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Weekly Issue Archive »

Issue 1004 - 22nd May

  • News Analysis

    • Asset-Backed Finance

      • Data centre ABS: growth from the ground up

        Joe Allen, deputy cio and head of securitised credit strategies at Bright Meadow, an investment team...

        The age of digital infrastructure growth is in full swing, with investors betting on rapid scaling to deliver fruitful returns in the sector. A new report by Bright Meadow analyses the opportunities in data centre-backed credit and the inference dema...

    • Asset-Backed Finance

      • Canyon eyes non-QM opportunities in 'higher for longer' rate environment

        Firm expects to break new issuance records after strong growth last year

        Canyon Partners is targeting record-breaking issuance in the non-qualified mortgage sector this year. The US$30bn manager anticipates a ‘higher for longer’ rate environment, presenting a strong opportunity set for the prime non-...

      • SCI in Focus: Momentum grows in the CRE lending market

        From busy ABF pipelines to manufactured housing finance, the architecture of real estate lending is ...

        UK commercial real estate lending is firing on all cylinders: the sector rose 29% last year to reach its highest level since 2015, according to new research from Bayes Business School. Yet, the headline figure masks a deeper transformation: banks are...

    • CLOs

      • US BB CLO BWIC sees strong demand for higher-MVOC top-tier names

        Poh-Heng Tan from CLO Research provides insights US BB CLO BWIC where Oak Hill, BSP and Diameter-man...

        Yesterday’s US BB CLO BWIC highlighted strong demand for top-tier names with higher MVOC levels, as reflected in their tighter DM prints relative to benchmark levels. Benchmark levels refer to the average DM prints by MVOC and manager tieri...

      • Former III Capital COO secures family office anchor for ABF launch

        Mark Perry is actively fundraising for a strategy focused on rare diamonds

        Ex-III Capital Management coo Mark Perry has received a family office anchor for a new co-investment vehicle, SCI has learned. Perry, who founded GlobalRock Asset Management in early 2025, is actively speaking to investors for the first tranche of...

    • Capital Relief Trades

  • SRT Market Update

    • Capital Relief Trades

      • GSIBs in the market with fund finance exposure

        JPM and GS looking to offload risk with SRTs

        GSIBs JP Morgan and Goldman Sachs are looking for buyers of synthetic securitisations of NAV loans and subscription lines, according to market reports. JP Morgan is said to be looking to offload risk on a US$4bn reference pool of NAV loans to priva...

      • Industry waits for eligible guarantor clarity

        Much-lauded B3E provides no relief

        The re-proposed Basel III Endgame (B3E) has been met with largely universal acclaim from US banks, but one aspect germane to the SRT market remains unaddressed and unsolved: the status of eligible guarantors. Unfunded protection provided by insuran...

  • News

    • ABS

      • Morningstar DBRS backs FCA securitisation reforms but flags disclosure risks

        Morningstar DBRS warns that while the FCA's proposed securitisation reforms could streamline UK auto...

        The FCA’s proposed overhaul of UK securitisation reporting could improve efficiency in the auto ABS market but could also reduce transparency for more complex or niche transactions, according to Morningstar DBRS. The rating agency says it...

    • Capital Relief Trades

      • UK SME guarantee programme debuts SRT-style structure

        'Repeatable template' to reduce execution uncertainty

        The British Business Bank (BBB) has launched its inaugural ENABLE Guarantee structured as an SRT-style transaction, with a £350m deal involving Allica Bank and Sona Asset Management. The deal is notable for including a third-party junior in...

    • CLOs

      • Varde Partners prices largest CRE CLO to date at US$1bn

        Varde's latest issuance highlights renewed momentum in CRE securitisation markets amid improving inv...

        Varde Partners has today closed its largest commercial real estate (CRE) CLO to date, pricing the US$1bn VMC 2026-FL6 transaction as investor appetite for CRE securitisations continues to recover. The deal marks the firm’s 13th CRE securi...

      • Secondary loan markets stabilise while primary issuance weakens

        BSL market recovery remains uneven as investors favour higher-quality loans

        The broadly syndicated loan (BSL) market showed signs of recovery last month, after a volatile start to the year shaped by geopolitical uncertainty, inflation concerns and investor anxiety surrounding artificial intelligence (AI), S&P Global...

      • LMA backs UK securitisation reform as CLO market eyes regulatory reset

        Proposed FCA and PRA changes could improve efficiency and competitiveness for CLO managers and inves...

        The Loan Market Association (LMA) is supporting the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) proposed overhaul of the UK securitisation regime, arguing the reforms could materially improve the operating environment...

      • Fitch marks first Euro CLO 'C' downgrade in 2.0 era

        Rating agency highlights growing pressure on lowest, riskiest tiers of European CLOs

        Fitch has warned that a recent downgrade of a European CLO may not be an isolated case in its latest European CLO performance monitor. Bain Capital Euro CLO 2018-1 had its class F notes downgraded to ‘C’, after being downgraded...

  • Talking Point

    • CLOs

      • SCI in Focus: AI adoption in the CLO market

        AI tools have the potential to reshape CLO workflows and disrupt the manager ecosystem, but uptake r...

        The CLO market has been grappling with the implications of AI disruption for several years, with concerns intensifying earlier this year. However, the technology also has the potential to transform CLO workflows themselves. The capabilitie...

  • Market Moves


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