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Issue 962 - 25th July

  • News Analysis

    • ABS

      • Solid performance

        European ABS funds remain resilient through volatile June

        Despite geopolitical tensions and mixed macro signals, the European ABS market demonstrated resilience in June, with monthly fund factsheets monitored by SCI reporting solid performance and continued investor appetite. Demand for high-quality ABS rem...

    • CLOs

      • EU CLO equity delivers higher IRRs than US counterparts

        Analysis of BWIC trading and liquidated 2.0 deals highlights stronger returns for European CLO equit...

        EU CLO equity has outperformed US CLO equity, based on BWIC colour from a sample of approximately 446 equity tranches traded since July 2024 (source: SCI). This trend is also consistent with findings from 2.0 CLO deals that have been fully liquidated...

    • RMBS

      • Second social RMBS prints amid ESG market revival

        LiveMore targets older borrowers underserved by traditional mortgage market

        LiveMore Capital has completed its second ESG securitisation, Exmoor Funding 2025-1, marking a milestone for the non-bank lender as it advances its social bond strategy in the RMBS market. The £221.5m deal, which priced earlier this month,...

    • Capital Relief Trades

      • French SRT market attracts broader investor base

        H2 to see greater issuance

        French banks could be more active in SRT in H2 2025 as the market prepares to welcome a more diverse investor, pool despite regulatory uncertainty, Fabrice Faure-Dauphin, partner at A&O Shearman, tells SCI. While synthetic securitisation de...

      • Investor demand booms for SRT product

        M&G navigates SRT market intricacies

        M&G Investments is expecting a busy H2 in SRTs as although supply and demand remain partially out of sync there is now enough variety to allow investors to be picky.  “The SRT market has grown steadily over the years, but...

    • Asset-Backed Finance

      • Aviation ABS platform nears live rollout as issuance rebounds

        Maples and Aerlytix aim to modernise post-Covid infrastructure as US$5bn in deals signal sector reco...

        As aviation ABS issuance picks up after two years of muted activity, Maples Group and Aerlytix are preparing to launch the first live version of a software platform that aims to digitise the aircraft ABS waterfall process – a space stil...

  • SRT Market Update

    • Capital Relief Trades

      • Spanish bank hits the market

        SRT market update

        Just months after its last deal, CaixaBank is back in the market with a new SRT transaction, advised by A&O Shearman's Spanish team. The deal is still ongoing and aligns with the Catalan bank's strategy to remain active in the space....

  • News

    • ABS

      • Securitisation risk factors targeted in Solvency 2 consultation

        Senior STS tranches expected to benefit the most

        The European Commission last week published for stakeholder feedback a draft delegated act reviewing the Solvency 2 Delegated Regulation, which – among other aspects – would modify the capital requirements for insurance c...

    • Asset-Backed Finance

      • Ninety One leverages ABF to fill EU's SME lending gap

        Private lender accelerates dealmaking with €12.2m German resi loan as EU banks retreat from mi...

        Ninety One is moving quickly to capitalise on Europe’s mid-market lending gap, deploying capital with speed, precision and a focus on asset-backed finance (ABF). The firm recently closed a €12.2m senior secured loan, providing&...

    • Capital Relief Trades

      • PRA update ushers in unfunded protection

        Amended supervisory expectations clarify SRT oversight and notification

        The PRA has updated its Supervisory Statement 9/13 - Securitisation: Significant Risk Transfer to include new supervisory expectations that are not dependent on the implementation of the Basel 3.1 standards, which have been delayed by 12 months to 1...

      • SRT volumes up by nearly a third

        IACPM survey underlines EU issuer dominance

        SRT volumes increased by nearly a third in 2024, protecting €21.4bn of credit risk on €260bn of loans, according to the latest IACPM Global SRT Bank Survey. The survey shows that 51 financial institutions executed 127 SRT transactio...

      • Italian SRT surge on course despite regulatory uncertainty

        Investor base for Italian product widens

        Italy is seeing a renewed wave of synthetic securitisation activity, with local and international investors increasingly willing to take risk on more granular portfolios – even in more junior parts of the capital structure, say lawyers fami...

  • Talking Point

    • ABS

      • The irresistible lure of private markets

        KBRA report notes rise and rise of structured finance private market

        About 20% per year of all KBRA-rated structured finance deals since 2020 have been placed in the private market, according to a new report by the agency, and providing increasing evidence of the seemingly remorseless advance of private credit at the...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: CalPERS lures industry veteran from PGGM

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees the California Public Employees’ Retirement System (CalPERS) appointing a PGGM stalwart as managing investment director for its private debt portfolio. Elsewhere, IQ-EQ has made...


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