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Issue 1018 - 28th August

  • News Analysis

    • CLOs

      • Manager tiering drives dispersion in US CLO BB cover DMs

        Poh-Heng Tan from CLO Research provides insights into US CLO BB BWIC - comparing cover DMs across MV...

        This article focuses on US CLO BB bonds traded last week, covering bonds with reinvestment periods (RPs) ending in 2029–2030, as well as shorter-dated bonds with RPs ending in 2026.   Face (original) ...

    • Asset-Backed Finance

      • Inside Walkers' fund finance expansion

        Stephen Hannigan on joining Walkers' Finance & Capital Markets team, the rise of NAV and hybrid ...

        Q: You recently joined Walkers as a partner in Dublin. What drew you to the firm, and what did the finance and capital markets team offer that made it the right next step for you? A: The first draw was the quality of the team and the clients. There...

    • ABS

      • Australian portfolio sales create new pipeline for ABS - SCI Analytics

        Three major transactions have shifted A$55bn of loans in 2026 as banks sell assets to private capita...

        Australia's loan portfolio market is seeing a flurry of record-sized sales as banks look to simplify balance sheets and private capital increasingly provides an alternative home for assets once retained by lenders, with more than A$55bn changing hand...

    • CLOs

      • Serta ruling holds valuable takeaways for CLO managers

        New decision forces managers to account for pro-rata breach risks in future LMEs.

        The latest ruling on the litigation over Serta Simmons’ bankruptcy proceedings has revealed a number of key takeaways for CLO managers navigating a new world of liability management exercise (LME) transactions, experts report. Last month,...

    • Capital Relief Trades

      • Regulation key to next phase of SRT insurance growth

        SRT insurer growth hinges on regulatory capital treatment, says IACPM

        The continued expansion of insurers in the SRT market will depend heavily on how regulators treat unfunded protection under the evolving European securitisation framework, according to Som-lok Leung, executive director at the International A...

    • Asset-Backed Finance

      • SCI in Focus: Are forward flows launchpads for public ABS?

        Two debut ABS deals this year show how private funding is creating different routes into public ABS,...

        Two debut European ABS deals this year – Velocity 2026-1 and Alps Partners Germany 2026-1 – have shown how private funding arrangements can feed into the public securitisation market through different routes.  ...

      • SCI In Conversation Podcast: Andre Hakkak, White Oak Global Advisors

        We discuss the hottest topics in securitisation today...

        In this episode of SCI In Conversation, US editor Simon Boughey chats to Andre Hakkak, ceo and co-founder of New York-based White Oak Global Advisors, a private credit firm catering to SMEs. Andre talks about the differences - if any - between ABF an...

    • CLOs

      • Yen volatility tests Japanese CLO appetite

        Continued weakness in the Yen could interrupt domestic investment, although long-term demand to rema...

        Volatility in the Japanese Yen could cause a short term decline in domestic allocation to triple-A CLOs, according to analysts, but long-term demand is expected to remain strong as floating rate products see renewed demand amid rate hikes. The depr...

    • Capital Relief Trades

      • SRT's borders keep moving

        Monthly roundup of SRT market activity

        The significant risk transfer market continued to broaden in August, as banks pushed into new asset classes and geographies, while investors, insurers and financing providers developed increasingly sophisticated ways to access and support the market....

  • SRT Market Update

    • Capital Relief Trades

      • Another marine/RV SRT sails forth

        SRT market update

        Huntington Bank is in the market with an anticipated US$483.4m synthetic securitisation of recreational vehicle (RV) and marine loans, say sources. The CLN is expected to comprise five rated tranches, with ratings from A3 to B3. There is also to be...

      • Large prime auto, new C&I risk transfer deals

        SRT market update

        In the week-ending August 14, Ally Bank brought a US$6.1bn prime auto CLN, and this is believed to have been the largest auto-linked note seen in the US market. The transaction, designated 2026-B, comprised seven tranches rated AAA to unrated. They...

      • Veteran US investor lines up $300m financing

        SRT market update

        Seer Capital is working to secure a US$300m line of leverage with First Abu Dhabi Bank, and backed by an insurance policy with Nationwide Mutual. The financing is designed to support Seer’s investments in the SRT market, in which it is a...

      • MDB reveals details of first-of-its-kind Mexico SRT

        SRT market update

        The International Finance Corporation (IFC) has provided up to MXN1.795bn (approximately €90m) of credit protection on a Mexican peso-denominated portfolio of about MXN14.36bn (approximately €713m), SCI has learned, marking its firs...

  • News

    • CLOs

      • Sona Aclai CLO underscores convergence of European BSL and private credit markets

        Hybrid deal combines BSL and private credit collateral, alongside an innovative split payment struct...

        The recent Sona Aclai CLO I issuance highlights the growing convergence between the European broadly syndicated loan (BSL) and private credit markets, while introducing a number of structural features that could point to further innovation in the Eur...

  • The Structured Credit Interview

    • Asset-Backed Finance

      • TPG: Private credit's ABF push gathers pace

        T.J. Durkin on TPG's approach to ABF, the growing investor allocation to the asset class, AI and the...

        Asset-backed finance has continued to gain momentum this year, with private credit managers and institutional investors looking to build strategies around the asset class. The trend comes as direct lending has become an increasingly competitive lands...

    • CLOs

      • The next phase of European back leverage

        Mark Drury, partner at Reed Smith on private credit CLOs, regulatory change and the structural chall...

        Q: Are there any emerging trends or transaction structures that European CLO managers should be paying close attention to?  A: This remains the emergence of private credit CLOs (PCLOs). Since late 2024, a number of European middle-mar...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: NatWest and Moody's lead structured finance reshuffle

        People moves and key promotions in structured credit

        This week’s roundup of securitisation job swaps sees NatWest reshaping its SRT business, with three staff understood to be leaving while the bank appoints a new head of its Securitised Products and Alternatives Syndicate team. Elsewhere, Mo...

    • Capital Relief Trades

      • NatWest SRT team hit by senior departures amid hiring push

        NatWest's SRT franchise is undergoing a shake-up as senior staff leave and new hires join the busine...

        NatWest is reshaping its SRT business, with three key staff understood to be leaving while the bank brings in a new syndicate head and continues to recruit and move staff internally, according to market sources. The personnel changes come as the UK...


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