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Issue 941 - 28th February

  • News Analysis

    • Capital Relief Trades

      • SCI in Focus: Broader and deeper

        SRT supply and demand dynamics set to stabilise

        A recurring theme within the SRT market last year was its characterisation as ‘bank-friendly’, with a deluge of new capital altering supply and demand dynamics. While issuance volumes continue to grow, the sector is also gaining d...

    • ABS

      • Europe's solar ABS market plays catch-up

        Continent's solar ABS market trails the US, though potential Italian deal may spark growth

        The European solar ABS market is exploring innovative routes to accelerate issuance, with market insiders anticipating increased activity following last year’s debut public transaction for the continent. Yet, while the European market share...

    • Capital Relief Trades

      • US CRT: Brave new world - video

        Cadwalader Wickersham & Taft partner Jed Miller speaks to SCI

        Jed Miller, partner at Cadwalader Wickersham & Taft, speaks to SCI US editor Simon Boughey about the likely regulatory hurdles for the US securitisation industry in 2025. He highlights conflicts of interest provisions, the possibility of t...

    • CLOs

      • AlbaCore sees CLO refi, reset opportunities

        AlbaCore monitors market for CLO refinancing opportunities as M&A activity picks up

        AlbaCore Capital Group may explore opportunities related to its current portfolio, such as potential resets and refinancing of some structures, says Deborah Cohen Malka, partner and portfolio manager at the firm. AlbaCore always considers potential...

    • ABS

      • Surging demand, power challenges to define data centre ABS growth

        Investors weighing energy security and AI volatility, among other risks

        Data centres emerged as one of the hottest topics at the Structured Finance Association’s SFVegas conference earlier this week, reflecting their rising prominence within digital infrastructure ABS. As AI, cloud computing and enterprise work...

      • Plenti leads Australian ABS revival

        Plenti's A$509.3m auto ABS 2025-1 attracted record global demand, signalling strong momentum for fut...

        Plenti recently reopened the Australian securitisation market with Plenti Auto ABS 2025-1 Trust, a A$509.3m transaction that attracted a record number of investors with strong international interest, especially from European investors. The mix of i...

  • SRT Market Update

    • Capital Relief Trades

      • Spread equipoise

        No further compression foreseen in record Q1

        A floor in the spread compression – the most fretful topic of the global SRT in the last 12 months – appears to have been reached, say sources in the European market this week. “I think we have reached a point where 6....

  • News

    • ABS

      • Thames Water WBS extended

        'Significant' write-downs expected under liquidity extension transaction

        The maturities of all class A and class B debt issued by the Thames Water Utilities Finance (TWUF) whole business securitisation have been extended by two years. The move follows the High Court’s approval of the restructuring plan proposed...

    • Capital Relief Trades

      • EIB inks Spanish resi deal

        Green and sustainable mortgages targeted

        The EIB Group has signed a new synthetic securitisation operation with Santander to provide financing for energy efficiency investments in the Spanish real estate sector, including the construction of new near zero-emission buildings and the renovati...

      • Down in the tranches

        US Bank prepares to close multi-tranche SRT

        Further details have this week emerged about the US Bank reg cap trade, due to close before the end of Q1, which was reported last week. The trade, designated US Bank C&I Credit-Linked Notes, Series 2025-1, references a US$5bn pool of syndi...

      • BPER surfaces

        SME loan deal now in the market

        The synthetic securitisation of SME loans from smaller Italian lender BPER, reported last week, is now in the market, say sources. The €140m reg cap trade references a €2.5bn pool of assets, and a first loss position of 0...

    • CLOs

      • Alcentra secures US$1bn for CLO strategies

        New capital will boost Alcentra's European CLO AUM to US$4bn over the next three years

        Alcentra recently secured US$1bn in equity capital commitments for its CLO-focused strategies, driven by Inflows from pension funds, endowments, family offices, and SWFs in the US, Asia, and Europe, the firm tells SCI. The majority of the new capit...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: Santander rings changes in structured finance division

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees Santander making a number of appointments as part of a major reshuffle of its structured finance advisory and lending platform. Elsewhere, DLA Piper has appointed a new co-head of its str...


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