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Issue 947 - 11th April

  • News Analysis

    • ABS

      • Esoterics gather steam in APAC securitisation market

        Demand for new asset classes could bring rapid expansion of securitisation in region

        Traditional asset-backed securities in the Asia Pacific (APAC) region could become overshadowed by emerging asset classes and new players, as the demand for esoteric investments increases. The securitisation market in the Asia Pacific (APAC) region...

    • Capital Relief Trades

      • US CRT: Shoring up regionals – video

        Heliostat Capital founder and president Charles Callahan speaks to SCI

        Charles Callahan, founder and president of Heliostat Capital, a New York risk advisory, speaks to SCI US editor Simon Boughey about loan exposures at US regional banks. He highlights that these might be worse than they look from the o...

      • Third-party validation

        Can SRTs and ratings really combine?

        As the SRT market further matures, shifts and broadens, will the use of credit ratings increase with it. Such interrogation may well be futile, with credit ratings reportedly growing alongside the wider SRT market expansion. However, being typically...

    • Asset-Backed Finance

      • Insurers among LPs turning to unrated ABF amid capital pressures

        Institutional investors step into ABF for yield and diversification as banks retreat

        As momentum continues to build behind ABF, institutional investors are increasingly turning to the space in search of yield, scale and diversification. Chief among them are insurers – one of the largest sources of private capital worldw...

  • SRT Market Update

    • Capital Relief Trades

      • Romanian SRT

        SRT market update

        The European Bank for Reconstruction and Development (EBRD) and UniCredit have closed a synthetic securitisation. Structurally, the EBRD is providing credit protection of up to €77.5m on the mezzanine tranche of a synthetic securi...

      • Regional debut

        Third Coast Bank closes first SRT with EJF Capital

        Texas-based Third Coast Bank has completed its debut synthetic securitisation, partnering with EJF Capital on a CRE transaction.  The transaction references a US$200m revolving mortgage loan (the loan), originated by Third Coast B...

      • New player

        EIB Group and ABN AMRO sign synthetic securitisation

        The transaction is the first synthetic securitisation entered into between Dutch lender ABN AMRO (ABN) and the EIB Group. It references a portfolio of over €1bn in existing Dutch SME and corporate exposures and enables ABN to free up capital...

      • Spanish pipeline

        SRT market update

        Santander is in market with an SME-focused SRT. The upcoming deal is expected to reference a granular SME portfolio in the range of €2bn to €3bn, however final size of the placed tranche(s) remains unclear and will...

  • News

    • Structured Finance

      • Janus Henderson and Guardian form partnership for public fixed income portfolio

        Deal sees asset manager overseeing US$45bn portfolio with insurer investing US$400m of seed capital

        Janus Henderson Group and the Guardian Life Insurance Company of America have formed a strategic partnership, in which Janus Henderson will become the insurance company’s investment grade public fixed income asset manager. T...

    • Asset-Backed Finance

      • Litigation finance venture debuts amid surging claims market

        New JV targets overlooked SME and consumer litigation market, as investor appetite for claims-based ...

        Litigation finance is entering a new phase of maturity, with funding shifting from opportunistic, one-off cases towards platform-based, scalable models. Capitalising on this shift, MDPG Advisory founder Matthew Gwynne and S&C Capital...

    • Capital Relief Trades

      • Latest SRTx fixings released

        Faring worse

        This month, policy uncertainty and its associated market volatility have taken a clear position of prominence within the global financial markets. The current scenario of across-the-board tariffs accompanied by retaliatory tariffs, has the potentia...

    • CMBS

      • Switch closes landmark US$3.5bn green data centre securitisations

        World's first public green data centre CMBS and largest green data centre ABS priced

        Las Vegas-based data centre provider Switch has closed on two green-labelled securitisations totalling US$3.5bn, setting new milestones for both the data centre and structured finance markets.  The consecutive transactions &nda...

  • Talking Point

    • CLOs

      • EU CLO triple-A spreads see modest widening

        Poh-Heng Tan from CLO Research provides insights on EU CLO triple-A trading colour which despite the...

        Shorter-dated CLO bonds changed hands in the 130–140bps discount margin (DM) range last week, with PRVD 4X AR covering at 129DM and names like BRGPT 2X A and AQUE 2020-5X AR trading closer to 140DM. Longer-dated bonds were observed in the...

  • The Structured Credit Interview

    • Asset-Backed Finance

      • ABF key pillar in AXA IM Alts' new evergreen private credit strategy

        Christophe Fritsch, global head of alternative credit at AXA IM Alts, answers SCI's questions

        Global alternative investment firm AXA IM Alts has made ABF a cornerstone of its newly launched diversified evergreen private credit strategy. Designed for the private wealth segment, the strategy will invest across the credit spectrum, from ABF to d...

    • CLOs

      • Accunia maps a steady course in CLOs focussing on long-term value

        Danish manager prioritises CLO complexity premiums and active credit selection over market timing

        In the intricate world of structured credit, Accunia Credit management emerges as a thoughtful navigator, challenging conventional investment wisdom with a nuanced approach to CLO investing. Speaking to SCI, David Altenhofen, head of investments at...

  • Provider Profile

    • Asset-Backed Finance

      • Blackstone eyes EU infra financing gap as next trillion-dollar opportunity

        BXCI to grow its ABF efforts, leverage insurance and retail capital, and bridge Europe's US$30trn in...

        Private credit has become the heart of Blackstone’s investment strategy, driving its expansion across Europe and globally. In 2024, the firm originated a record US$10bn in direct lending deals across the region. Its CLO division, based in D...

  • Market Moves


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