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Issue 949 - 25th April

  • News Analysis

    • CMBS

      • CMBS issuance surges despite rising risks

        Scope Ratings reports record Q1 CMBS issuance, though warns of refinancing risks and tariff pressure...

        The European commercial real estate and CMBS market roared into 2025 with the strongest quarterly issuance seen since the global financial crisis, Scope Ratings reveals in its latest Q1 review. Total issuance in the first quarter hit €3.3b...

  • News

    • ABS

      • European ABS stands firm amid volatility

        European and UK ABS defy volatility with strong Q1 issuance, resilient demand and varied manager pos...

        Despite growing geopolitical tensions, rate uncertainties and a spike in volatility toward the end of March, European and UK ABS have proven resilient, and in some areas, remarkably buoyant, according to monthly European and UK factsheets monitored b...

      • Sun shines on Atrato

        Atrato Onsite Energy inks first UK solar C&I deal

        Atrato Onsite Energy, a UK commercial and industrial (C&I) solar specialist, has made its debut in the ABS warehouse market with its first deal issued in the UK solar C&I sector. The financing facility, backed by Barclays, will provid...

    • Asset-Backed Finance

      • Northleaf and Ares back GoldState Music with US$500m facility

        The new capital crescendo boosts GoldState's music rights acquisitions, echoing broader industry tre...

        GoldState Music, a leading music rights acquisition platform, has secured US$500m in strategic capital, including a structured capital facility co-led by Northleaf Capital Partners and Ares Management funds, alongside separately raised lever...

      • TwentyFour AM launches ABF fund amid growing private credit demand

        New strategy targets European ABF opportunities as bank retreat from traditional lending persists

        TwentyFour Asset Management has become the latest in a growing line of managers to enter the ABF space, announcing the launch of its new ABF fund targeting private credit exposures with securitisation-style risk characteristics.  T...

    • Capital Relief Trades

      • EJF stakes a claim

        Unusual Third Coast trade EJF's latest foray into US regional CRT

        The deal for Third Coast Bank reported last week was EJF’s third in the CRT market as the Arlington, Virginia-based alternative investment manager fast becomes the go-to partner for smaller regional bank issuers. It debuted in the market...

  • Talking Point

    • CLOs

      • Distressed single-B tranches trade at discounts as CLO market sees negative NAVs

        Poh-Heng Tan from CLO Research provides insights on US CLO double-Bs and distressed single-B bonds

        Recent BWIC activity highlights growing stress in the lower-rated CLO tranche space, with single-B bonds covering as low as 10h amid collapsing NAVs and uncertain recovery prospects, while double-B tranches show wide dispersion driven by credit quali...

  • Market Moves


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