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Issue 914 - 9th August

  • News Analysis

    • Whole business securitisations

      • WBS: New frontiers - video

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

        Patricia Lynch, partner and leader of the US securitisation practice at Ropes & Gray, speaks to SCI's Simon Boughey about whole business securitisation (WBS). Lynch discusses the types of assets that are particularly suitable for WBS, deve...

    • ABS

      • Australian ABS branches out

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

        Diversification and growing interest from global investors are fueling innovation in the Australian ABS market, according to Hiran Wanigasekera, co-head of diversified credit and debt investments at IFM Investors.  Since 2021, IFM Investor...

  • SRT Market Update

    • Capital Relief Trades

      • Echo in

        SRT market update

        BNP Paribas is rumoured to be in market with a fresh SRT transaction entitled “Project Echo”. The deal, which references leveraged loans, will have a tranche thickness of around 3-11%, and a targeted spread in the region of 8%....

      • Focus on Ally

        SRT market update

        Ally Bank has released further details on its debut CRT transaction, ABCLN 2024-A, in its Q2 earnings report. Ally retains the senior and first loss tranches, while protection has been bought on a 1.5-12.5 attach/detach mezzanine tranche. The avera...

  • News

    • Capital Relief Trades

      • Tight Morgan CRT

        Morgan Stanley in the market with another ultra-thin CRT

        Morgan Stanley is in the market with a US$5bn CRT transaction referencing subscription line facilities, and, like the recently reported Goldman Sachs trade, is seeking a sub-500bp yield for a 0%-12.5% first loss position, say sources. The trade has...

      • In its prime

        Debutants boost auto CLN volumes

        US$1.36bn across four prime auto loan CLN issuances has been placed so far this year, according to JPMorgan figures. The transactions have included debut deals, as well as repeat issuance from Santander. Indeed, Santander’s latest auto CL...

    • CLOs

      • Reset boost

        Portfolio quality upgraded amid European CLO resets in H1 24

        The portfolio credit quality of European CLOs that were reset in the first half of 2024 were improved compared with the original transactions, according to Fitch Ratings’ latest Monthly European CLO Index report. “Before the res...

  • The Structured Credit Interview

    • ABS

      • Angel in ETFs

        Angel Oak's active structured credit ETF takes off

        Angel Oak Capital Advisor’s securitized credit-focused active ETF platform, launched in October 2022, has now over US$1bn in assets and is on course to hit US$2bn soon, possibly before the end of 2024, Ward Bortz, ETF portfolio manager, tol...

    • Asset-Backed Finance

      • Esoteric excellence

        Reed Smith doubling down on esoterics

        Top structured finance law firm Reed Smith has a developed esoteric practice, but is looking to beef up even more, says newcomer Jeffrey Stern. “This is one of the focuses within the structured finance practice, and I expect to see&nb...

  • Market Moves

    • Structured Finance

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

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees Blackstone appointing a new head of international for Blackstone Credit & Insurance (BXCI). Elsewhere, Paul Hastings has lured a structured finance partner from Weil, Gotshal &...


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