Weekly Issue Archive »

Issue 965 - 15th August

  • News Analysis

    • ABS

      • SCI in focus: FICO versus Vantage

        GSEs make haste to incorporate Vantage4.0 scoring for mortgages

        Since the July 8 tweet by Bill Pulte, director of the Federal Housing Finance Agency (FHFA), saying “Fannie and Freddie will ALLOW (his caps) lenders to use Vantage 4.0 score with no current requirement to build new infrastructure&rdquo...

    • CLOs

      • CLO triple-As above par as discount margins rise with WALs

        Poh-Heng Tan from CLO Research highlights BSL CLO triple-A term curve slopes upward, unaffected by m...

        Between 8 and 12 August, more than 10 BSL CLO triple-A tranches still within their non-call periods changed hands, with every bond trading above par. The graph below shows that, across bonds managed by managers of all tiers, discount margins (DMs)...

    • Asset-Backed Finance

      • Back-leverage deals drive UK CRE recovery as continental Europe stalls

        Debt funds lean on bank back-leverage to scale, preparing to navigate Europe's looming CRE maturitie...

        The recovery in Europe’s commercial real estate (CRE) lending market is proving patchy, with the UK pulling ahead while much of continental Europe remains subdued. Against this backdrop, a growing number of debt funds are leaning on bank-pr...

  • SRT Market Update

    • Capital Relief Trades

      • Inaugural Swedish synthetic securitisation

        SRT market update

        Marginalen Bank has closed its inaugural synthetic securitisation (Project Apple). The transaction references an initial portfolio of SEK3.15bn of Swedish unsecured consumer loans. Marginalen Bank executed the deal with institutional investor Magneta...

      • Green asset finance SRT (UPDATED)

        SRT market update

        The British Business Bank (BBB) is reportedly set to announce a green asset finance SRT next week. Market sources suggest that the BBB is also working with HSBC on a separate transaction. Both are to be executed through the BBB's ENABLE Guar...

  • News

    • ABS

      • Risk in data centre securitisation

        Fitch assesses asset quality according to a range of factors

        Re-contracting risk in data centre securitisation, which occurs when an initial tenancy is shorter than the life of the ABS, represents a significant issue for landlords but can be mitigated in several ways, according to Roelof Steenekamp, md in glob...

      • Internationalisation of music ABS gains momentum

        First securitisation with European sponsor closed

        London-headquartered Recognition Music (formerly Hipgnosis Song Management) last week closed via Barclays the first rated music royalty ABS originated by a European sponsor. The US$372m Lyra MUSIC Assets (Delaware) series 2025-1 marks a significant s...

    • Asset-Backed Finance

      • Vehis Finanse completes Poland's first warehouse-to-public securitisation

        Leasing firm raises PLN1.35bn in landmark deal that could open doors for other mid-sized companies

        Vehis Finanse last month completed Poland's first-ever warehouse-to-public securitisation, raising PLN1.35bn and transforming an existing auto lease portfolio into a public structure. The transaction, advised by DLA Piper and backed by EIB/E...

      • Finland's ABF scene heats up

        Regulatory clarity and Eurozone ties boost Finnish private credit as esoteric assets slowly become '...

        Finland's ABF market is experiencing growth as traditional banks step away from smaller deals, opening the door for private credit funds to capture market share – and for esoteric asset classes to elbow into the country's evolving structure...

      • Pantheon taps ABF amid record growth in credit secondaries

        Continuation funds, ABF portfolios gain momentum as liquidity crunch bites in private credit

        As evergreen structures continue to proliferate across private credit, another trend is accelerating: secondary sales and continuation vehicles. These tools have become the go-to for managers racing to unlock capital trapped in portfolios stuck in ex...

    • Capital Relief Trades

      • Man Group seeks diversification over asset class bets in SRT playbook

        Man Group highlights diversification, discipline and durability

        Man Group foresees an exciting course in the European SRT landscape, as supply-demand dynamics stabilise and emerging issuer geographies broaden investor participation.   Matthew Moniot, co-head of credit risk sharing at Man Group...

      • Another auto deal for US regional

        Huntington revisits the CLN market

        Huntington Bank, headquartered in Columbus, Ohio, priced its expected credit-linked note (CLN) referencing prime auto loans this week, say market sources. Total deal size was US$414m, and the largest tranche, designated B1, was a US$315m fixed rate...

    • SRTx

      • Latest SRTx fixings released

        (Spread) momentum continues

        Uncertainty remains the dominant theme for 2025 to date, primarily driven by the US administration’s evolving approach to tariffs, shifting policy deadlines and geopolitical tensions. Consequently, the current volatile macro-political and e...

  • Talking Point

    • CLOs

      • CLO volatility misunderstood as credit risk, says CIFC

        Huang unpacks the real risks in CLOs, the rise of ETFs and how a niche market is becoming more mains...

        When the Covid-driven market chaos hit in March 2020, many investors saw the sharp price moves in CLO tranches and drew the conclusion that CLOs must be a risky asset class. But that conclusion is both widespread and deeply flawed, according...

  • The Structured Credit Interview

    • Asset-Backed Finance

      • Inside Aperture's new billion-dollar ABF strategy

        Aperture's new global head of ABF discusses strategy, market timing, and expansion plans with SCI

        Aperture Investors has launched a US$1bn asset-backed finance (ABF) strategy led by their newly hired portfolio manager and global head of ABF, Nick Turgeon. Seed capital comes from Generali Investments and is already attracting str...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: Castlelake launches Merit AirFinance

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees Castlelake naming the leadership team for its new aviation lending business. Elsewhere, Railpen has awarded a securitised credit mandate to Neuberger Berman, while Wells Fargo ha...


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