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Issue 990 - 13th February

  • News Analysis

    • CLOs

      • Infrastructure CLOs move to the fore

        Barings' debut points to repeat issuance as the infra CLO pipelines build this year

        Infrastructure CLOs are emerging as an area of growing interest within the structured credit market, as managers and investors seek diversified infrastructure exposure through familiar securitisation formats. While the concept is not new - with pri...

    • Capital Relief Trades

      • SRT: Fourth-quarter data shows rising cross-border appetite - SCI Analytics

        SRT quarterly report points to increasing relevance of North America

        The SRT market continues to diversify geographically as new jurisdictions gradually emerge. While Europe remained the clear centre of activity in 4Q25, data compiled in the latest SCI Analytics quarterly SRT report suggests that North America and Lat...

      • EIB opens a new valve in Europe's mortgage capital engine

        EIB-backed LIDO deal demonstrates how mortgage portfolios can be structured to unlock meaningful cap...

        The European Investment Banking Group (EIBG), formed by the European Investment Fund (EIF) has closed a fully STS-compliant synthetic mortgage securitisation that sheds light on how residential loan portfolios can be engineered to deliver meaningful...

    • Asset-Backed Finance

      • Litigation finance gains ground in Italy's structured credit market

        EU directive and regulation reforms fuel investor appetite for the asset class

        Litigation financing is emerging as a significant asset class in European structured credit markets, driven by regulatory developments and increasing appetite from institutional investors. Among the European countries that could be seeing sector gr...

  • SRT Market Update

    • Capital Relief Trades

      • MDB closes series of CRTs and SRTs across emerging markets

        SRT market update

        The IFC has completed four credit risk transfer (CRT) and synthetic securitisations (SRT) across emerging markets over the past quarter, SCI has learned.   The MDB has had a busy few months, executing global transactions alongside...

      • Iberian lender fires up SRT engine as pipeline expands

        SRT market update

        BBVA is planning to execute between 10 and 12 SRT transactions this year as part of a broader shift in its capital management strategy. The bank is moving from a tactical use of SRTs towards a more programmatic approach, targeting 30-35bps of capital...

  • News

    • Asset-Backed Finance

      • BciCapital facilitates US$60m credit NAV facility

        Credit line provided to 'mid-teens' manager, builds on rising demand for NAV solutions

        BciCapital has successfully closed a US$60m net asset value (NAV) credit facility, SCI has learned. The facility was provided to a ‘mid-teens’ credit fund manager backed by a global asset manager with more than US$60bn in AuM.&...

      • Fern Ridge sets US$250m target for debut ABF fund

        Led by ex-PAG pro Brandon Kufrin, will focus on specialty finance and SRTs

        Fern Ridge Capital has set a US$250m target for its debut European asset-backed finance fund, SCI has learned. Fern Ridge Fund I is set to launch in H2 and has a first close pencilled in for 1Q27, sources close to the matter told SCI. The firm, l...

      • Janus Henderson affiliates launch US$250m retail ABF fund

        Privacore and Victory Park debut interval vehicle targeting private ABF

        Janus Henderson affiliates Privacore Capital and Victory Park Capital have launched a registered interval fund focused on private asset-backed credit, as ABF continues its migration into the retail private credit market. The Privacore VPC Asset Bac...

      • ABF Deal Digest: Medalist facilitates US$150m forward flow for Nada Holdings

        A weekly roundup of private asset-backed financing activity

        This week’s roundup of private ABF activity sees Nada Holdings, a real estate fintech company, enter into a US$150m forward flow agreement. Elsewhere, Lendable, an asset-backed credit provider, closed two new blended finance funds, while&am...

    • Capital Relief Trades

      • Floors and p-factors stir European SRT activity

        Refinancing pressures and regulatory recalibration are steadily reshaping European SRT activity and ...

        The European SRT market remains steady, with refinancing needs, output floors and regulatory recalibration driving selective but sustained activity. Banks are revisiting transaction structures as capital frameworks evolve, particularly in light of...

  • Talking Point

    • ABS

      • Europe's expanding BNPL market could unlock new ABS issuance opportunity

        Rapid e-commerce-driven growth supports long-term ABS potential, though soft underwriting and new co...

        Buy-now-pay-later (BNPL) adoption is growing across Europe setting the stage for future securitisation growth, though credit and regulatory risks remain key considerations, according to Moody’s Ratings. In its ‘Consumer Loan ABS...

    • CLOs

      • Loan market bifurcation drives wider CLO portfolio dispersion

        CLO market experts join SCI's webinar to discuss how managers and investors are navigating a divided...

        Bifurcation in the leveraged loan market has become a defining theme for CLO participants over the past two years, presenting managers with growing challenges as they navigate an increasingly K-shaped credit universe across both the US and Europe. ...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: Nuveen acquires Schroders

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees Nuveen acquiring Schroders, which will initially operate as a standalone business led by its existing senior management team. Elsewhere, Gallatin Point Capital has partnered with former R...


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