Weekly Issue Archive »

Issue 953 - 23rd May

  • News Analysis

    • Asset-Backed Finance

      • Key takeaways from SCI's esoteric ABS seminar

        From data centres to IP royalties to aircraft ABS, NYC speakers highlight resilience, innovative str...

        Leading voices in structured finance stressed the esoteric asset market’s resilience and evolving opportunities, expressing cautious optimism despite persistent volatility and higher for longer interest rates, at SCI’s 3rd annual...

    • CLOs

      • CLO issuance slows, but hopes for late-year rebound remain

        Market participants agree that low levels of M&A activity and limited loan supply will suppress ...

        Recently, JP Morgan revised its forecast for US and European CLO issuance, adjusting it from US$180bn to US$150bn. In April, European CLO new issuance totaled US$1.19bn, compared to US$4.91bn for the same period in 2024, according to data from SCI. ...

      • CLO BWICs show wide IRR spread despite strong distributions

        Poh-Heng Tan from CLO Research provides BWIC highlights on majority CLO equity traded

        Last week’s BWIC lists included four majority equity trades according to SCI BWIC data, with cover bids ranging from the single digits to the high 40s. These levels implied an average equity IRR of around 6.6% for primary investors...

    • Asset-Backed Finance

      • Private credit eyes master trust potential

        ABF convergence continues as securitisation tools tipped for evergreen funds

        The lines between fund finance and structured credit are continuing to blur, with growing recognition of the potential for tools long used in securitisation markets to be incorporated within fund finance. The latest example is the potential of se...

  • SRT Market Update

    • Capital Relief Trades

      • Preplaced flow

        Preplaced flow

        Yesterday, the UK/European ABS/MBS markets saw two preplaced and full-cap stack transactions price.  UK challenger bank Shawbrook Bank issued Aldbrook Mortgage Transaction 2025-1. The transaction is a static securitisation...

  • News

    • ABS

      • Pawn loan ABS debuts

        Malaysia's Ta Yoong behind innovative, revolving MTN programme

        Malaysian pawnbroking group Ta Yoong is sponsoring the country’s debut pawn loan securitisation. The transaction consists of an initial RM200m tranche of senior MTNs and RM31m of junior MTNs (retained by the sponsor), issued under the RM500...

      • 'Strong comeback' for European ABS market

        Managers highlight mezz demand amid Liberation Day volatility

        The European and UK ABS/MBS market was last month dominated by volatility from the US Liberation Day tariff announcements, which significantly disrupted global trade and financial markets. Monthly fund factsheets monitored by SCI suggest that asset m...

    • Asset-Backed Finance

      • Fitch faces backlash from KBRA over use of retracted NAIC data

        Dispute sparks debate over ratings credibility in booming private credit market

        KBRA has publicly criticised rival agency Fitch Ratings for publishing a report on Monday that leaned on a dataset the National Association of Insurance Commissioners (NAIC) had discredited and withdrawn in August 2024. The NAIC’s...

    • Capital Relief Trades

      • JPM has brought auto loan private CRT

        Prolific US CRT issuer appears on radar screen

        It has emerged that JP Morgan completed a private, bilateral CRT deal on auto loans in March, according to well-placed sources. The reference pool was USD3.5bn, and it was priced to yield 715bp over SOFR, they add. It was, apparently, not a first...

      • Forced buyer

        Increasingly crowded SRT market should experience natural rotation in investor base

        With (consistently) increasing demand a shaping factor of the SRT market, investors could possibly revise their approach and trade selection process. In fact, hearsay suggests that the SRT market might be bifurcating, with on one side the (very) synd...

    • RMBS

      • TAMI 2 marks new phase for UK ERM securitisations

        Issuance of MA-compliant RMBS expected to rise in 2H25 as regulations evolve

        The UK’s equity release mortgage (ERM) securitisation market is gaining traction, with the latest deal - TAMI Senior Securitisation 2 - marking a new phase and a repeatable model for Matching Adjustment (MA)-compliant structures. Following...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: LGT names leadership team for European CLO platform

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees LGT Capital Partners making senior appointments to support the launch of dedicated European CLO management platform Legato. Elsewhere, Reed Smith has hired a new partner to serve as head...


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