Weekly Issue Archive »

Issue 975 - 24th October

  • News Analysis

    • Asset-Backed Finance

      • Enpal and M&G expand partnership with €700m warehouse

        Clean-energy firm ramps up refinancing ahead of issuing its second ABS this year, featuring heat-pum...

        Enpal has established a €700m warehouse with M&G to refinance its growing portfolio of residential solar and heat-pump loans. At the same time, the clean-energy firm is preparing a second ABS before year-end that is expected to b...

      • Rare multi-lender SBA securitisation prints

        Alternative lenders reshaping small business finance amid search for liquidity solutions

        Community Bank & Trust, a US regional lender, has completed a rare multi-lender securitisation of unguaranteed portions of SBA loans. The U$118.9m transaction is seen as a catalyst for future small business ABS, as it provides access to capit...

      • SCI In Focus: Building teams for a new era

        Talent strategy a competitive differentiator in an evolving securitisation market

        The saying goes that there’s no ‘I’ in team, but there is in the core values for teams in today’s structured finance market: interdisciplinarity, international coverage and innovation. Firms across the ecos...

  • SRT Market Update

    • Capital Relief Trades

      • Polish lender closes SRT backed by green infrastructure

        SRT market update

        PGGM and mBank have successfully closed a new SRT, the third between the two parties in three years. The deal references a PLN 3.8bn corporate loan portfolio, primarily secured by renewable energy assets. This marks the first large-scale project fina...

      • Landmark Romanian SRT completed

        SRT market update

        Raiffeisen Bank has executed a €1bn synthetic securitisation referencing a portfolio of unsecured personal loans, in partnership with Munich Re, SCI learns. The transaction falls under the bank’s established ROOF programme (Proje...

  • News

    • Asset-Backed Finance

      • MPOWER closes debut private student loan securitisation

        US fintech plans programmatic private deals alongside annual public ABS issuance

        MPOWER Financing has completed its first private securitisation, a U$100.5m transaction including refi loans alongside its core international student lending. The transaction is part of MPOWER’s strategy to move beyond public ABS issuance i...

      • ABF Deal Digest: GCI vets helm new container platform

        A weekly roundup of private asset-backed financing activity

        AB CarVal launches evergreen fund  AllianceBernstein has launched an evergreen ABF fund, the AB CarVal Credit Opportunities Fund. The new fund marks the firm’s latest expansion into semi-liquid private credit and follows on from...

      • Back leverage easing European CRE refi crisis

        Debt funds help cut funding gap by 18% to €74bn, but regional differences remain

        The European commercial property refinancing crisis is slowing dissipating, with borrowing costs stabilising and an influx of alternative lenders contributing to narrow the funding gap. The European debt funding gap (DFG) has fallen by 18% to &eu...

    • Capital Relief Trades

      • SCI Risk Sharing Awards: North American Arranger of the Year

        Winner: Scotiabank

        Scotiabank demonstrated excellent arranging and structuring skills with the successful execution of the US$7bn Cabot 2025-1, one of the largest and tightest-priced North American synthetic risk transfer (SRT) trades of the year. For building robust i...

      • US regionals line up to do deals

        The small US regional bank CRT market is hotting up

        EJF Capital is readying seven or eight smaller US regional banks to issue CRT transactions to the market value of US$500m, representing an aggregate reference pool of around US$3.25bn, in the next 12-18 months, it says. “I think we will s...

      • SCI Risk Sharing Awards: Investor of the Year

        Winner: Chorus Capital

        The only major independent SRT-focused asset manager, Chorus Capital raised US$2.5bn of capital commitments during the awards period via the Chorus Capital Credit Fund V, the largest dedicated fund in the market. Having invested over US$1bn in 1H25,...

      • SCI Risk Sharing Awards: European Transaction of the Year

        Winner: ARTS Leasing 2024

        The €2.5bn ARTS Leasing 2024 deal represents the largest fully unfunded SRT ever placed with (re)insurers and the first to reference corporate/SME real estate leasing exposures. For demonstrating how the insurance market can be tapped by iss...

      • SCI Risk Sharing Awards: North American Transaction of the Year

        Winner: EJF CRT 2025-1

        EJF CRT 2025-1 established a precedent for smaller financial institutions aiming to adopt synthetic securitisations to manage and mitigate their exposures. For illustrating that complex risk management strategies can be tailored to support the growth...

