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Issue 978 - 14th November

  • News Analysis

    • Asset-Backed Finance

      • SCI In Focus: Vanishing borrowers the 'unpriced risk' in securitisation

        Mass deportations and due diligence gaps are exposing cracks in the US consumer ABS market

        The US consumer ABS market is facing a new kind of crisis – not of defaulting borrowers, but of disappearing ones. As more lender bankruptcies emerge, mass deportations and tightening immigration enforcement under the Trump administrati...

    • CLOs

      • First Brands fallout tests CLO confidence but impact remains contained

        Loan spread tightening and erosion in junior OC cushions continue to weigh on headline payouts

        The collapse of US auto-parts manufacturer First Brands shook credit markets with participants worried by the firm’s use of opaque off-balance sheet financing and an apparent lack of lender oversight. As its debt was widely held by US and...

    • Capital Relief Trades

      • SRT: Third-quarter data suggests 'flight to quality' - SCI Analytics

        Inaugural SCI Analytics quarterly report underlines SRT investor preference for clarity in due dilig...

        The SRT market is demonstrating resilience, despite a high-pressure, end-of-year rush, with credit quality and investor bandwidth dominating conversations. Data compiled in the inaugural SCI Analytics quarterly SRT report supports this view...

    • CLOs

      • US CLO equity payouts hit five-year low

        Loan spread tightening and erosion in junior OC cushions continue to weigh on headline payouts

        US CLO equity payouts continued to soften this quarter (Q4), with the median quarterly distribution declining to 2.6%, marking the sixth consecutive quarter of contraction and resulting in the lowest annual median equity return in five years at 12.1%...

      • CLO equity BWIC activity shows strength

        CLO equity has faced a challenging period, with ongoing asset repricing weighing on annual distribut...

          Notional CLO Manager Deal Closing Date Reinv End Date EQ IRR (issue Px 95) Annual Dist NAV (CVR Px) BWIC Date ...

    • Asset-Backed Finance

      • SCI In Focus: Redefining the boundaries of ABF

        Structured asset sales gain traction in the race to fund the tech revolution

        Private credit’s rapid expansion is rewriting the rules of financial markets, as the race to fund what many are calling ‘the fourth industrial revolution’ continues at pace. Securitisation has long been recognised for it...

      • Ashland Place eyes European expansion as aviation finance rebounds

        Alternative lender capitalises on milestone securitisation and new hire as it targets growth

        Ashland Place, the aviation finance platform backed by Davidson Kempner Capital Management (DK), is seeking to capitalise on a recovering market following its recent ABS transaction that delivered record pricing. Indeed, the firm is bolstering its Eu...

  • SRT Market Update

    • Capital Relief Trades

      • IFC expands SRT programme with trade finance deal

        SRT market update

        Crédit Agricole has finalised a US$2bn SRT with the IFC, marking the fourth deal under their decade-long Marco Polo programme. The transaction covers a portfolio largely composed of trade finance assets linked to emerging markets, the IFC...

      • Debut SRT for Belgian bank

        SRT market update

        KBC Group has completed its inaugural SRT transaction, transferring mezzanine risk on a €4.2bn Belgian corporate loan portfolio originated by KBC Bank’s corporate banking arm, the issuer tells SCI.  The transact...

      • German lender seen with new auto deal

        SRT market update

        Deutsche Bank is structuring a synthetic securitisation referencing a €1bn portfolio of Italian auto loans, market sources tell SCI.  The deal is not expected to close before 2026, they add. The EIF is rumoured...

      • New managers join the SRT surge

        SRT market update

        Pearl Diver Capital, a boutique CLO manager, yesterday (November 13) announced the closing of a new open-ended global interval fund dedicated to SRT trades and capital relief transactions. The so-called Pearl Diver Aquanaut Fund is targeting up to US...

      • Q4 in SRT land still rumbling

        SRT market roundup

        The week-ending November 14 in the SRT market perhaps lacked the frenetic activity of the previous seven days but there is still plenty going on and likely to be so until the end of the year. Belgian lender KBC made its debut foray into the sector...

  • News

    • Asset-Backed Finance

      • BXCI targets complex corporate solutions

        Private credit giant bolsters European ABF push with new hire

        Blackstone is seeking to capture the growing demand for large, complex corporate solutions, as the ABF market continues to evolve. The firm anticipates much of that growth to emerge in the European transportation, multifamily housing and life science...

      • Ex-Goldman structuring pro eyes ABF fund

        Luca Lombardi seeks investors for ArxNova Asset Management

        Former Goldman Sachs veteran Luca Lombardi is eyeing the launch of an asset-backed finance (ABF) fund, SCI has learned.  Lombardi is preparing to launch ArxNova Asset Management in London, which will invest in European ABF&nbs...

      • ABF Deal Digest: Nexamp ramps up innovative clean energy financings

        A weekly roundup of private asset-backed financing activity

        This week’s roundup of private ABF activity sees clean energy firm Nexamp close a US$600m aggregation facility, hot on the heels of completing a construction warehouse facility (CWF) last month. Elsewhere, Sallie Mae has signed a multi-year...

    • Capital Relief Trades

      • Chorus hits halfway mark for US$3.5bn SRT fund

        SRT specialist achieves US$1.75bn nine months after launch

        Chorus Capital has hit the halfway point for its new US$3.5bn SRT fund just nine months after launch, SCI has learned.  Chorus Capital Credit Fund VI has already raised US$1.75bn and if it hits the full US$3.5bn it would become the largest...

    • SRTx

      • Latest SRTx fixings released

        US spreads reprice risk as market sentiment remains stable

        The latest SRTx fixings show a complex picture, including a widening of US corporate spread. This response directly aligns with market concerns about deterioration at the credit stack's margin. Despite this quantitative widening, the overall market s...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: Newmark adds two London-based mds

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees Newmark making two senior appointments to its European debt, equity and structured finance team. Elsewhere, an ex-Goldman Sachs structuring pro is targeting the launch of an asset-backed...


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