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Issue 967 - 29th August

  • News Analysis

    • CLOs

      • Liquidity hurdles and secondary market gaps challenge MM CLO growth

        Regulatory limits and structural constraints weigh on expansion despite strong investor demand

        The alignment of interest between a CLO manager and the vehicle’s performance is key, according to Dan Zwirn, CEO and CIO at Arena Investors. Private credit/middle market (PC/MM) CLOs equity currently offers investors better relative value...

    • ABS

      • European ABS demand continues through quieter July

        Fund managers eye attractive carry and credit discipline in an uncertain macro environment

        The European securitisation market remained supported despite a slowdown in new issuance towards the end of the July, with monthly fund factsheets monitored by SCI highlighting tightening spreads and strong fundamentals. Demand for high-qual...

      • SCI in Focus: Supreme Court ruling lifts cloud over UK auto ABS

        Issuance primed for rebound as credit risk seen to be limited

        The UK Supreme Court’s ruling on motor finance commission arrangements has eased a major overhang for the UK’s auto ABS market. With the direct impact on credit risk expected to be limited, the move paves the...

    • Asset-Backed Finance

      • Insurers underpin ABF bonanza

        Annuity rich insurance companies look to new investments

        The boom in ABF products in the US in the last two or three years is driven by reserves of capital insurers currently enjoy on the one hand, and by dissatisfaction with traditional investments on the other, according to alternative investment manager...

  • SRT Market Update

    • Capital Relief Trades

      • Greek issuer targeting Q4

        SRT market update

        Piraeus Bank (Piraeus) is preparing a new SRT transaction, with a targeting execution for Q4.The deal references a portfolio of Greek SME and corporate loans, with a preliminary reference portfolio size of €2.4bn, though this is subject to c...

  • News

    • ABS

      • Hilton Grand Vacations debuts Japanese timeshare ABS

        Deal reflects growing interest in esoteric assets

        Hilton Grand Vacations (HGV) last month completed the first publicly rated Japanese timeshare securitisation, the ¥9.52bn Hilton Grand Vacations Japan Trust 2025-1. The sponsor navigated not only foreign exchange considerations, but also loca...

    • Asset-Backed Finance

      • Thermondo debuts private securitisation for solar, heat pump refi

        Inaugural deal could encourage broader adoption of renewable energy ABS in Europe

        Berlin-based Thermondo has completed its first securitisation of solar and heat pump receivables in a private transaction that the team at Hogan Lovells, advising on the deal, say introduces structural innovations that could encourage broader adoptio...

      • Klarna seals US$26bn forward flow deal to drive US expansion

        Global fintech teams up with Nelnet to optimise balance sheet and boost liquidity

        Klarna has secured one of the largest forward flow agreements in the BNPL sector, striking a multi-year deal worth up to US$26bn with US financial services firm Nelnet. The deal is designed to develop and enhance Klarna's capital structure. ...

    • RMBS

      • Saudi Arabia's first RMBS launched following SAMA clearance

        More than two years in the waiting, the landmark deal supports Vision 2030 homeownership targets

        The Saudi Real Estate Refinance Company (SRC) has completed the Kingdom’s first RMBS issuance, following no-objection clearance from the Saudi Central Bank (SAMA). The debut deal has been long anticipated after Moody’s highlig...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: PGGM appoints credit risk sharing leader

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees PGGM announce a new head of credit risk sharing following the departure of Mascha Canio last month. Elsewhere, Proskauer has appointed a New-York-based partner in its US structured credit...


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