      • SCI Risk Sharing Awards: North American Issuer of the Year

        Winner: Citi

        Citi’s Terra Significant Risk Transfer (SRT) programme stands out as one of the most active, robust and efficiently executed in the market. Due to the bank’s consistent presence in the global risk sharing market and as one of the...

      • SCI Risk Sharing Awards: European Arranger of the Year

        Winner: Alantra

        Alantra demonstrated outstanding breadth and depth across the European SRT market during the awards qualifying period, assisting a number of regional and domestic banks on landmark transactions and driving consistency between jurisdictions. For its i...

      • SCI Risk Sharing Awards: (Re)insurer of the Year

        Winner: AXIS

        AXIS participated in a wide range of transactions during the awards period, demonstrating broad asset class expertise. For this and its flexibility in providing both senior mezzanine unfunded coverage and low attachment points on granular portfolios,...

      • Four GSIBs reported in CRT market

        Bumper Q4 in the offing

        JP Morgan is reported to have priced a CRT deal tied to a pool of leveraged loans today, but no other terms have emerged. In what is shaping up to be a bumper quarter for the risk-sharing market on both sides of the Atlantic, JP Morgan is also rumo...

      • SCI Risk Sharing Awards: European Issuer of the Year

        Winner: Intesa Sanpaolo

        Intesa Sanpaolo achieved a high SRT transaction volume, both by deal count (seven) and notional value (€12bn), across diverse asset classes and formats during the awards period. For the bank’s impressive expansion into leveraged/ac...

      • SCI Risk Sharing Awards: ESG Deal of the Year

        Winner: Scaling4Impact

        Scaling4Impact stands out for its multiple ‘firsts’ and its broad-reaching impact. For making a real-world difference across Latin American and emerging market countries, the transaction is SCI’s pick for ESG Deal of the...

      • SRT talent lag

        RCQ associates discuss recruitment trends

        As the market nears the year-end, the Q4 pipeline for SRT activity is reaching its peak, fueling notable hiring momentum. In this context, SCI speaks with Edward James, founding director of RCQ Associates (RCQ), on how hiring trends are shaping one o...

      • SCI Risk Sharing Awards: Innovation of the Year

        Winner: Derivative Credit Risk Transfer Solution

        BNP Paribas and Howden’s Derivative Credit Risk Transfer Solution represents a pioneering step in untranched synthetic risk transfer for derivative exposures, expanding the scope of synthetics to a previously untapped asset class. For blend...

      • De-stressing stress tests

        Fed could recognize CRT deals in US bank stress tests

        This Friday, October 24, the Federal Reserve could announce at an open board meeting that future bank stress tests will include recognition for risk sharing transactions, say sources, – giving the US market a significant boost. The only m...

    • CLOs

      • JPMorgan implements BSL cashless roll solution

        Platform promises to streamline loan facility tracking as refis, repricings and extensions take up a...

        JP Morgan has become the first administrative agent to adopt Versana’s new cashless roll solution for tracking the transaction history of broadly syndicated and private credit loans.  The cashless roll capabilit...

      • Reckoner debuts BBB-B CLO ETF

        Fund set to tap growing investor appetite for mezz exposure

        Reckoner Capital has launched the Reckoner BBB-B CLO ETF (RCLO) on the New York Stock Exchange, offering retail investors easy access to mezzanine CLO debt. RCLO is an actively managed fund, primarily investing in triple-B minus and doub...

  • Talking Point

    • Asset-Backed Finance

      • Established asset managers seek scale in European ABF

        Collateralised, data-driven origination to drive next phase of private credit growth 

        With ABF becoming the fastest-growing frontier of private credit, established asset managers are now making moves to stake their claim and secure a share of the market. A new whitepaper from Cardo AI - entitled ‘Emerging ABF str...

    • Capital Relief Trades

      • SRT sceptics

        Market participants refute perception of magical thinking

        The SRT market is (once again) the subject of a debate regarding its role in financial stability. While critics, notably a recent FT article (So much of credit securitisation still relies on magical thinking) and an IMF working paper (Recycling Risk:...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: BTG Pactual snaps up alternative credit veteran

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees BTG Pactual Global Alternatives hiring a former cofounder of CVC Credit Partners to lead its performing credit and CLO strategies. Elsewhere, Obra Capital has named a new md of real estat...


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