Weekly Issue Archive »

Issue 999 - 17th April

  • News Analysis

    • CLOs

      • US CLO BB BWIC activity rebounds as tiering dynamics sharpen

        Poh-Heng Tan from CLO Research provides US CLO BB BWIC snapshot with clear tiering in play

        US CLO BB BWIC activity picked up last this week, supported by slightly improved loan market sentiment. Across BB tranches with reinvestment end dates beyond 2029, discount margins showed a clear tiering effect: Lower-tier bonds: 645&...

      • CLO debut is 'natural next step' for T. Rowe Price

        From loans to CLOs, T. Rowe Price expands credit playbook

        Last week, T. Rowe Price announced the pricing of its first foray into the US CLO market with ROWE CLO 2026-1, a $403.59mn deal, arranged by Wells Fargo. SCI follows up with the investment house to understand the firm’s long-term strategy...

    • ABS

      • ECB residual value rule changes show limited impact on Auto ABS

        Limited repo eligibility impact suggests residual value crackdown is more interpretative than transf...

        European auto ABS markets have remained resilient following the European Central Bank’s latest changes to its collateral framework, with early evidence pointing to only limited disruption to repo eligibility, according to Rabobank research....

    • Asset-Backed Finance

      • Structured finance hiring finds its footing

        After a record-breaking start to the year, dealmakers hit pause, but the market remains hot

        The structured finance hiring market is navigating a quiet moment after one of its most active openings in recent memory. January and February 2026 stood out as among the busiest months for hiring across structured finance, private credit and fund...

    • CLOs

      • Strong bid momentum drives active CLO BB trading day

        Poh-Heng Tan from CLO Research provides insights on CLO BB trading: US range wide, EU range tight

        Yesterday was a busy day, with significant trading activity at the BB level. A total of 22 line items, amounting to around USD 59 million of US BSL BB bonds, were on the list, with just over 55% of notionals traded. Meanwhile, 12 line items totalling...

    • Asset-Backed Finance

      • Structure, discipline, scale

        Barings' new md, CJ Wei, shares his vision for the firm's ABF strategy

        Q: Your career has taken you across some very different environments, with stints at Man Group, Jefferies and Northleaf. What's the common thread that's guided your path, and how has each stop shaped your approach to ABF? A: The common thread throu...

      • ABF Deal Digest: Funding Circle renews FlexiPay agreement

        A weekly roundup of private asset-backed financing activity

        This week’s roundup of private ABF activity sees Funding Circle renew its funding agreement with FlexiPay. Meanwhile, Phoenix Service Partners upsized its asset-backed credit facility, while Hilco Global launched an expanded asset-based len...

      • Chicago Atlantic enters emerging markets with new ABF strategy

        Firm is eyeing a capital gap for mid-sized borrowers across Latin America & Asia

        Chicago Atlantic has launched an emerging markets private credit strategy, seeking to deploy bespoke capital into high-growth economies where traditional lenders have been withdrawing. The vehicle targets senior secured loans, structured credit, an...

  • SRT Market Update

    • Capital Relief Trades

      • Belgian bank readies second corporate loan SRT

        SRT market update

        KBC Group is understood to be working with Societe Generale on an SRT linked to a €1.25bn portfolio of corporate loans, according to market participants. The transaction would follow the Belgian bank’s inaugural SRT, whi...

      • Green SRT reveals inner workings of public-backed trades

        SRT market update

        The European Investment Bank (EIB) and European Investment Fund (EIF) have lifted the lid on the structure and pricing of their latest Polish green synthetic securitisation with Santander Consumer Bank (SCB), offering a clearer view on how public cap...

  • News

    • Capital Relief Trades

      • Latest SRTx fixings released

        Spreads widen as investors begin repricing risk

        The latest SRTx fixings for March 2026 suggest the start of a broader repricing across the SRT market, with spreads widening across all core segments as investors reassess risk against an uncertain geopolitical and macro backdrop. The SRTx CORP EU...

      • Major US lender takes issue with new capital rules

        JP Morgan sees rising charges while others enjoy savings

        JP Morgan executives expressed their dissatisfaction with the re-proposed Basel III Endgame (B3E) capital framework during the bank’s Q1 earnings call yesterday (April 14), noting that under the new rules “our CET1 capital would i...

      • Cheyne Capital explores insurance side vehicle for SRT strategy

        Insurance capital set to play notable role

        Cheyne Capital is exploring a dedicated side vehicle targeting insurance capital to invest alongside its existing risk transfer strategy, SCI has learned. Sources familiar with the matter indicate that the process formally moved into investor discuss...

  • Market Moves

    • ABS

      • Orrick continues Cadwalader hiring spree with two ABS partners

        Latest hires deepen Orrick's transatlantic debt finance and ABS capabilities

        Orrick continues to build out its structured finance team in London with the addition of two more partners from Cadwalader, Wickersham & Taft. Suzanne Bell and William Bibby will add to the firms US ABS and esoterics offering, as it seeks t...

    • Capital Relief Trades

      • Kruzel leaves Pimco

        SRT industry veteran seeks pastures new

        Mark Kruzel, a well-known figure in the US SRT industry, has left Pimco, SCI has learned. His next berth is not known, but it is rumoured that his next role will be at a bank, to be announced shortly. He had been with Pimco for a month shy of fou...

      • Kruzel heads to SMBC

        Industry veteran to enhance SMBC SRT profile

        Mark Kruzel, whose departure from Pimco was reported yesterday, is joining Sumitomo Mitsui Banking Corporation (SMBC), SCI has learned from well-placed market sources. He will be reuniting with Morgan Miller, alongside whom he worked at Ci...


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