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Issue 956 - 13th June

  • News Analysis

    • Capital Relief Trades

      • Secondary SRT market likely to remain a tactical option

        Analysing the current outlook for secondary SRT market volumes

        Back in April, when the announcement of “Liberation Day” tariffs by President Trump sparked significant stock market volatility, the SRT secondary market reportedly experienced a pickup in auctions. Given the secondary market's in...

    • CLOs

      • Aurium and Dryden excel in EU CLO equity BWIC landscape

        Poh-Heng Tan from CLO Research shares insights on strong cover bids and diverging IRRs highlighting ...

          CLO Manager Deal Closing Date Reinv End Date Notional Price (cover) Primary Equity  IRR (issue Px 95) Annual Dist ...

    • Asset-Backed Finance

      • SCI In Conversation Podcast: Christophe Fritsch, AXA IM Alts

        We discuss the hottest topics in securitisation today...

        In this episode of SCI In Conversation, Christophe Fritsch, global head of alternative credit at AXA IM Alts, speaks with associate editor Marta Canini about the firm’s new diversified evergreen private credit strategy. Fritsch als...

      • DeFi securitisation breakthrough?

        Figure Markets launches first blockchain-based RWA credit facility

        Figure Markets has launched a US$15m senior lending facility, initially backed by home equity lines of credit (HELOCs) originated by Figure Lending, marking the first real-world assets (RWAs) financing on a decentralised finance (DeFi) marketplace. T...

  • News

    • ABS

      • Views from Barcelona: ABS held its ground amid April chaos

        The European ABS market has demonstrated superior performance compared to other fixed income asset classes, according to speakers at FT Live Fixed Income Events’ Global ABS conference. During the ‘Stability among chaos: capital ma...

    • Structured Finance

      • Views from Barcelona: EC vote, positive CLO outlook and fintech considerations

        Global ABS participants anticipate smoother sailing ahead for CLOs and await post-ESA report Europea...

        Securitisation markets may benefit from increased stability in the months ahead, according to speakers at FT Live Fixed Income Events' Global ABS conference. Practitioners broadly expressed hope that turbulence surrounding Trump’s Liberatio...

      • Latest SRTx fixings released

        EU/US divergence revealed

        While last month’s SRTx data points illustrated a one-directional widening in spreads and credit risk, this month’s figures point to an overall divergence between the European and US markets. Analysing the broader macro...

      • One begets another: Third Coast gets new deal thanks to April execution

        Innovative APV/ABS structure allows drastic reduction in RW

        Texas lender Third Coast Bank, with assets of US$5bn, last week week completed its second securitization of assets with EJF to secure reduction of concentration risk and capital requirements, but it was able to contract the loans packaged into this n...

      • Proceed with caution: SRT market navigates macro uncertainty

        Eagle Point Credit Management discusses current trends

        ‘To proceed with caution’ is the underlying message echoed by market participants as global uncertainty continues to cloud the outlook for trade, and capital regulation remains a topic under scrutiny.  The SRT...

      • Views from Barcelona: Unfunded SRT volumes to double

        Unfunded SRT deals could double over the next three to five years, according to Munich RE’s Michael Heckl. Speaking at FT Live Fixed Income Events’ Global ABS conference, Heckl said the volume of insurance-protected tranches post-...

    • CLOs

      • Explosive CLO growth fuels Palmer Square's global ETF strategy

        CLO Market surges to US$1trn as Palmer Square marks 10 years of indices and expands global ETF platf...

        The value of the global CLO market has grown by a factor of approximately 2,500 in the last decade, according to Palmer Square Capital Management. In its latest statement announcing the 10th anniversary of its CLO debt indices, Palmer Squa...

      • Ares breaks ground with £305M European Direct Lending CLO debut

        First reinvesting CLO of its kind in Europe targets middle-market defence sector loans, tapping into...

        Ares Management has announced the pricing of its first European Direct Lending CLO at £305m, Ares European Direct Lending CLO 1 believed to be the first reinvesting CLO in the European Direct Lending market and also one of the first direct...

      • CLOs adjust amid shifting global regimes

        JPMorgan sees resilient CLO market in 2025, with wider spreads, steady issuance and selective value ...

        JPMorgan’s 2025 midyear outlook highlights a cautiously resilient CLO market adjusting to an evolving macroeconomic landscape marked by deglobalisation, rising term premiums and trade policy uncertainty. Triple-A CLO spreads have widened...

    • Regulation

      • FDIC fires SLR reform salvo

        Banking regulator issues proposal to change current rules

        The Federal Deposit Insurance Corporation (FDIC) last Friday (June 6) filed a proposal for reform of the Supplementary Leverage Ratio (SLR) with the Office of Management and Budget (OMB) which is thought to include requests to lighten the capital bur...

  • The Structured Credit Interview

    • Asset-Backed Finance

      • Inside TwentyFour AM's new ABF fund

        Douglas Charleston, partner and co-head of ABS at TwentyFour Asset Management, answers SCI's questio...

        Q: TwentyFour AM recently launched a new dedicated ABF fund. Why launch the fund now, and what’s different about it for TwentyFour?  A: People love to coin a phrase, but ABF isn’t new – it&a...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: RenaissanceRe promotes senior SRT executives

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees RenaissanceRe elevating two SRT leaders in a round of senior executive promotions. Elsewhere, Bayview Asset Management is building out its ABF capabilities with the addition of a senior a...


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