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Weekly Issue Archive »

Issue 1006 - 5th June

  • News Analysis

    • CLOs

      • SCI In Focus: Rising LMEs elevate documentation risk for CLO managers

        Covenant-lite loans and adversarial LMEs redefine risk and recovery dynamics in CLO markets

        Liability management exercises (LMEs) have become increasingly common in leveraged finance, raising concerns for CLO investors and lenders. Market participants including Weil, Gotshal & Manges and Benefit Street Partners said to SC...

    • Capital Relief Trades

      • IACPM survey underlines 'orderly' SRT expansion

        Non-GSIB issuers, specialised lending driving growth

        Banks issued €30bn of first loss and mezzanine SRT tranches referencing €378bn of loans in 2025, representing a respective increase of 21% and 35% year-on-year, according to the IACPM’s latest SRT Bank Survey. At the same...

    • ABS

      • ABS: Stronger orderbooks drive sharper spread compression in 1Q 2026 - SCI Analytics

        ABS spread tightening became more coverage-sensitive in 1Q 2026, with stronger books more frequently...

        The ABS market showed stronger spread compression and more responsive bookbuilding over the first quarter of 2026, according to SCI data.  Comparing the data with 1Q 2025, three main differences stand out. Firstly, the coverage-to-tighteni...

    • Asset-Backed Finance

      • ABF Deal Digest: Blackstone cuts US$1.3bn biotech facility for Apogee

        A weekly roundup of private asset-backed financing activity

        This week’s roundup of private ABF activity sees Funding Circle renew a £200m forward flow agreement with Deutsche Bank. Meanwhile, Apogee Therapeutics, a clinical-stage biotechnology company, has secured up to US$1.3bn in financi...

      • GB Bank, beyond the asset class

        Wholesale funding strategies are evolving, and for GB Bank, the originator behind the assets matters...

        The specialist finance market has grown accustomed to discussing opportunities between asset classes, but a growing number of wholesale funders argue that those labels don’t tell the whole story. "An asset class on its own doesn't tell yo...

      • Insurers offload data centre risks with niche ILS structures

        Insurance-linked securities come to the forefront, with US$30bn in digital infra issuance

        A once niche part of the securitisation market is taking centre stage in the data centre race as insurance companies look to offload risk. Novel insurance-linked securities (ILS) structures, which transfer cyber and operational risks from di...

  • SRT Market Update

    • Capital Relief Trades

      • Asset manager sells on risk transfer

        Bayview said in the market

        Bayview is in the market with a repackaging of a synthetic securitisation of a US$4.2bn portfolio of investment grade (IG) corporate loans acquired by SMBC, say well placed market sources. Price talk is in the plus 400bp range, add sources. SMBC...

      • NA Bank surfaces with $625m CLN

        Top ten US bank with IG corporates deal

        Now established risk transfer issuer US Bank is in the market with a US$625m CLN, representing a 12.5% first loss position of a US$5bn portfolio of investment grade syndicated and revolving term corporate loans, say reports. The trade, designated U...

      • Top 10 US bank in CLN market

        Truist Financial back in SRT

        Truist Financial is in the market with its second risk transfer deal CLN, following its debut in the market last September, according to well-placed market sources. This second foray into the space is also an auto loan securitisation, this time for...

      • Bulgarian bank seals second EIB-backed SRT

        SRT market update

        Allianz Bank Bulgaria has completed its second synthetic securitisation with EIB Group, freeing up capacity to support approximately €340m of new lending to Bulgarian SMEs and mid-caps over the next three years. The transaction references...

  • News

    • ABS

      • European securitisation benchmarks launched

        SCIx to provide sector and ratings reference points

        SCI has launched a family of indices covering the European ABS, CLO and RMBS markets – the SCI Composites Index (SCIx). Utilising SCI’s primary market database and the services of calculation agent MYcx, SCIx provides SCI subscrib...

      • KBRA sees path for European fibre assets to tap ABS market

        Rating agency says mature fibre networks with recurring revenues could increasingly refinance throug...

        European fibre infrastructure assets could increasingly turn to securitisation as a refinancing tool once they move beyond construction and begin generating stable operating revenues, according to a new report from KBRA. "European fibre ABS is most...

      • Securitised credit stays firm as issuance runs ahead of record pace

        ABS issuance hits 2026 high as strong technicals support spread performance, while investors look to...

        Securitised credit markets remain positive heading into June, with issuance running above last year’s record pace and spreads sitting at or close to the tight end of recent ranges, according to JPMorgan.  The strongest momentum i...

    • Structured Finance

      • Europe's first ESN could accelerate push for SME financing reform

        Bpifrance's debut European Secured Note issue could also accelerate efforts to build a pan-European ...

        French state-backed investment bank Bpifrance is set to issue the market’s first European Secured Note (ESN) - a move that could expand Europe’s secured funding beyond traditional covered bonds. After years of...

    • CLOs

      • Fitch updates CLO rating method to reflect growth of non-bankruptcy default events

        Reduced downgrade risk could see agency expand its market share in rating mezzanine CLO debt

        Fitch has finalised its updated CLO rating criteria that include changes that could result in a number of upgrades to outstanding notes and increase the agency’s already dominant position in rating mezzanine bonds. Many of the changes con...

      • Octaura captures up to 8% of syndicated loan trading market in three years

        CEO Brian Bejile says rapid electronic adoption is reshaping leveraged finance as investors push for...

        Electronic trading platform Octaura has captured roughly 7.7% of the syndicated loan trading market just three years after launch, underscoring what CEO and co-founder Brian Bejile describes to SCI as a rapid shift in market structure once thought un...

  • Market Moves


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