Weekly Issue Archive »

Issue 972 - 3rd October

  • News Analysis

    • Asset-Backed Finance

      • Fibre optics ABS market set for growth in US and Europe

        High-yield fibre operators turn to securitisation for cost-efficient funding

        The ABS market is increasingly turning its attention to fibre optics infrastructure, quickly advancing in the US, with predictions to reach Europe. According to industry experts, the combination of defensive cashflow characteristics, tariff...

      • SCI In Conversation Podcast: Jennifer Marques, Oaktree

        We discuss the hottest topics in securitisation today...

        In this episode of SCI In Conversation, Jennifer Marques, head of strategy and structuring for Oaktree’s structured credit strategy, sits down with SCI’s ABF editor Marta Canini to discuss why unrated, downside-protected ABF is pa...

    • CLOs

      • CLO single-B tranches face scrutiny as first brands fallout weighs on pricing

        Poh Heng-Tan from CLO Research finds that recent BWIC activity highlights how maturity, MVOC and sec...

        Single-B tranches, given their position as second-loss in the CLO structure, are more exposed to idiosyncratic risk and may face heightened scrutiny in the aftermath of the First Brands episode. In late September, a notable number of single-B tranc...

    • ABS

      • Tricolor not canary in the coal mine

        Default of ESG lender does not suggest wider ABS problems

        The collapse of sub-prime car lender Tricolor appears to be the result of fraudulent conduct and does not suggest there are more widespread structural flaws in this sector of the ABS market, suggest analysts. Dallas-based Tricolor has executed a se...

    • Asset-Backed Finance

      • Securitisation reforms could reshape European ABF market

        Proposed regulatory changes to cut costs and boost transparency, if executed with proportionality

        The EU’s proposed securitisation reforms could boost the European ABF market, with the potential to reduce costs while providing supervisors with a clearer view of activity. However, there are concerns that primary legislation may not be cl...

    • Capital Relief Trades

      • LatAm SRT on 'slow burn' as IDB signals market surge

        Further jurisdictions set to open up across the region

        Latin America has long been seen as a region where excess bank capital, patchy data practices and volatile macro conditions limit the need for immediate balance sheet optimisation. Yet MDBs are now showing that SRT structures are not only feasible in...

  • SRT Market Update

    • Capital Relief Trades

      • South African SRT deal 'unsuccessful'

        SRT market update

        A source close to what was widely expected to become the first post-GFC South African SRT transaction has advised that the issuer’s application to the South African Prudential Authority has been unsuccessful. SCI revealed in May that a larg...

      • European issuer in the market

        Well-known SRT shop offers high yield exposure

        BNP Paribas has two SRT deals in the market, according to well-placed market sources, and is currently canvassing bids. The first references a €2.5bn pool of mainly high yield loans, including some exposure to French LBO assets. ...

      • EM SRT gearing up for a busy autumn

        SRT market update

        Emerging SRT markets are gearing up for a busy autumn, with two Mexican transactions already in progress, sources tell SCI. One of these deals is backed by the IFC, while another is rumoured to have IDB’s support. Sources suggest that activ...

      • CRE issuance on the rise

        SRT market update

        Commercial real estate SRT deals are on the rise in Q4, with four such transactions currently in the pipeline, sources familiar with the matter tell SCI. Established issuers NatWest and Lloyds are each actively working on CRE deals. Other...

  • News

    • Asset-Backed Finance

      • Tamara secures landmark ABS in Middle Eastern fintech deal

        BNPL facility reflects growing confidence in Gulf consumer credit market and online shopping boom

        Saudi Arabian fintech Tamara last month secured a US$2.4bn Shariah-compliant ABS facility from Goldman Sachs, Citi and Apollo funds, refinancing and substantially upsizing a previous US$500m arrangement with Goldman Sachs. The scale of the deal marks...

  • Talking Point

    • CLOs

      • SCI In Focus: IFC joins MDB securitisation push with debut emerging market CLO

        World Bank's private-sector arm prices $510mn securitisation to mobilise private capital for develop...

        The World Bank Group, through its private sector arm, the International Finance Corporation (IFC) has closed its first securitisation transaction in what it hopes will be a series of emerging market CLOs designed to tap into private investment and fr...

  • The Structured Credit Interview

    • Asset-Backed Finance

      • Inside Aluna Partners' SME lending bet

        Co-founders Victor Rivera and Stefano Sciacca tell SCI how Aluna is leveraging ABF and trade receiva...

        As banks retrench and SMEs across Europe and Latin America increasingly struggle to access credit, London-based Aluna Partners is moving fast to fill the gap. Founded in 2021 by Victor Rivera and Stefano Sciacca, the firm targets underserved SMEs thr...

  • Provider Profile

    • Asset-Backed Finance

      • Intain doubles down on AI and tokenisation for ABF

        Intain founder and ceo Siddhartha Siddhartha answers SCI's questions

        Q: Earlier this year, Intain announced its partnership with KSD Capital. What’s the ultimate aim behind your marketplace platform and how has it evolved since the Wells Fargo initiative?A: The end goal has always been to enable structured f...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: Apollo launches sports and events investment division

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees Apollo Global Management launching a sports and live events focused investment division. Elsewhere, Newmark has hired two partners to build out its European data centre activities, while...


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