Weekly Issue Archive »

Issue 994 - 13th March

  • News Analysis

    • Capital Relief Trades

      • SCI In Focus: Insurance capital pushes deeper into Europe's SRT market

        Insurers are expanding their role in Europe's SRT market, but questions remain over scale and struct...

        Insurance capital is moving more visibly into Europe’s SRT market, driving new funded structures, sharper pricing and a gradual rethinking of how credit risk is distributed, even as market participants remain divided over how far the shift...

    • ABS

      • SCI In Focus: Middle East conflict clouds outlook for aviation ABS and global issuance

        Escalating tensions test investor confidence in aircraft and Australian ABS markets as issuers asses...

        Escalating military tensions in the Middle East are beginning to filter into the global credit markets, prompting structured finance investors and issuers to reassess risk. Some are already reportedly pressing pause on issuance plans as markets diges...

    • Risk Management

      • Increased CAS and STACR issuance mooted

        US mortgage business hits highs in Q4

        US mortgage business hit a 3.5 year high in Q4 2025, underpinned by increased refinancing, it was reported yesterday (March 9). This may result in increased CAS and STACR volume this year, but the jury is still out. Total GSE CRT issuance was just...

    • CLOs

      • BNP Paribas to be selective with CLO issuance in 2026 after US$4bn year

        The firm will prioritise portfolio quality, liquidity and investor diversification in 2026

        In the wake of nearly US$4bn in CLO issuance across its Adagio and Allegro platforms last year, BNP Paribas Asset Management is entering 2026 with confidence, but not complacency. For Francois Touati, head of leveraged loans at BNP Paribas...

    • Capital Relief Trades

      • SCI In Focus: Spain's CLN versus SPV debate revisited

        Spain's CLN versus SPV debate resurfaces as practitioners argue structure matters less than investor...

        As SRT volumes continue to expand across Europe, the debate over direct credit-linked notes (CLNs) versus SPV structures has resurfaced in Spain. But practitioners say the distinction is often overstated: the real dividing line is not capital treatme...

    • RMBS

      • Resilient borrowers and housing shortages shape EU mortgage market

        AFME seminar in London points to strong UK RMBS performance, rising refinancing activity and structu...

        Speakers at the Association for Financial Markets (AFME) in Europe’s UK and Dutch residential mortgage finance seminar in London last week hosted by Simmons & Simmons highlighted the resilience of European mortgage markets despite m...

    • Asset-Backed Finance

      • AI underwriting, a new generation

        Elliott Lorenz, CEO and co-founder of Edge Focus answers SCI's questions

        As regulators increasingly scrutinise transparency in private credit transactions, Chicago-based Edge Focus is utilising machine learning technology to help underwrite complex transactions in the ABF space by providing data points on cash flow data,...

      • Recourse-light NAV lending signals a maturing market

        Simpler deal terms and growing adoption are bringing NAV financing within reach of smaller fund mana...

        The terms on which capital is provided in the NAV lending market are changing. Lenders are now moving away from the bank-style structures that defined the products' early years, and one shift is leading the way: the rise of recourse-light fi...

    • CLOs

      • SCI CLO 100: Market matures as equity returns compress and captive capital dominates

        Struggling equity, bifurcation, and software risk were some important insights shared by managers an...

        Last week CLO managers and investors gathered in London’s historic Plaisterer’s Hall in an event organised by SCI, to discuss the current state of the CLO market. Over the course of the day’s action attendees participate...

    • Asset-Backed Finance

      • MFS collapse draws questions on legal protection implications

        Private credit investors reel as allegations of 'double pledging' emerge

        The fall of Market Financial Solutions (MFS) has caused a significant stir in the private credit world, as it marks the latest in a string of institutionally backed firms to collapse. The London-based mortgage lender, which specialised in complex pro...

      • Reckoner Capital moves into art lending with Athena veteran at the helm

        New ceo Laura Damême on building Reckoner's art finance platform from the ground up

        Reckoner Capital Management has long been known for its expertise in alternative credit. Now moving into the art-secured lending market, the company has appointed Laura Damême, formerly President of Athena Art Finance, as ceo of its newly f...

  • SRT Market Update

    • Capital Relief Trades

      • More details on US lender RV loans deal

        US Bank to sell six unretained CLN tranches

        The US Bank 144a CLN referencing RV and marine loans, reported by SCI on Friday, will price this week and is currently sized at US$562.5m, according to new details which have emerged today. Sizing for the fixed rate B1 and floating rate B2 tranches...

      • Uruguay opens a new frontier for CRT in Latin America

        SRT market update

        The International Finance Corporation (IFC) has executed a landmark CRT transaction in Uruguay, as part of its broader effort to mobilise private capital in emerging markets, SCI has learned. The deal, which closed earlier in Dece...

      • Will SRT spreads widen?

        The debate over SRT pricing re-opens as CLOs cheapen

        Spread widening in SRT is thought to be on the cards, but the movement may not be as significant or as immediate as many investors believe is warranted, suggest market watchers. Last week, US regional Huntington Bank printed an auto loan CLN at wha...

  • News

    • ABS

      • ABS spreads widen as Iran conflict tests market sentiment

        Despite softer spreads and labour market concerns, primary issuance remains strong at $72.7bn year-t...

        Geopolitical tensions and labour market uncertainty surrounded on the ABS market this week with spreads softening following the outbreak of the Iran conflict, according to the JP Morgan securitised products weekly. Investment-grade ABS spreads wide...

    • Asset-Backed Finance

      • ABF Deal Digest: Royalty Pharma provides US$250m financing

        A weekly roundup of private asset-backed financing activity

        This week’s roundup of private ABF activity sees US-based healthcare fintech Nitra raise US$187m in new financing. Elsewhere, Forum Markets has established a US$10m warehouse facility to fund the origination of auto loans through its tokeni...

    • Capital Relief Trades

      • Fed's Bowman flags risk of capital rules driving credit beyond banks

        Federal Reserve vice chair Michelle Bowman warns strict capital rules risk pushing lending outside b...

        Federal Reserve vice chair for supervision Michelle Bowman has warned that excessive capital requirements risk pushing credit activity outside the regulated banking system, in remarks likely to resonate with markets involved in bank risk transfer and...

      • SRT naming debate exposes industry push for clearer terminology

        Industry participants seek clearer terminology as multiple labels emerge for bank risk transfer tran...

        Market participants are revisiting how the rapidly growing market for bank risk transfer transactions should describe itself, amid an industry initiative to clarify the meaning behind the acronym SRT. The discussion, led by the International Associ...

      • Latest SRTx fixings released

        Spreads tighten despite geopolitical uncertainty

        The latest SRTx fixings for February 2026 point to sustained investor demand for SRT exposure, with spreads tightening across all segments despite persistent geopolitical tensions and macro uncertainty. The SRTx CORP EU spread index tightened by 1....

    • CLOs

      • PineBridge returns to European CLO market

        Manager ends seven-year primary issuance hiatus as new European leveraged finance team leads deal pr...

        PineBridge Investments has re-entered the European CLO market with the latest instalment in its Euro-Galaxy franchise, recommitting to the market following a seven-year hiatus. Euro-Galaxy VIII is a €356mn BSL deal which priced last month...

  • Talking Point

    • Structured Finance

      • International Women's Day: Finding my voice, one deal at a time

        Jinisha Patel, partner at Cadwalader, argues that this year's IWD theme – 'give to gain' ̵...

        When I entered the legal industry and started working in the structured finance space, there were very few women in the rooms where decisions were being made. I observed early on that in order to navigate these environments, I had to do so persistent...

  • Market Moves


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