Weekly Issue Archive »

Issue 997 - 3rd April

  • News Analysis

    • CLOs

      • SCI In Focus: Geopolitical risks compound pressure on single-B minus CLO holdings

        European CLOs are facing a period of idiosyncratic risk as credit paths diverge among issuers facing...

        European CLO portfolios are increasingly exposed to highly cyclical sectors like chemicals and building materials, where a lack of cashflow and looming maturity walls are creating significant refinancing hurdles for single-B minus rated issuers, acco...

    • Capital Relief Trades

      • No SRT? Australian bank deal shows the workaround

        Australian bank explores capital-light deal, highlighting how regulation is reshaping risk transfer ...

        Australia’s risk transfer market may not be growing in the way global investors expect, but it is evolving, and Bank of Queensland (BOQ) is offering one of the clearest signals of where it is heading. At a time when international investor...

      • SRT gathers pace as capital deepens and the market finds its groove

        Monthly roundup of SRT market activity

        The European SRT market continues to build momentum in early 2026, with strong investor demand, expanding issuer participation and increasing structural sophistication - all of which reinforce its position as a core component of bank capital...

    • Asset-Backed Finance

      • SCI In Conversation Podcast: Alex Branton, Nodem Capital

        We discuss the hottest topics in securitisation today...

        In this episode of SCI In Conversation, ABF associate editor Jacob Chilvers speaks to Alex Branton, founder of Nodem Capital about the firm's NAV lending strategy. He reflects on the transition of the strategy into a mainstream financing tool and exp...

    • CLOs

      • Chamonix breaks ground on first infrastructure CLO

        Foundation laid for a repeatable series of infrastructure CLOs using Natixis' origination platform

        Chamonix Partners Capital Management, a subsidiary of Natixis CIB, has issued its inaugural project finance CLO. The transaction marks the first of what it aims will be recurring issuances to tap into growing demand for exposure to infrastructure loa...

    • Asset-Backed Finance

      • ABF in the spotlight

        Kanav Kalia, chief sales officer at Oxane Partners, answers SCI's questions

        Q: How does the current interest-rate environment affect deal flow? A: I imagine that as things smooth off, we’ll see more borrowers become active in the market, and hopefully, things will pick up with more transactions. While the marke...

      • Automating ABF

        Chandini Jain, founder of Auqan answers SCI's questions

        Q: How and why did you start Auquan? A: My background was on the buy side. I used to run trading strategies for a fund in Chicago. I got frustrated by how manual everything was and how much of my team's time was spent on undifferentiated work. So,...

      • Beechbrook Capital, BBB back Allegro to scale UK film lending

        Lender targets slate-level financing as UK production finance goes institutional

        Allegro Finance, a specialist film and television lending platform, has secured a £2m working capital facility from Beechbrook Capital, through funds managed on behalf of the British Business Bank. Sam Collett, co-founder and chief financ...

    • Capital Relief Trades

      • Hard test gets harder

        SRT issuance perhaps boosted by EBA Q&A

        The recent Q&A from the European Banking Authority (EBA) rejecting Federal Reserve Economic Data (FRED) as adequate for lower risk weights afforded to US commercial real estate (CRE) exposure could raise SRT issuance, say market experts. Th...

  • SRT Market Update

    • Capital Relief Trades

      • Greek bank tightens SRT pricing below mid-7%

        SRT market update

        Piraeus Bank has achieved its tightest pricing to date in the SRT market, with spreads compressing to below the mid-7% range in its latest SME and corporate transaction, Ermis VIII. The move reflects intensifying investor demand and a maturing domest...

      • Romanian SRT pioneers new investor access model

        SRT market update

        IFC has executed a landmark synthetic securitisation in Romania with Banca Comercială Română (BCR), part of Erste Group, marking a further step in its push to mobilise investor&...

      • Brussels lender preps debut SRT, not yet in market

        SRT market update

        Belgium’s Belfius Bank is preparing its inaugural SRT transaction, having reportedly appointed Santander as arranger, according to sources familiar with the situation. The deal is expected to reference a portfolio of cor...

      • German lender eyes potential CRE-linked SRT

        SRT market update

        Landesbank Hessen-Thüringen Girozentrale (Helaba) is considering a return to the SRT market later this year with a potential transaction referencing a commercial real estate (CRE) portfolio, SCI has learned. If it proceeds, the deal would...

