Weekly Issue Archive »

Issue 951 - 9th May

  • News Analysis

    • CLOs

      • Tariff turbulence tests CLOs - but structures and stability hold firm

        Macroeconomic risks may outweigh tariff exposure

        Asset prices in US broadly syndicated loans (BSL) CLOs have fallen following the recent wave of tariff announcements, according to Fitch Ratings' latest commentary on US BSL CLOs.  By early April, the weighted average bid of CLO p...

      • SCI In Conversation Podcast: Ujjaval Desai, Sound Point Capital

        We discuss the hottest topics in securitisation today...

        In this episode of SCI In Conversation, Simon Boughey, US editor, talks to Ujjaval Desai, head of structured products investing at Sound Point Capital. Ujjaval invests in the equity and mezz tranches of the CLO market, and here he talks about where h...

    • ABS

      • SCI in Focus: New frontiers emerging for European NPLs

        As legacy guarantee schemes end, investors pivot to PPCs, RPLs and real estate

        As legacy guarantee schemes such as Greece’s HAPS and Italy’s GACS reach their end, the European non-performing loan (NPL) securitisation market is entering a period of transition. With NPL ratios falling across key juris...

      • Private auto ABS fuels EV innovation

        Investor appetite for auto ABS remains resilient in Europe, with private markets stepping up to fund...

        A recent discussion hosted by Scope Ratings on auto ABS underscored that private placements are booming, not just due to yield appetite, but because they provide a vital testing ground for new asset types that lack the track record required for publi...

    • CLOs

      • Resets reshape CLO equity returns across vintages

        Poh-Heng Tan from CLO Research provides observations on recent BWIC Trades of CLO equity particularl...

          Deal Closing Date Reinv End Date Face (original) Price (cover) EQ IRR (issue Px 95) Annual Dist CVR Px BWIC Date ...

      • CLOs surge as safe haven driven by ETF boom

        High-quality performance and improved accessibility are driving new investors into the CLO space, th...

        Traditionally regarded as complex and niche, CLOs have emerged as a surprising safe haven in the structured credit market. According to US asset management firm, Lord Abbett, CLOs —particularly triple-A rated tranches — are now dr...

    • ABS

      • Rethinking fixed income: strategic role of ABS in modern portfolios

        Simplify Asset Management's md explains how ABS enhances income, diversification and stability in to...

        As investors recalibrate portfolios amid persistent rate volatility and shifting macroeconomic conditions, ABS is gaining renewed attention – not just as a niche product but as a strategic tool for modern portfolio construction. Paisley N...

    • Alternative assets

      • Grounded, again

        After burst of life in 2024 and early 2025, aircraft ABS wings clipped

        Following a brief flurry of activity in the aircraft ABS market that began in July of last year, the window has now slammed shut due to persistently high rates and general global economic uncertainty. In particular, Chinese lessees, who were a big...

  • SRT Market Update

    • Capital Relief Trades

      • Energy efficiency loan deal agreed

        EIB Group and Cetelem partner on Spanish SRT

        Cetelem, BNP Paribas Personal Finance’s commercial brand in Spain, has finalised a €93m synthetic securitisation with the EIB Group. The transaction will enable €200m of financing for energy efficiency investments...

      • Decarbonisation

        BNP Paribas and PGGM complete SRT

        BNP Paribas and PGGM have closed a US$2bn SRT, referencing a global portfolio of loans to projects financed by BNP Paribas’ Energy, Resource and Infrastructure teams. The transaction allows BNP Paribas to offload some of the cred...

  • News

    • ABS

      • Fitch opens consultation on physical climate risk in structured finance

        Rating agency seeks market input on draft assessment framework

        Fitch is calling for feedback on its new physical climate risk framework following publication of a discussion paper at the end of April. The proposed approach sets out how risks like flood, wildfire, wind, drought, storms and extreme temperatures co...

      • MPOWER prices second ABS as demand for international student loans rises

        US-based student loan provider completes second ABS deal, expanding into Canadian loans and growing ...

        MPOWER Financing, a US-based provider of loans to international university students, has completed its second securitisation: MPOWER Education Trust 2025-A, a $313.2m transaction backed by U.S. dollar-denominated, fixed-rate loans to internat...

      • Investor caution advised as solar ABS faces credit performance hurdles

        KBRA report highlights structural evolution and emerging risks in the solar ABS sector

        Credit performance risks and originator concentrations are coming into focus for the ever-growing solar ABS market. According to a new report from KBRA reviewing a decade of issuance in the sector, the market is entering into a more mature, if potent...

    • Capital Relief Trades

      • MDB risk transfer gaining traction

        ADB inks insurer agreement, while SST platform issues RFP

        The Asian Development Bank (ADB) has signed an agreement with 10 global insurers to mobilise up to US$2.75bn of private capital to support the bank’s lending for sustainable growth in Asia and the Pacific. The move follows a request for pro...

      • Latest SRTx fixings released

        One-direction

        The unpredictability triggered by president Trump’s now infamous ‘Liberation Day’ tariffs continues to drive a notable increase in spread levels and broader market sentiment values. Credit spreads widened consistently...

      • SRT debut and pipeline prospects

        EBRD eyes debut SRT as CEE region presents attractive opportunities

        The European Bank for Reconstruction and Development (EBRD) is preparing its first synthetic securitisation as an issuer, with a referenced portfolio of around €1bn and plans to bring the deal to market by early next year. The EBRD will be...

  • Talking Point

    • Asset-Backed Finance

      • Bank-Alt partnerships surge but longevity risks flagged

        UBS-General Atlantic deal underscores momentum, yet many partnerships unlikely to stand the test of ...

        The private credit market is on track to double to US$3trn by 2028, Moody’s confirmed during a media briefing earlier today. The sector is undergoing a structural shift, marked by the proliferation of bank-alternative asset manager partners...

  • The Structured Credit Interview

    • Asset-Backed Finance

      • Bayview's fund finance arm taps into growing institutional demand

        New platform aims to capitalise on the synergies between ABF and insurance mandates

        Bayview Asset Management recently launched a fund finance investment platform, marking a significant step in its strategy to expand its asset-backed finance (ABF) offerings and meet the growing liquidity needs of GPs, LPs and institutional investors....

  • Market Moves

    • Structured Finance

      • Job swaps weekly: MUFG snaps up Barclays head of CLO primary

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees MUFG hiring Barclays’ head of CLO primary as md and head of CLO. Elsewhere, Starwood Capital Group has appointed a cio for its newly launched Starwood Insurance Strategies platf...


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