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Issue 995 - 20th March

  • News Analysis

    • CLOs

      • Latest SEC CLO clarification is another green light for the market

        CLO-focused mutual funds and ETFs are in the clear amid concerns they may trigger SEC's 'fund-of-fun...

        The SEC has cleared up potential confusion concerning its ‘fund-of-funds’ rule that should pave the way for easier access for funds investing in CLO debt. On 6 March the SEC clarified via an FAQ regarding its funds of f...

    • Asset-Backed Finance

      • Valori Capital eyes first deal close for Q2

        Lux structured fund has so far raised €51m, targets asset-heavy opps in Europe

        Valori Capital is looking to close its first deal in Q2, SCI has learned. The deal follows the fund's core structural model: acquiring loan portfolios through a Luxembourg-based securitisation vehicle, which in turn issues notes from trans...

      • Andalusian locks US$200M facility from Goldman Sachs

        Capital injection allows for expansion of middle market lending platform

        Andalusian Credit Company has secured a US$200M revolving credit facility from Goldman Sachs. The facility will allow the firm to expand its middle-market direct lending platform and has been structured with an accordion feature, enabling the commi...

      • ABF leads private credit into 2026

        Live polling highlights growing investor preference for ABF over traditional direct lending

        Institutional investors have identified asset-based finance as the most attractive segment of private credit heading into 2026, according to a live audience poll conducted at Super Return Private Credit Europe in London last week. The result placed...

      • Edge Focus closes US$100m consumer loan ABS deals

        Pass-through transactions were co-sponsored by Nelnet Bank

        Edge Focus has closed two new pass-through deals backed by over US$100m cumulatively, in unsecured consumer loans, SCI has learned. EDGEX 2026-PT1 and EDGEX 2026-PT2 are the firm’s third and fourth asset-backed securitisations and have be...

    • CLOs

      • EU CLO BBs hold firm as single-B dispersion widens

        Poh-Heng Tan provides a snapshot on EU CLO trading

        Monday’s BWIC provided useful insight into current trading levels for lower-MVOC EU CLO BB tranches and single-B tranches, according to SCI data.   Face (original) Trade Date Pri...

    • Asset-Backed Finance

      • Fasanara Capital and IFC launch US$100m receivables fund

        First strategy globally to focus on SME lending to women-owned businesses

        Fasanara Capital has teamed up with the IFC to launch a US$100m receivables financing fund targeting MSME’s in emerging markets, with a particular focus on businesses owned or led by women. Structured as an evergreen open-ended vehicle, F...

  • SRT Market Update

    • Capital Relief Trades

      • Middle Eastern SWF backs new SRT push

        SRT market update

        Christofferson Robb & Company (CRC) has secured a strategic investment from a subsidiary of Abu Dhabi Investment Authority (ADIA) as the private credit manager looks to expand its footprint in the SRT market. The partnersh...

      • CRT unlocks private capital for Chilean trade finance

        SRT market update

        The IFC joins forces with Newmarket Capital on one of the latest Patagonia-style CRT transactions in Latin America, SCI has learned.   The deal, dubbed Atacama closed in December&nb...

  • News

    • ABS

      • European ABS and CMBS defaults remain contained

        Stable performance persists across EU securitisation markets as digital infrastructure fuels growth

        The European securitisation market continues to show stable credit performance this week, according to Bank of America’s International SF Weekly, with defaults remaining broadly contained across both ABS and CMBS. In consumer ABS...

      • Australia's regulator liquidity review could support RMBS demand

        APRA's review of HQLA rules may open the door for RMBS inclusion shifting bank investment demand.

        Proposed reforms to Australia’s bank liquidity framework could reshape demand for structured finance products with RMBS potentially benefiting if regulators broaden the range of assets eligible for bank liquidity buffers. The Aus...

    • Asset-Backed Finance

      • ABF Deal Digest: Upstart enters US$1bn forward flow with Eltura

        A weekly roundup of private asset-backed financing activity

        This week’s roundup of private ABF activity sees Upstart enter a US$1bn forward flow agreement with Eltura. Meanwhile, Clifford Capital has completed its inaugural Australian-dollar-denominated infrastructure ABS, while i-80 Gold has secure...

    • Capital Relief Trades

      • CLNs the winner

        Fed proposes ditching reservation of authority

        The US SRT industry is a particular beneficiary of the proposed revisions to the regulatory capital framework announced today, as expected, by the Federal Reserve. It has cleared the way for a removal of the need to secure a specific reservation of...

      • SRT market poised for growth amid shifting dynamics

        SRT market shows resilience, evolving investor dynamics, and growing momentum for unfunded structure...

        The SRT market is on track for another active year, supported by strong Q1 issuance, tight spreads and sustained investor demand, panellists said at the Financial Times SRT Symposium this week. Early-year activity has reinforced confidence in the a...

      • SMEs drive SRT growth as lender base broadens

        SME portfolios gain prominence in SRTs as lender diversification fuels growth and investor demand

        SME portfolios are taking on a more prominent role in SRT transactions, as a broader range of lenders turns to synthetic securitisation to support lending growth. The British Business Bank (BBB) tells SCI that this momentum is closely linked to the...

      • B3E revisions about to drop

        New rules due tomorrow, kicking off comment period

        The eagerly anticipated final adjustment to the contentious Basel Three Endgame (B3E) capital rules are expected to be announced tomorrow (March 19) and may result in a moderately more friendly securitisation regime in addition to a slight reduction...

    • CLOs

      • EU CLOs navigate LME risk, co-op scrutiny and evolving market dynamics

        SCI attended FT Live's 2026 European CLO event yesterday in London where senior CLO market participa...

        A panel at the conference on liability management exercises (LMEs) highlighted growing concern about aggressive US-style transactions potentially spreading to Europe, as investors face increasing default risk and challenges recovering capital from di...

      • Octaura launches CLO BWIC workflow feature

        Octaura continues its quest to improve CLO market efficiency with its automated 'Live Feedback' syst...

        In its latest effort to modernise CLO trading, Octaura has launched a new auction workflow for CLO BWICs that focuses on improving transparency and trust in the secondary. The new feature, Live Feedback, has been integrated into O...

  • Market Moves


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