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Issue 959 - 4th July

  • News Analysis

    • CLOs

      • US CLO triple-A's trade above par amid strong BWIC demand

        Poh-Heng Tan from CLO Research provides insights on benchmarking the triple-A curve based on recent ...

        Based on last week’s BWIC colour, many US BSL CLO triple-A bonds received cover bids above par. For deals still within their non-call periods, discount margins (DMs) are reported to the call date; for those beyond their non-call, DMs are sh...

      • Market volatility, tightening spreads drive renewed demand for CLO mezzanine notes

        Mezzanine paper sees spike in demand as yield-seeking investors want returns amid tightening spread ...

        CLO managers and investors report that broader market volatility, a tightening spread environment, and growing liquidity in junior tranches may be driving new demand for mezzanine notes.   Attendees at Global ABS in Barcelona last month ap...

      • EU reforms: CLO market sees progress, but key concerns remain

        Law firms assess latest European Commission proposals and implications for CLOs

        The European Commission’s proposed amendments to the EU Securitisation Regulation signal meaningful progress for the European structured finance market but challenges remain, particularly for the CLO sector, according to leading legal speci...

    • Asset-Backed Finance

      • SCI in Focus: Private credit expands its role in APAC securitisation

        Australia's innovation and Japan's fund finance surge boost private credit's prominence across the r...

        Private credit is playing an increasingly prominent role in the evolution of Asia-Pacific’s securitisation markets, evolving from a niche to a norm. Throughout the region, private credit is emerging not only as an alternative to public secu...

  • SRT Market Update

    • Capital Relief Trades

      • Italian first

        SRT market update

        IBL Banca has completed a €1.2bn synthetic securitisation referencing a portfolio of CQS (Italian salary and pension-backed) loans. The transaction includes a mezzanine tranche of approximately €70-€80m. The issuer placed t...

      • Swedish SRT

        SRT market update

        Swedish issuer Marginalen Bank is expected to price an SRT imminently. Named Project Apple, the deal references a SEK4bn portfolio of consumer loans, with the issuer placing a 8-12% first loss tranche with investors.  Last year ...

  • News

    • Alternative assets

      • Ferovinum bottles world-first public securitisation of wine and spirits

        Landmark deal backed by inventory and receivables across wine, spirits and soft drinks showcases sec...

        Ferovinum has closed the world’s first public asset-backed securitisation of wine and spirits - a landmark esoteric transaction that combines both physical inventory and future receivables into a globally scalable structure. The US$550m...

    • Asset-Backed Finance

      • CFOs set to surge amid Europe's fund finance evolution

        Liquidity needs and fundraising challenges trigger wave of interest in structured secondaries, drawi...

        Collateralised fund obligations (CFOs) are emerging as the next frontier in European fund finance, with a notable recent example being the landmark transaction involving Coller Capital, Ares and Barings. The deal utilised the CFO structure to unlock...

      • Swiss art-backed securitisation debuts

        ArtSecure Capital's Sfr250m ABS brings blue-chip fine art to private credit markets

        ArtSecure Capital is set to launch Switzerland’s first art-backed securitisation, a Sfr250m private facility that merges blue-chip, fine art with structured credit. The offering, advised by Zurich-based Finanz Konzept, offers institutional...

    • Capital Relief Trades

      • NatWest's expanding SRT activity

        NatWest maintains SRT momentum with Nightingale programme

        The latest iteration of the Nightingale programme, which priced in June[1], marked NatWest’s eighth SRT issuance in just 18 months. According to Robert Lloyd, head of C&I Balance Sheet & Risk Management, the investor base ha...

      • EBA survey confirms growing SRT appetite

        'Wide range' of CET1 capital relief reported

        EU/EEA banks’ SRT issuance represents slightly more than half of their total outstanding securitisation volumes of around €1trn, according to EBA Supervisory Reporting data since 2017. Indeed, the authority’s latest Risk...

      • Reg cap market veterans Citi and JP Morgan in the market

        Corporate loans and high yield loans feature in two deals

        Citigroup is in the market with a US$8bn synthetic securitisation of corporate loans issued from its Terra programme, and the deal is near closing, say market sources. The face value of the note is US$1bn, they add, and it is said to carry a 6% han...

  • Talking Point

    • ABS

      • 'Keep calm, but keep cautious'

        Rob Ford, retired founding partner of TwentyFour Asset Management, shares his views on the current s...

        Q: How would you characterise the current state of the European securitisation market? A: Last year was fantastic for performance: spreads generally recovered throughout 2024 from a relatively wider level, having been through 2022-2023, where market...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: Sound Point names Gerlitz's successor as global cfo

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees Sound Point Capital Management naming a new global chief financial officer. Elsewhere, EBRD’s first vp and head of client services group has retired, while the completion of BNP...


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