      • Canada SRT issuance picks up as credit unions enter

        SRT market update

        A Canadian credit union is preparing what is understood to be the first SRT transaction of its kind in the domestic market, in a move that could broaden the product’s reach beyond traditional bank issuers. The transaction, being developed...

      • Synthetic green SRT unlocks fresh lending in Poland

        SRT market update

        The European Investment Bank (EIB) and European Investment Fund (EIF) have executed a synthetic securitisation with Santander Consumer Bank (SCB), delivering capital relief and unlocking PLN860m of new green lending in Poland, according to a recent p...

      • Digital bank ramps up use of capital relief trades

        SRT market update

        Värde Partners has executed a US$1.7bn SRT with Klarna, referencing a portfolio of euro-denominated consumer loans. The three-year transaction, led by a Värde consortium, is the digital bank’s largest SRT to date and is...

  • News

    • Asset-Backed Finance

      • Blue Owl hits US$2.9bn for latest ABF fund

        ASOF IX surpassed its original US$2.5bn fundraising target

        Blue Owl Capital has closed its Asset Special Opportunities Fund IX (ASOF IX) at US$2.9bn, surpassing its original target by 16%. The fund is a diversified, asset-backed opportunistic strategy that employs a flexible mandate with the ability to all...

      • Ninety One to wind down European private credit strategy

        Firm working 'to identify the best way forward'

        Ninety One is set to wind down its European private credit strategy, SCI has learned. The £159bn manager is closing its doors on the product, with the aim of focusing its efforts on emerging market private credit and infrastructure debt, re...

      • ABF Deal Digest: Allegro secures £2m facility from Beechbrook

        A weekly roundup of private asset-backed financing activity

        This week’s roundup of private ABF activity sees Allegro Finance, a specialist film lending platform, securing a £2m working capital facility from Beechbrook Capital. Elsewhere, Blue Owl closed its latest ABF fund at US$2.9bn, whi...

    • Capital Relief Trades

      • Debut SRT on starting blocks

        Singapore bank readies new corporate loan deal

        DBS Bank is expected to close its landmark SRT transaction within the next two weeks, SCI has learned, in what could mark the start of a pickup in Singaporean issuance. The imminence of this deal was earlier reported by SCI. It will reference a p...

      • Fed SME capital shift puts SRT role in focus

        Fed proposals to ease SME capital rules raise questions over future demand for SRT structures

        Proposed changes to US bank capital rules aimed at boosting small business lending are likely to have indirect implications for SRT, despite no explicit reference in the policy discussion. In remarks at CBA LIVE 2026, Michelle W. Bowman of the Fede...

      • SCI webinar: Repeat issuance reshapes SRT market dynamics

        SRT markets shift toward programmatic issuance, say panellists

        SRTs are becoming an increasingly embedded tool within banks’ capital management frameworks, driving a shift in market dynamics towards programmatic issuance and, with it, a long-anticipated phase of market maturity. This evolution was a ce...

  • Talking Point

    • Capital Relief Trades

      • Balancing SRT regulatory safeguards and market innovation - part one

        In the first instalment of a two-part primer on the SRT market, Squire Patton Boggs lawyers examine ...

        SRT transactions are a key capital management tool for financial institutions worldwide and their utilisation is set to grow as banks seek to optimise their balance sheets further and mitigate risk. However, the regulatory environment continues to ev...

  • The Structured Credit Interview

    • ABS

      • Pockets of US CMBS repay attention

        Aperture Investors structured credit head talks risk and return

        Vladimir Lemin heads up structured credit for Aperture Investors, an alternative investment manager based in New York with offices in London and Paris.   He recently sat down with US editor Simon Boughey to talk about the directio...

      • Alternative capital driving MA-eligible asset innovation

        Ashley Thomas, head of structured finance (UK) at ARC Ratings, answers SCI's questions in connection...

        Legal & General securitised a portfolio of UK equity release mortgages in December, with Stonehill Credit acting as sponsor and risk retainer on the transaction. Called EQR 1, the deal highlights the role of investment managers as long-term,...

  • Market Moves

    • ABS

      • Job swaps weekly: USS and Venn ink strategic private credit partnership

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees USS acquire a majority interest in Venn Partners, strengthening its position as a private credit provider to the residential housing sector. Elsewhere, KPMG Law has bolstered its services...


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