Weekly Issue Archive »

Issue 1001 - 1st May

  • News Analysis

    • CLOs

      • Spring surge drives CLO equity BWIC, but IRRs lag distributions

        Poh-Heng Tan from CLO Research provides insights into last week's active CLO equity BWIC activity

        Just as the first signs of spring draw people out into the streets, an improving trading backdrop, combined with post-April payment dates, brought a wave of equity tranches into BWIC last week, with every tranche trading with released covers, SCI dat...

    • Asset-Backed Finance

      • Chicago Atlantic eyes up to US$1bn for emerging markets fund

        The firm is already deploying capital in deals across US$25m to US$50m

        Chicago Atlantic is eyeing up to US$1bn for a new emerging markets private credit fund, SCI has learned. The strategy, which SCI first reported on earlier this month, is in the early stages of fundraising and has a broad mandate across private cred...

    • CLOs

      • Energy shock from Middle East conflict tests chemical CLO exposure

        Chemical sector risks and macro volatility heighten investor caution

        As the US-Iran conflict enters its 60th day with limited visibility on de-escalation, the spike in energy prices has transmitted quickly across global markets, reigniting inflation concerns and prompting a repricing along the rates curve. Despite t...

    • Asset-Backed Finance

      • Hilco Global expands ABF arm after ORIX acquisition

        Firm already in discussion with LPs to raise new capital beyond ORIX seed

        Hilco Global has launched an expanded ABL platform, combining its valuation expertise with ORIX Corporation USA, which acquired a majority stake in the firm in September 2025. The platform, operated through Hilco Global Asset Management, will exten...

      • GB Bank backs 4Syte with invoice finance facility

        Structure built on multi-issuance securitisation platform with capacity to grow to £100m

        GB Bank has provided a new funding facility to 4Syte, a UK invoice finance lender focused on SMEs, SCI has learned. The facility, which has been structured by Balder Capital on a multi-issuance securitisation platform, carries an initial committed...

    • Capital Relief Trades

      • From safety valve to engine room

        Monthly roundup of SRT market activity

        The global SRT market is entering a more mature, strategic phase, according to all the pointers. Developments over April show fewer isolated trades and more of a structural shift in how banks manage capital, risk and growth. At the centre of that shi...

  • SRT Market Update

    • Capital Relief Trades

      • Third issuance underscores cash SRT traction

        SRT market update

        Compass has completed a €950m consumer loan securitisation structured to achieve SRT, marking the third cash SRT transaction executed by the Italian lender in three years under its Quarzo securitisation platf...

      • Credit union SRT push in Canada could open path to US expansion

        SRT market update

        Canadian credit unions are beginning to explore SRT transactions, marking a potential expansion of the product beyond its traditional banking user base, as previously reported. SCI has learned through further discussions with Muny Hove, founder of th...

      • Czech lender emerges as SRT name to watch

        SRT market update

        MONETA Money Bank’s first-quarter results have sharpened focus on whether the Czech lender could eventually join the European SRT market, with its latest disclosures pointing to many of the conditions typically associated with a future capi...

  • News

    • ABS

      • KBRA rates Harvest Funding RMBS as falling LTVs offset rising arrears pressures

        Strong house price growth and borrower overpayments bolster resilience, but looming interest-only ma...

        Last week KBRA announced the ratings for Harvest Funding, a static RMBS, where the firm assigned ratings to seven classes of notes. Harvest Funding brings to market a sizeable £2bn seasoned UK non-conforming RMBS backed by 43,144...

    • CLOs

      • Robust 'senior secured' definitions key in CLO analysis, Fitch says

        Fitch Ratings warns weak definitions of "senior secured" debt risk undermining recovery expectations...

        Fitch Ratings emphasises that the classification of “senior secured” debt within CLO documentation is not merely a labelling exercise, but a critical factor of recovery expectations in both initial and ongoing rating analysis. A...

  • Talking Point

    • CLOs

      • CLO sell-off masks technical dislocation, not credit deterioration, says CIFC

        CIFC argues recent drawdowns are driven by liquidity pressures, model distortions, and thin investor...

        In the past twelve months, CLO markets have experienced a sharp repricing that reflects deteriorating credit fundamentals. Yet, according to Jay Huang, senior managing director and head of structured credit investments at CIFC, this narrative is pote...


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