Weekly Issue Archive »

Issue 943 - 14th March

  • News Analysis

    • Capital Relief Trades

      • Leverage and liquidity

        NAV financing benefiting from spread compression

        If the Net Asset Value (NAV) loan market is experiencing rapid growth (along with the broader fund finance sector), the SRT market is equally witnessing an uptick in NAV financings against SRT investments. As it provides cross-collateralised loans...

    • CLOs

      • US CLO fintech expands presence whilst navigating regulation, loan scarcity

        Siepe's US$30M investment fuels innovation in CLO optimisation while addressing regulations and incr...

        With the recent expansion of Siepe’s operations to Europe and Malaysia, the US-based fintech providing solutions for CLO and private credit managers highlights regulation hurdles and supply scarcity as the main challenges it has encountered...

  • SRT Market Update

    • Capital Relief Trades

      • EIB inks SRT with Czech lender

        SRT to support Czech SMEs and mid-caps

        The EIB Group has completed a new synthetic securitisation with Czech bank Ceska Sporitelna (CSAS). Under the transaction, the EIF will provide a €55m unfunded guarantee in a mezzanine tranche with the objective of enabling CSAS t...

  • News

    • ABS

      • Aircraft ABS to return to pre-covid cruising altitudes

        Four deals in quick succession suggest 2025 will significantly outpace last year's activity

        Aircraft ABS is on track to return to pre-Covid levels following some quieter years. Issuance is predicted to reach US$10bn this year – almost twice the levels of 2024 – with secondary trading and aviation loan markets expected to...

    • Asset-Backed Finance

      • Blackstone and ITE Management ink US$2bn strategic partnership

        The deal includes a minority investment and a forward-flow agreement

        Funds managed by Blackstone Credit & Insurance (BXCI) have acquired a minority stake in ITE Management and committed up to US$2bn in capital via a forward-flow agreement, fuelling a joint push in transportation infrastructure finance.&nbs...

    • Capital Relief Trades

      • Latest SRTx fixings released

        Slight retreat from last month's widening

        As the prospect of a barrage of trade tariffs increases significantly, policy rates are very likely to remain restrictive. In fact, such macro-political environment strongly supports the view of policy rates staying higher versus pre-pandemic levels....

      • Deep dive

        Basel Committee launches SRT investigation

        In a press release published yesterday, the Basil Committee on Banking Supervision (BCBS) announced its intention to launch an investigation assessing the benefits and risks posed by SRTs. As part of its ongoing work to assess banks' interconnectio...

    • RMBS

      • Paragon's covered bond revives BTL RMBS HQLA debate

        JP Morgan questions regulatory inconsistencies as covered bonds gain HQLA status while BTL RMBS rema...

        Paragon Bank’s recent foray into the covered bond market has reignited the debate over High-Quality Liquid Asset (HQLA) eligibility for BTL RMBS. While Paragon’s new covered bond enjoys HQLA Level 1 status under the Liquidity Cove...

  • Talking Point

    • CLOs

      • CLO secondary trades show appetite for equity tranches

        CLO Research Group's Poh-Heng Tan provides insights on recent CLO equity BWIC activity

        Timing is always crucial in trading, and it is no surprise that selling CLO equity tranches in today’s strong market can be rewarding, says Poh-Heng Tan, founder of CLO Research Group. Recent BWIC colour on CLO equity tranches indicates t...

      • Reflections on the recent CLO equity BWIC of 11 March

        Poh-Heng Tan from CLO Research provides insights on a recent CLO equity list

        Based on SCI BWIC data, between 17 July 2024 and 8 March 2025, approximately 66 US CLO equity tranches from the 2021 vintage appeared on BWIC lists, where list owners provided colour on the equity tranches. Based on this colour, US CLO equity tranche...

  • The Structured Credit Interview

    • Asset-Backed Finance

      • Bridging finance business set to scale amid market demand

        Faes & Co ceo Christian Faes outlines his strategy to expand the firm's footprint in the US

        Faes & Co, the investment firm led by former LendInvest founder Christian Faes, plans to expand its US real estate bridging finance business following a funding boost from OakNorth Bank last month. The firm launched its lending arm, F2 Financ...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: Wellington launches private real estate credit platform

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees Wellington Management make a number of appointments to its newly launched private real estate credit platform. Elsewhere, KBRA Analytics has named a new chief strategy officer, while Mars...


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