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Issue 989 - 6th February

  • News Analysis

    • ABS

      • Interpath consolidates securitisation capabilities under new global platform

        New platform reflects rising complexity, cross-border execution and evolving diligence demands

        Interpath’s recent launch of a global securitisation services (GSS) platform reflects a broader shift in structured finance towards more integrated, cross-border operating models as transactions grow in complexity and diligence req...

    • Asset-Backed Finance

      • ABF becomes engine of growth for interval funds

        Strategy drew US$19.3bn in 2025 with 57% YoY growth, a Gapstow report finds

        Asset-backed vehicles have become the new engine of growth for alternative credit interval funds. The strategy drew US$19.3bn in AUM in 2025 across 36 funds and posted 57% year-on-year growth, according to Gapstow&a...

    • ABS

      • Heavy equipment lease ABS gains traction in Europe and Australia

        Morningstar DBRS highlights increasing public market activity as large-ticket assets move beyond pri...

        Heavy equipment lease ABS is beginning to emerge as its own distinctive segment of the structured finance marketplace in Australia and Europe, as bank retrenchment from equipment finance and investor demand for differentiated co...

    • CLOs

      • US CLO double-B BWICs show wide pricing dispersion

        Poh-Heng Tan from CLO Research provides insights on US CLO double-B BWIC pricing - clear differentia...

        Monday’s BWIC activity highlighted a wide dispersion in pricing across seasoned US CLO double-B tranches with 2026–2027 reinvestment end dates, with traded and indicated bids spanning a broad 605–799 DM range. This dispe...

    • Capital Relief Trades

      • SRT market walks regulatory tightrope

        STS debates, capital reforms and leverage scrutiny are redefining the evolving SRT market landscape

        Regulation is set to remain a defining force in the evolution of the SRT market, with capital reform implementation, heightened supervisory scrutiny and the ongoing STS eligibility debate shaping the next stage of growth. Market participants do not...

      • SRT surge is recalibrating banks' risk engines

        IACPM's Leung highlights rigorous bank analytics and governance as SRT markets expand across investo...

        Banks are deploying significant analytical discipline and regulatory oversight when executing SRT transactions, even as the market expands into new investor segments and issuer types, according to Som-lok Leung, executive director at the Internationa...

  • SRT Market Update

    • Capital Relief Trades

      • EBRD closes in on inaugural SRT after record mobilisation year

        SRT market update

        The European Bank for Reconstruction and Development (EBRD) is positioning itself to issue its first significant risk transfer transaction, as it builds on another record year of private capital mobilisation and introduces new portfolio-based risk-sh...

      • Polish lender plans further SRT beyond plain-vanilla SME assets

        SRT market update

        mBank is weighing what would be its sixth synthetic risk transfer transaction as part of its capital strategy, SCI has learned, though the deal remains at an early stage. Work is currently focused on identifying a suitable portfolio, with no mandate...

      • Europe's SRT pipeline starts to hum

        SRT market update

        German lender Commerzbank has lined up three new SRTs for its 2026 pipeline, SCI has learned, extending a rapid build-up in activity. The bank executed three synthetic transactions in October, November and December last year, market participants say,...

      • Middle Eastern banks test the waters

        SRT market update

        Three major Middle Eastern banks are laying the groundwork for entry into the SRT market, SCI has learned. First Abu Dhabi Bank is understood to be considering its inaugural SRT transaction as early as the second or third quarter. Sources indicate...

  • News

    • ABS

      • Australian auto ABS performance holds firm

        Morningstar DBRS flags resilient arrears but notes rise in smaller, non-bank transactions

        Australian auto loan ABS performance remained stable through 2025, with collateral metrics continuing to demonstrate solidity, according to Morningstar DBRS’ latest market commentary on Australian auto loan ABS. Morningstar DBRS...

    • Asset-Backed Finance

      • SAF eyes 2027 launch for standalone ABF fund

        Strategy will integrate securitisations, whole loans and NAV loan structures

        SAF Group is eyeing a 2027 launch date for a new standalone asset-backed finance fund, SCI has learned.  The Canadian alternative asset manager is currently exploring the opportunity set, with initial plans to raise between US$300m and US$...

      • ABF Deal Digest: Blackstone-owned Aypa secures US$1.5bn warehouse

        A weekly roundup of private asset-backed financing activity

        This week’s roundup of private ABF activity sees Blackstone-owned Aypa Power secure a US$1.5bn construction warehouse revolving credit facility. Elsewhere, Churchill priced a refinancing of a term securitisation, while PEAC closed its first...

  • The Structured Credit Interview

    • ABS

      • Launching into RMBS

        Cynergy Bank director of group treasury and FRM Nicholas Fuller speaks to SCI

        After the recent close of its first securitisation, Cynergy Bank director of group treasury and FRM Nicholas Fuller sits down with SCI’s Marina Torres to discuss investor processes, new mechanisms and synthetics on the&...

    • Asset-Backed Finance

      • Credit NAV, the next frontier

        Steve Berry, head of credit NAV at NLC Capital Partners answers SCI's questions

        NLC Capital Partners recently secured a cornerstone investor for its new NAV lending fund, as SCI reported last month, with a US$1bn first close targeted for H1. Jacob Chilvers speaks to head of credit NAV Steve Berry about the new strategy,...

  • Market Moves

    • Structured Finance

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