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Issue 988 - 30th January

  • News Analysis

    • Capital Relief Trades

      • From core Europe to the fringes, SRT tests new ground

        SRT is spreading beyond Western Europe, with CEE and Nordic banks quietly preparing for adoption

        Significant risk transfer is no longer the exclusive domain of a handful of large Western European banks. While Europe remains the market’s gravitational centre, participants across legal, regulatory and investor roles say activity is edgin...

      • Infrastructure moves to forefront of SRT investor focus

        Infrastructure SRTs gaining attention globally, but investors remain selective on pricing, structure...

        Infrastructure is moving up the agenda for SRT investors, as banks grapple with growing exposure to capital-intensive lending and look for new ways to optimise balance sheets. Investors across the US and Europe say banks globally are prepa...

    • ABS

      • Rating agencies signal stability amid modest growth for ABS

        Strong structures, stabilising arrears and selective issuance underpin a constructive view of global...

        Looking ahead to 2026, rating agencies broadly maintain a constructive outlook for global ABS markets. Base-case expectations centre on stable collateral performance, supported by robust transaction structures and generally favourable employment cond...

    • Asset-Backed Finance

      • Gravis Capital backs ABL growth with decarbonisation driving mid-market

        Private credit to be shielded from geopolitical volatility and market uncertainty, says firm

        Gravis Capital Management is betting that borrowers will increasingly turn to alternative lenders this year, driven by flexibility and speed advantages that traditional markets cannot match. The asset manager, which specialises in asset-backed lend...

    • Capital Relief Trades

      • Steady on the surface, shifting underneath

        SRT Market Roundup

        The SRT market is maintaining steady momentum at the end of January, though the month was shaped less by headline issuance and more by structural, geographic and liquidity themes likely to influence execution through the rest of 2026. Activity spans...

    • Asset-Backed Finance

      • Fintech platforms riding wave of ABF partnerships

        SCI data underlines prolific borrowing activity of consumer marketplace lenders

        ABF partnerships are reshaping liquidity channels, with forward flow arrangements creating programmatic securitisation pipelines. According to an analysis of SCI’s Private ABF Deals Database[1], fintech platforms capitalised on this trend l...

  • News

    • ABS

      • ABS heads into 2026 resilient but fragmented across regions, says CSC

        CSC highlights regional divergence, investor selectivity and operational complexity as ABS markets e...

        The global ABS market is entering 2026 from a position of relative resilience, but with growing divergence across regions and increased investor selectivity, according to CSC’s ‘Asset-Backed Securitisation 2026:...

      • KBRA launches inaugural UK RMBS indices

        New quarterly benchmarks track credit performance across prime, buy-to-let and non-conforming mortga...

        Kroll Bond Rating Agency (KBRA) has launched its inaugural set of UK RMBS indices, SCI has learned, providing a new benchmark for tracking credit performance across the UK prime, buy-to-let (BTL) and non-conforming (NC) mortgage markets. T...

    • Structured Finance

      • Job swaps weekly: CVC acquires Marathon

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees CVC wholly acquiring Marathon, with senior Marathon management continuing to spearhead existing strategies. Elsewhere, Franklin Templeton has consolidated its US and European alternative...

    • Asset-Backed Finance

      • ABF Deal Digest: Pagaya facilitates US$720m forward flow for Sound Point

        A weekly roundup of private asset-backed financing activity

        This week’s roundup of private ABF activity sees Pagaya Technologies enter a forward flow agreement with Sound Point Capital. Elsewhere, Salary Finance has expanded its existing funding facility with JPMorgan, while an affiliate of V&au...

      • Ares provides fund finance for US$1.1bn HarbourVest secondaries vehicle

        Firm partnered with Ares to capitalise fund with BXCI senior financing

        HarbourVest Partners has held the final close of its new structured solutions secondaries fund, raising US$1.1bn. The firm has partnered with Ares Alternative Credit funds to capitalise the vehicle with funds managed by Blackstone Credit and Insuranc...

    • Capital Relief Trades

      • European SRT's next act is refinancing

        European SRT issuance remains resilient as refinancing, funding pressure and structural caution resh...

        As January draws to a close, market participants tell SCI that while European SRT issuance shows little sign of slowing in 2026, the market is entering a more mature phase. Activity is increasingly shaped by rollover trades, tighter financing conditi...

    • CLOs

      • Lower-rated loan trading rises as CLO reset activity peaks

        Extended reinvestment periods give managers more flexibility to trade lower-rated assets

        CLO trading activity in lower-rated and distressed loans intensified in 2025, driven by record reset volumes and a large cohort of deals exiting non-call periods, according to a recent analysis by JPMorgan. US CLOs currently hold around US...

  • Talking Point

    • Asset-Backed Finance

      • Financing the AI revolution moves mainstream

        Squire Patton Boggs lawyers Ranajoy Basu and Nathan Menon argue that data centre securitisation has ...

        The demand for hyperscale data centres over recent years has significantly increased, driven primarily by AI technology requiring such developed digital infrastructure. As a result, asset-backed structures backed by data centre cashflows have moved f...

  • The Structured Credit Interview

    • Asset-Backed Finance

      • Deal efficiency, a one-stop shop

        Jesse Miller, founder of Structured Execution, answers SCI's questions

        Experienced structured finance and ABF attorney Jesse Miller this month launched Structured Execution, an advisory firm with the mission of supporting industry practitioners in the administration and execution of structured finance platforms. SCI ass...


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