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Issue 969 - 12th September

  • News Analysis

    • Asset-Backed Finance

      • SCI in Focus: ABF's data dilemma - Part 2

        The second instalment of a two-part series on the ABF data landscape investigates how the influx of ...

        Complexities of Excel and the errors and the frustrations associated with it are real, and make up so much of the day-to-day for ABF market practitioners. Technology providers are stepping in to try to bridge the gap, but the question remains: ar...

    • CLOs

      • Secondary BWICs shed light on EU CLO single-Bs

        Recent covers highlight relative value opportunities as certain tranches clear below par despite sim...

        Yesterday saw a fairly long list of EU CLO single-B tranches on BWIC, providing useful colour on the single-B secondary market, albeit largely in odd-lot sizes. Single-B tranches are also regarded as alternatives to CLO equity, given their expected l...

    • Asset-Backed Finance

      • DeFi's integration with structured finance gathers pace

        First issuer credit rating on a DeFi protocol underscores 2025's on-chain credit momentum

        Decentralised finance (DeFi) is edging further into the structured finance mainstream, with Sky Protocol – formerly known as the Maker Protocol – becoming the first DeFi platform to receive a credit opinion from a rating agenc...

      • Solvency II reforms hailed as breakthrough for EU insurers and securitisations

        AFME welcomes easing of barriers as STS seniors emerge as winners, but warns capital charges still o...

        AFME is the latest to voice its opinion on the European Commission’s proposed amendments to the Solvency II Delegated Regulation, ultimately considering them a major key to unlocking insurer demand for securitisations. However, alongside su...

    • CLOs

      • European CLOs post resilient performance in August, finds Fitch Ratings

        Fitch signals that European CLOs remain an attractive option as long as investor focus remains on hi...

        A new Fitch Ratings analysis of European CLOs shows broadly stable performance in August 2025, with upgrades outpacing downgrades, improving spreads for higher‐rated credits, and ongoing resilience in credit quality despite a weaker macroec...

  • SRT Market Update

    • Capital Relief Trades

      • Post-summer uptick in SRTs

        SRT market update

        Market consensus in the SRT space remains strong, conveying a “so far, so good” sentiment with participants noting that “this market is not going away”.  This growth, allowing for higher issuance and...

      • Major prime auto CRT enters market

        SRT market update

        Truist Financial Corporation (Truist) is reportedly in market with a $3.5bn multi-tranche CRT deal referencing prime auto loans.  The deal comes on the heels of Huntington Bank's recent HACLN 2025-2 execution, indicating continued...

      • Dutch banks line up new SRTs across asset classes

        SRT market update

        A new wave of synthetic securitisation transactions is set to define a busy autumn for the Dutch SRT market, starting with ABN AMRO's new SME deal. Market sources tell SCI that ABN AMRO (ABN) is preparing to price a synthetic deal referencing SME loa...

  • News

    • SRTx

      • Latest SRTx fixings released

        Credit risk divergence?

        While the SRTx sentiment and data in August presented a fragile credit market, market sources and financial reports are currently leaning toward a more bullish outlook.  Specific to the SRT market, the forecast points to a continued tighte...

  • The Structured Credit Interview

    • Asset-Backed Finance

      • Arini builds UK CRE book as valuations bottom, refinancing wave swells

        ABF specialist sees surge in back-leverage and refinancing deals as banks retrench and capital needs...

        Arini is ramping up its focus on UK CRE as valuations near a bottom and refinancing demand surges. With banks retrenching, the alternative lender is stepping in to fill the gaps. “Most commercial real estate assets have probably lost betw...

  • Market Moves

    • Structured Finance

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