PGGM complete SRT

BNP Paribas and PGGM have closed a US$2bn SRT, referencing a global portfolio of loans to projects financed by BNP Parib...

Bayview's fund finance arm taps into growing institutional demand

New platform aims to capitalise on the synergies between ABF and insurance mandates

Bayview Asset Management recently launched a fund finance investment platform, marking a significant step in its strateg...

Latest SRTx fixings released

One-direction

The unpredictability triggered by president Trump’s now infamous ‘Liberation Day’ tariffs...

Energy efficiency loan deal agreed

EIB Group and Cetelem partner on Spanish SRT

Cetelem, BNP Paribas Personal Finance’s commercial brand in Spain, has finalised a €93m synt...

Job swaps weekly: Balbec names new ceo

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Balbec Capital announcing a new ceo, as incumbent Charles...

Third Coast is on the CRT map

US$5bn Texas lender explains the deal with EJF

In the third of our reports on the groundbreaking securitization between asset manager EJF and Third Coast Bank, US edit...

Pearl Diver Capital opens Dubai office to tap regional CLO demand

Matt Layton, partner and head of EMEA at Pearl Diver Capital, answers SCI's questions about its rece...

Q: Where did the decision to open an office in Dubai come from?   Matt: Opening an office in the The Gulf Coo...

Private credit set for stricter scrutiny as market grows, survey finds

Industry leaders expect regulatory oversight to intensify across Europe within 12-18 months

Private credit markets are bracing for increased regulatory oversight, with nearly 80% of industry executives expecting...

European structured finance sees strongest Q1 since GFC, driven by record CLOs

Momentum from late 2024 carries into Q1, led by CLOs and SME deals amid steady investor demand

European securitisation markets began 2025 with robust momentum, according to Morningstar DBRS’s latest quarte...

Esoteric ABS at crossroads: tariffs, technology, and tailwinds

Digital infra defies macro downturn while consumer-linked sectors and music royalty ABS face recalib...

The esoteric ABS market is entering a pivotal phase as macro shocks and shifting trade dynamics recalibrate investor ris...

Funding Circle deepens ABS market presence

London-based originator returns to the securitisation market with SBOLT 2025-1, reinforcing its comm...

Funding Circle has returned to the securitisation market with SBOLT 2025-1, continuing its strategy of connecting instit...

Are mid-tier bank loans as good as they appear?

Fed filings indicate only a small drop in loan performance

According to recent Fed filings, the “pass percentage” of loans and commercial loans held at 79 mid-...

CLO market treads cautiously amid tariff uncertainty and structural shifts

Caution in healthcare, pharma and auto sectors

As global trade policy continues to evolve and tariffs dominate the economic discourse, Alter Domus, believes the impact...

EU CLO double-A bonds trade actively while US CLO equity market cools

Poh-Heng Tan from CLO Research provides CLO BWIC highlights: Wide EU CLO double-A cover range, doubl...

Last Thursday (24 April 2025) saw 27 tranches of EU CLO double-A bonds, with a total notional of €61.5...

SCI webinar: Nordics seize opportunities

SCI webinar highlights SRT openings in Nordic region

Nordic banks are showing increased interest in the SRT market, and growing issuance will likely follow regulatory alignm...

CMBS issuance surges despite rising risks

Scope Ratings reports record Q1 CMBS issuance, though warns of refinancing risks and tariff pressure...

The European commercial real estate and CMBS market roared into 2025 with the strongest quarterly issuance seen since th...

Job swaps weekly: Siepe follows international expansion with leadership team hires

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees structured debt and private credit fintech Siepe snapping...

Sun shines on Atrato

Atrato Onsite Energy inks first UK solar C&I deal

Atrato Onsite Energy, a UK commercial and industrial (C&I) solar specialist, has made its debut in the ABS wareh...

Northleaf and Ares back GoldState Music with US$500m facility

The new capital crescendo boosts GoldState's music rights acquisitions, echoing broader industry tre...

GoldState Music, a leading music rights acquisition platform, has secured US$500m in strategic capital, including a stru...

Market participants give mixed response to ESAs' report on European securitisation regs

Risk retention changes among key concerns highlighted by industry insiders

As the European Commission prepares proposals on securitisation reform for its meeting in mid-June, industry experts...