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Issue 986 - 16th January

  • News Analysis

    • ABS

      • Lithuania's first securitisation sets green blueprint for Baltic markets

        €163m apartment renovation deal backed by EBRD offers template for ESG transactions in emergin...

        Lithuania's first public securitisation, which closed in December, is a landmark transaction not only for the Baltic capital markets but also for green finance in emerging Europe. Advisers are suggesting the transaction could serve as a blueprint for...

    • Capital Relief Trades

      • Funded versus unfunded SRT: the debate the market can't dodge

        Unfunded SRTs are on the rise, sparking debate over market distortion, investor risk and regulatory ...

        As the SRT market pushes deeper into new banks, new assets and new jurisdictions in 2026, one debate is increasingly dominating private conversations across Europe and the US: how far unfunded SRT should really go. Unfunded structures, most often i...

    • CLOs

      • CLO equity buyers stay selective as repricing cycle shows little sign of easing

        Poh-Heng Tan from CLO Research provides insights on post-trade US CLO equity BWIC analysis

        On Tuesday, close to USD 200 million of US CLO equity tranches were offered on BWICs, with four majority stakes in circulation. Of these, only one tranche traded. Had all four cleared, primary investors would have realised IRRs ranging from -9.15% to...

  • SRT Market Update

    • Capital Relief Trades

      • European lender's inaugural US SRT breaks from traditional issuer motivations

        A&M details how pbb's US SRT diverged from traditional issuance by supporting a portfolio wind-d...

        New details from Alvarez & Marsal (A&M)’s latest case study reveal how Deutsche Pfandbriefbank (pbb) used its inaugural US synthetic SRT in a way that departs sharply from typical issuer motivations. A&M acted as l...

      • Risk-sharing deal unlocks fresh lending for Italian companies

        SRT market update

        The EIB Group has struck a new synthetic securitisation deal with BNL BNP Paribas that is set to unlock €335m of additional lending for Italian companies, extending a long-running partnership between the two institutions. Under th...

  • News

    • Asset-Backed Finance

      • NLC eyes US$1bn first close for new NAV lending fund

        Timing pencilled in for H1 with anchor LP already identified

        NLC Capital Partners is eyeing a US$1bn first close for its new credit NAV lending fund, SCI has learned. The fund, which is in the early stages of fundraising, has already secured a cornerstone investor and aims to hold the close during H1, accor...

      • Patrimonium launches CRE partnership with Bayview

        Incepted at €500m, loans structured with forward flow agreements

        Patrimonium Asset Management has launched a new commercial real estate partnership with Bayview Asset Management. The asset-backed finance deal has launched with an initial commitment of €500m from a Bayview commingled fund with the...

      • ABF Deal Digest: Elevex announces US$1bn forward flow agreement with TPG

        A weekly roundup of private asset-backed financing activity

        This week’s roundup of private ABF activity sees commercial equipment lender Elevex close on a US$1bn forward flow agreement with TPG. The deal allows Elevex to originate mid-and large-ticket equipment financing deals and sell them at a s...

    • Capital Relief Trades

      • BBB moves to open market access for challenger banks

        UK government-owned economic development bank positions itself as a catalyst for investor access in ...

        The British Business Bank (BBB) is gearing up for another active year, with plans spanning bank capital transactions, non-bank guarantees and a possible entry into public SME securitisations. Across all initiatives, the focus is on broadening investo...

    • CLOs

      • Galaxy closes debut tokenised CLO

        Deal highlights convergence of traditional CLO structures and onchain credit infrastructure

        Galaxy, a digital assets and data centre infrastructure firm, has completed an initial US$75m closing of its debut CLO, Galaxy CLO 2025-1, marking one of the first tokenised CLO issuances and the firm’s entry into the CLO market. ...

      • Janus Henderson launches new investment-grade CLO fund

        The asset manager expands its CLO access suite with a global IG fund leaned toward triple-B risk for...

        Janus Henderson has announced the latest addition to its securitised product suite with the launch of a global investment-grade UCITS fund providing European investors with exposure to IG CLO debt across both Europe and the US. The Global IG CLO Ac...

      • Standard Chartered partners with Barings on investment-grade CLO fund

        High-net-worth clients in a number of different regions can now gain exposure to investment-grade CL...

        Standard Chartered has partnered with Barings to launch a new investment-grade (IG) CLO fund, the Signature Select Quality Credit fund, which will sit as a sub-fund under the bank’s Variable Capital Company (VCC) platform. The ba...

  • The Structured Credit Interview

  • Market Moves

    • Structured Finance

      • Job swaps weekly: TwentyFour appoints two new partners

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees TwentyFour Asset Management naming two new partners from its portfolio management team. Elsewhere, a former Deloitte director has founded an independent debt advisory, while a Deutsche Ba...


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