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Issue 1014 - 31st July

  • News Analysis

    • Capital Relief Trades

      • SCI In Focus: The biggest myth in SRT? That there's no secondary market

        Once largely invisible, the SRT secondary market is quietly emerging as a meaningful feature of capi...

        Growing issuance, broader syndication and a wider range of underlying assets are laying the foundations for a more active SRT secondary market, although bilateral execution, limited transparency and the bespoke nature of transactions continu...

      • H1 EU and UK bank results point to sustained SRT issuance

        Major European and UK banks reinforce commitment to SRTs as H1 results highlight expanding capital m...

        Europe's largest banks used their half-year 2026 earnings to reinforce the growing strategic importance of synthetic risk transfers (SRTs), with disclosures from Banco Santander, BNP Paribas, UniCredit and Banco Sabadell pointing to continued issuanc...

    • Asset-Backed Finance

      • Rated note feeders reshape the insurance-private credit pipeline

        Trenching and sophistication of the industry fuel growth prospects

        Rated note feeders are becoming a mainstream tool for insurers and other institutional investors in fund finance, according to Moody's and A&O Shearman. Speaking on a recent Moody's Private Credit Quarterly webinar, managing director Rory C...

    • ABS

      • Aircraft delivery delays drive innovation in Carlyle's latest ABS

        Fitch says AASET 2026-1 demonstrates how issuers are adapting financing structures to today's supply...

        Carlyle Aviation Partners' $717.4 mn AASET 2026-1 transaction highlights how aircraft ABS issuers are adapting financing structures to cope with persistent aircraft delivery delays, while continued investor demand is supporting innovation in the sect...

      • SCI In Conversation Podcast: Kate Galustian, BlackRock

        We discuss the hottest topics in securitisation today...

        In this episode of SCI In Conversation, SCI senior reporter Camilla Vitanza sits down with BlackRock's head of ABS, Kate Galustian, to discuss the firm's Global Securitized Fund. Galustian outlines the outlook for securitised markets, where the team...

    • Asset-Backed Finance

      • Reckoner Art Finance eyes family offices as lending opportunities widen

        New Reckoner unit absorbs former Athena Art Finance book, targets Asian market

        Reckoner Art Finance, the newly built art lending arm of Reckoner Capital Management, is targeting family offices and Asian collectors for its next steps. The push follows a servicing agreement under which Reckoner's team has taken over management...

      • ABF Deal Digest: Aperture Investors cuts US$300m facility with Avant

        A weekly roundup of private asset-backed financing activity

        This week’s roundup of ABF activity sees Aperture Investors close a US$300m facility with Avant. Meanwhile, Leumi has provided Compass Business Finance with a £20m flexible revolving funding line and InterVest Capital Partners has...

    • Capital Relief Trades

      • SRT comes of age

        Beyond record activity, July revealed a broader, deeper and increasingly institutional global SRT ma...

        July showed an SRT market increasingly defined by institutionalisation rather than issuance alone. Europe's largest banks continued embedding SRT into long-term capital strategies through recurring programmes, while new asset classes, jurisdictions a...

  • SRT Market Update

    • Capital Relief Trades

      • French lender targets data centre SRT amid AI infrastructure boom

        SRT market update

        BNP Paribas is exploring an SRT referencing data centre-related loans, SCI has learned, in a sign that artificial intelligence infrastructure financing is beginning to shape the next generation of capital relief transactions. According to market pa...

  • News

    • ABS

      • Delphinus deal reflects homogeneous owner-occupied Dutch RMBS market, Fitch says

        Fitch says the deal reflects the increasingly standardised nature of the Dutch owner-occupied RMBS m...

        Rabobank and a.s.r.'s Delphinus 2026-I RMBS, backed by mortgages from the former Aegon business, illustrates the standardised nature of the Dutch owner-occupied RMBS market, where tighter underwriting standards, seasoned collateral and steadily low p...

      • Recovery bonds surging

        SoCal Ed settles, deals for West Virginia and Virginia loom

        The US$1.95bn recovery bond from SoCal Edison settled today (July 28), after pricing seven days ago, and a sizeable US$2.6bn joint offering from Appalachian Power and Wheeling Power is likely to price after Labor Day, say well-placed market sources. ...

    • Structured Finance

      • Risk Control launches MDB securitisation consultation

        Research aims to identify obstacles to MDB securitisation as new asset class gains traction

        Risk Control is aiming to identify obstacles to multilateral development bank (MDB) securitisations through a market consultation that launched this week, as well as gauging awareness surrounding the emerging asset class. Findings are set to inform a...

    • Asset-Backed Finance

      • Federated Hermes acquires LP stake in Penny Blue fund

        Investment follows recent launch of the firm as a separation from ESR Europe

        Federated Hermes has purchased an LP stake in the flagship European real estate debt fund of Penny Blue Capital. Federated Hermes’ acquired interest in the fund is the firm's first European real estate debt secondaries deal. This comes...

    • Capital Relief Trades

      • New issuers, specialty portfolios reshape SRT market

        Specialty loan portfolios emerge as next frontier for SRT as new issuers drive market growth

        The next phase of growth in the SRT market is being driven by new issuers entering the market and existing issuers expanding their programmes, while banks are also beginning to use SRTs on a broader range of specialist loan portfolios, according to C...

  • Talking Point

  • Market Moves

    • Structured Finance

      • Job swaps weekly: Blackstone appoints successor to Leonard

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees Blackstone appointing a successor to outgoing European head of liquid credit strategies Alex Leonard. Elsewhere, SMBC Group has appointed a new head of its EMEA securitised products group...

    • CLOs

      • Blackstone reshuffles European credit leadership after Leonard departure

        SCI understands Cunningham has succeeded Alex Leonard, who recently departed the firm after more tha...

        Blackstone has made some changes to its European credit leadership team with David Cunningham appointed as head of European CLOs and liquid loans at Blackstone, SCI learns. A spokesperson from Blackstone told SCI that Cunningham h...


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