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Issue 977 - 7th November

  • News Analysis

    • CLOs

      • US CLO double-Bs trade inside 500 DM on strong BWIC demand

        Poh-Heng Tan from CLO Research gives insight on BWIC post-trade colour

        Yesterday saw a nice line-up of BB tranches traded, each with a notional of one million, providing useful pricing colour. Several bonds traded well inside 500 DM. FTGPK 2025-2A ER received a cover of 460 DM, supported by its robust MVOC of around 1...

    • RMBS

      • UK BTL drought behind European RMBS decline

        Drop in volumes reflects market adjustment rather than fundamental weakness

        Weakness in the UK's buy-to-let mortgage sector could be responsible for the decline in European RMBS issuance this year, as regulatory changes weigh on landlord activity. UK RMBS volumes have fallen by €6bn year-to-date compared with the sa...

  • SRT Market Update

    • Capital Relief Trades

      • Dutch SRT supports energy transition

        SRT market update

        Rabobank and PGGM have completed a €1bn SRT referencing a portfolio of granular CRE exposures in the Netherlands.   This transaction marks Rabobank’s first SRT deal fully focused on CRE, providing the bank with...

      • Japanese lender to return to market in Q1 2026

        SRT market update

        Mitsubishi UFJ Financial Group (MUFG) is planning an SRT backed by a US$1.5bn–$2.5bn portfolio of large corporate loans, including revolving credit exposures. In terms of timing and execution, MUFG is targeting Q1 2026.  Structur...

      • Europe and Asia see new deals

        SRT market update

        A major European lender is understood to be preparing its first-ever SRT in the Czech Republic, referencing a €1-1.5bn portfolio of SME loans. The transaction is expected to close in early December, market sources reveal. Meanwhile, BNP Pa...

      • Spanish issuer bombards SRT sector

        SRT market update

        Santander is reportedly in the market with at least 10 synthetic risk transfer deals, as the bank heads into what is shaping up to be one of the busiest quarters on record for the asset class.  Well-placed sources tell SCI that the largest...

      • German bank eyes programmatic SRT issuance after debut CRE deal

        SRT Market Update

        On the heels of its its debut synthetic securitisation last month,  Aareal Bank is strongly considering regular and programmatic returns to the SRT market, the issuer tells SCI. “Following the successful completion of our first S...

      • SRT market activity firing in all sectors

        SRT market update

        Several key SRT transactions advancing towards pricing before year-end as activity as the market continues to fire on all cylinders.  Goldman Sachs is understood to be in the second round for its $5bn corporate loans deal, as reported by S...

      • Q4 frenzy in SRT land

        SRT market roundup

        As befits a week deep in Q4, it has been a very busy five days in the SRT market with plenty of deals both pricing and in the market, with more rumoured to be about to hit the tape. Dutch lender Rabobank, alongside veteran SRT investor PGGM, has co...

  • News

    • Asset-Backed Finance

      • ABF Deal Digest: SBI Group to access private credit via Carlyle partnership

        A weekly roundup of private asset-backed financing activity

        This week’s roundup of private ABF activity sees Carlyle and SBI Group team up to provide private credit opportunities to Japanese institutional investors. Elsewhere, a Mexican NBFI has tapped its first term ABS, while Pagaya has inked an a...

    • Capital Relief Trades

      • Issuers turn to CRE and RMBS for next wave of SRT growth

        Basel IV triggers CRE and RMBS SRT surge in Europe

        European SRT issuance is entering a new phase of diversification, with CRE and residential mortgage portfolios now driving much of the market’s uptick. SCI understands that several mid-tier German lenders are preparing further CRE-linked tr...

    • Insurance-linked securities

      • Rare sighting of USD ILN

        First ILN for 14 months in the market

        Arch Insurance has sold the first insurance-linked note (ILN) seen in the market for 14 months, and the first such note this insurer has printed since August 2024. The US$199.3m Bellemeade Re 2025-1 aims to sell five tranches and the manager of the...

      • Bellemeade Re 2025-01 prices

        Arch US$200m ILN prints and oversubscribed

        The US$199.3m mortgage insurance linked note (ILN) Bellemeade Re 2025-01 from mortgage insurer Arch and seen in the market yesterday has now priced, Arch tells SCI. The lead manager was Nomura. Its US$40m M1A tranche printed at 155bp ove...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: Arcmont makes trio of senior hires

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees Arcmont making three senior appointments spanning structured credit, NAV financing, real estate, asset-backed investing and impact lending. Elsewhere, BSL and CLO electronic trading platf...


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