Weekly Issue Archive »

Issue 982 - 12th December

  • News Analysis

    • CLOs

      • Record-breaking US CLO triple-A flow underscores strong market depth

        Poh-Heng Tan from CLO Research provides insights on market liquidity as $1.5bn triple-A surge marks ...

        Last Thursday saw a remarkable surge in CLO secondary market activity, with around US$1.5 billion of US CLO triple-As traded across 62 tranches — averaging around US$24 million per line item and underscoring the market’s...

      • 2026 CLO Outlook: Reset heavy and pronounced manager tiering

        Global CLO supply is expected to be dominated by refi/rest activity as continued dispersion drives f...

        This year has seen the global CLO primary market surpass $600bn in gross supply, according to SCI data, with $197bn in newly issued paper in the US (as of 1 December) consisting of almost $164bn in BSL and $33bn in private credit CLOs. Analysis fro...

    • Capital Relief Trades

      • SCI In Conversation Podcast: Jeremy Hermant, Alantra

        We discuss the hottest topics in securitisation today...

        In this episode of SCI in Conversation, US editor Simon Boughey speaks to Jeremy Hermant, senior advisor at Alantra, about the changing face of the SRT market.  Hermant discusses his experience at Allica, when he structured the bank's firs...

    • CLOs

      • Fitch warns of CLO tail-risk as legal finals shorten

        Tail periods under four years flag structural vulnerabilities, despite limited market adoption

        Fitch Ratings has cautioned that a small number of European CLOs are emerging with tail periods of less than four years, driven primarily by reductions in legal final maturities rather than changes in WAL assumptions. While the agency stresses that t...

    • Asset-Backed Finance

      • SCI In Focus: Powering complex data centre deals

        Offshore SPVs are becoming critical infrastructure for ABF structures worldwide

        Offshore SPVs have gone from dusty filing cabinets to the control rooms of global finance and are now a core component of ABF architecture. In fund finance, private credit and increasingly the hyperscale data centre boom, offshore entities are not ju...

    • ABS

      • StrideUp reopens UK's Sharia-compliant securitisation market

        Country's first HPP-backed RMBS since 2018 signals renewed institutional appetite for Islamic home f...

        StrideUp has reopened the Sharia-compliant securitisation market in Q4 this year with Meridian Funding 2025-1, the first UK public RMBS backed by home purchase plans (HPPs) since 2018. The £308m transaction reconnects Islamic home...

    • Asset-Backed Finance

      • ABF market eyes a stronger 2026 as bank appetite rebuilds

        Banks face a defining year as private credit advances into their core markets

        Banks are entering 2026 in a competitive ABF landscape, as private credit platforms continue to absorb activity that once sat on their balance sheets. The year ahead points to an industry adjusting to regulatory pressure, tighter capital conditions a...

  • SRT Market Update

    • Capital Relief Trades

      • Dutch lender inks trade with Blackstone

        SRT market update

        ABN AMRO has closed another SRT transaction, referencing a €2bn portfolio of large corporate loans, partnering with Blackstone for the first time. The deal marks the Dutch lender’s third portfolio management transaction th...

      • Spanish corporate loans offered

        SRT market update

        CaixaBank will next week finalise a €2bn SRT transaction referencing a portfolio of Spanish SME and corporate loans, SCI has learned. The deal includes a €120m mezzanine tranche, with some sources suggesting the transaction was ef...

      • Spanish issuer crosses the pond

        SRT market update

        Santander has priced a US$212m auto loan CLN, designated SBCLN 2025-A, and split into seven tranches. The US$10.17m A2 tranche carries an average life of 1.79 years (all others are 2.16 years), is rated Aaa and is priced to yield 4.452% or 85bp ove...

      • Regulars line up for last orders

        SRT market roundup

        There continued a regular cadence of SRT issuance this week, but it is likely to be the last busy week of the year and thoughts are turning increasingly to Q1 with the expected appearance of the regular, programmatic issuers. For the most part, est...

  • News

    • ABS

      • BlackRock targets global flexibility and cross-sector relative value

        BGF Global Securitised Fund to allocate dynamically across ABS, MBS and CLOs

        BlackRock has launched the BGF Global Securitised Fund, a new strategy designed to invest across the major global securitised markets and provide diversified exposure to ABS, CMBS, RMBS and CLOs. The fund is structured to allocate dynamically across...

      • L&G preps new evergreen fund finance strategy

        Fund will focus on private wealth and insurance capital channels

        L&G is preparing to launch a new evergreen fund finance strategy, SCI has learned. The new fund will focus on short-duration investment-grade fund financing and is structured as a qualifying investor alternative investment fund in Ireland. ...

      • Aluna arranges loan receivables deal

        Originated by a South African SME lender

        Aluna Partners Group has arranged a US$10m loan receivables deal, SCI has learned. Cape Town SME Funding 2025-1 has been originated by a South African SME lender and closed in October, sources told SCI. The deal focuses on the sale of receivables...

    • Capital Relief Trades
    • SRTx

      • Latest SRTx fixings released

        Fundamentals healthy, with caveats, at year end

        The SRTx fixings for November 2025 show continued strong performance in European markets, while the US corporate segment experienced a further, more muted, widening of spreads.   Following a sharp repricing in October, US SMEs ris...

  • Market Moves

    • ABS

      • Job swaps weekly: Jefferies strikes Hildene deal

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees Jefferies Financial Group acquiring a 50% stake in the parent of credit-focused asset manager Hildene. Elsewhere, Kirkland & Ellis has recruited a Washington DC-based partner, whi...


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