Issue 948 - 18th April
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News Analysis
- RMBS
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Enra makes first charge RMBS debut with Elstree 2025-1 1st
Enra's inaugural first charge RMBS deal highlights disciplined credit management and expansion acros...
Enra Specialist Finance’s Elstree 2025-1 1st transaction marks a significant milestone as the firm’s inaugural securitisation of loans secured solely by first charge residential mortgages. This debut in the first charge mortgage s...
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- RMBS
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SRT Market Update
- Capital Relief Trades
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Third Coast and EJF show the way
Novel CRT true sale offers template for slimming CRE exposure
The blueprint for the US$200m CRT securitization of a single revolving CRE loan originated by Third Coast Bank announced last week can, and should, be used repeatedly by banks seeking to reduce concentration risk, say sources. Although the deal ach...
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Expected pickup
SRT market update
The SRT market activity is set to pick up further by Q3 of this year, with at least six deals expected to close in the coming months, sources tell SCI. In the UK, the major banks are preparing to bring new trades to market, with Lloyds la...
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- Capital Relief Trades
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News
- ABS
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Ratepay seals scalable BNPL securitisation
German white-label provider has closed its first STS-compliant ABS deal
Ratepay has completed its inaugural STS-compliant securitisation, raising €125m through a transaction backed by German and Austrian buy-now-pay-later (BNPL) receivables. The deal was arranged and financed by UniCredit Bank. The tr...
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- Structured Finance
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Tariff tensions drive unease in European securitisation amid mounting volatility
CLOs, CMBS and SMEs flagged as first in line to feel the heat from Trump's trade war
Escalating trade tariffs from the second Trump administration are sending shockwaves through the global financial markets – and European structured finance is no exception. While immediate credit deterioration remains unlikely, the wheels o...
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- Asset-Backed Finance
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Leumi UK strikes first CRE loan-on-loan deal for Martley Capital
Specialty lender's portfolio transaction supports multi-sector assets amid growing demand for back l...
Leumi UK has arranged its first loan-on-loan (LOL) transaction, leading a bespoke £42.9m facility to refinance a diversified commercial real estate (CRE) portfolio managed by Martley Capital Group. Co-lent with Cynergy Bank, the facility re...
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- Capital Relief Trades
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Tariff tumult
Liberation Day effect on US CRT not easy to assess
It has been difficult to gauge the effect of the tumult unleashed by April 2 on the US CRT market as deals in this market are infrequent and spasmodic anyway, say analysts. The European market continues to be lively, however. One veteran CRT invest...
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Dear CFO
PRA letter hinders repo-based financing
The PRA has warned banks about the use of illiquid assets in future SRT deals. In a letter to CFOs published on 9 April, the UK regulator raised concerns about misclassifying repackaged assets as trading book collateral and how it could lead to insuf...
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- CLOs
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ELFA guidelines set to spur CLO transparency
Trustee best practices and improved disclosures recommended
The European Leveraged Finance Association (ELFA) has released new guidance aimed at improving transparency in CLO reporting. Published at the end of March, the document outlines trustee best practices, but may meet some obstacles in its implementati...
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CLOs face volatility test amid record start to the year
KBRA affirms confidence in structured credit resilience under strain
The structured credit landscape entered 2025 with significant momentum, as US CLO issuance - including both broadly syndicated loan (BSL) and middle market (MM) transactions - closed the first quarter near historic highs. According to KBRA&rsqu...
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- NPLs
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EU NPL market sees ABF activity uptick amid forward flow surge
Forward flows, UTPs, and tail portfolios to drive secondary market revival
The European non-performing loan (NPL) market is experiencing a structural shift as forward flow agreements – once a niche tool – move to the centre of dealmaking, replacing traditional bulk sales with granular,...
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- RMBS
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JPMorgan's latest prime RMBS blurs lines with non-QM
Innovative transaction adds non-QM-like protections with modified sequential payment waterfall and s...
JPMorgan’s latest prime US RMBS deal, JPMorgan Mortgage Trust 2025-3 (JPMMT 2025-3), presents structural features typically seen in non-QM or subprime transactions. Indeed, the recently announced US$418.41m deal features a senior step-up co...
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- ABS
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Talking Point
- CLOs
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Secondary US CLO triple-As trade at discount amid volatility
Poh-Heng Tan from CLO Research provides insights into the US BSL CLO market based on SCIs recent tri...
Primary CLO triple-A’s may be less sensitive to market fluctuations, as some of the pricing was likely set well before the official pricing dates, and those triple-A levels were also influenced to a degree by arbitrage discipline. In contra...
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- CLOs
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Provider Profile
- RMBS
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ORDE breaks records with RMBS debut and eyes global expansion
ORDE Financial's ceo Paul Wells, debt capital markets executive director Dragan Jugovic, c...
Q: What were the key factors that contributed to the success of your inaugural A$1bn RMBS issuance?A: Reflecting on our inaugural A$1bn RMBS transaction, ORDE Series 2024-1 – recognised as the largest inaugural non-bank RM...
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- RMBS
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Market Moves
- Structured Finance
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Job swaps weekly: 400CM promotes five as investment strategy heads
Securitisation people moves and key promotions
This week’s round-up of job swaps sees 400 Capital Management (400CM) beef up its securitisation strategy team with a handful of promotions. Elsewhere, Ares Management Corporation has named a co-head of Europe for alternative credi...
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- Structured Finance
 
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