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Issue 1019 - 4th September

  • News Analysis

    • ABS

      • AI disrupts ABS credit models

        Old assumptions on payment stability no longer apply

        The disruption wrought upon the job market by AI is set to be so severe it will render redundant current models used for credit assessment and underwriting in the ABS market, meaning comprehensive revisions are likely, according to one of the biggest...

    • CLOs

      • Summer slowdown cools European structured credit

        A quiet month for primary issuance, but active CLO and auto ABS pricing reveals diverging risk appet...

        Amid the seasonal dip in securitisation market activity, today’s monthly fixings from the SCI Composite Index reveal a tightening – but increasingly bifurcated – market. The European structured credit markets...

    • Asset-Backed Finance

      • SCI In Focus: Irish reforms set to sharpen fund finance market's edge

        Ireland cuts the red tape on fund guarantees, lawyers say there's more reform still to come

        A cluster of legislative and regulatory reforms is changing the Irish fund finance landscape, stripping out structural friction that has complicated lending arrangements. Speaking to SCI, three industry experts discuss how the reforms are reinforcing...

    • CLOs

      • Kartesia brings private credit expertise to European CLOs

        Kartesia's head of CLOs outlines the firm's plan to establish itself among Europe's top CLO managers

        The European CLO market has seen a raft of new entrants over the last year or so, jointly fuelled by an influx of US shops expanding into the region as well as European specialists entering the CLO business for the first time.  One such sp...

      • CIFC targets consistent CLO pipeline despite equity demand slowing execution

        Pipeline in place, but issuance increasingly dependent on execution timing in order to optimise retu...

        CIFC Asset Management is maintaining a pipeline of European CLO transactions, consistent with a two-to-three deal new issue annual CLO target. However, deal execution is taking longer than in recent years due to equity investor caution and more chall...

    • Asset-Backed Finance

      • Felicitas cuts US$10m RCF to single-family office

        PE, credit and VC fund stakes back the transaction

        Felicitas Global Partners has provided a US$10m revolving credit facility to a single-family office, SCI has learned. The transaction was structured with the borrower holding over US$50m in collateral, spanning LP stakes in top-quartile private equ...

      • SCI In Focus: AI rewrites data centre capital stack

        Private and public markets are taking different slices of data centre construction, tenant and risk ...

        Data centre financing is becoming a laboratory for how risk is allocated and priced across public and private markets. As the AI boom drives record-breaking investment in power, land and computing capacity, financing is moving beyond traditi...

  • SRT Market Update

    • Capital Relief Trades

      • More details emerge on Polish corporate SRT

        SRT Market Update

        Further details have emerged on PKO Bank Polski's corporate SRT reported by SCI in July, with the arranger disclosing its role as sole arranger and sole placement agent on the transaction. UniCredit also revealed that the transaction transfers cred...

      • Arizona pension doubles down on SRT

        SRT market update

        BNP Paribas Asset Management Alts has secured an additional US$600m SRT mandate from the Arizona State Retirement System (ASRS), taking the US pension fund’s total commitment to the strategy to US$1bn. The latest allocation follows ASRS&a...

      • Local currency Romanian SRT inked

        SRT Market Update

        UniCredit’s Romanian subsidiary UniCredit Bank S.A. has executed its second synthetic securitisation. The transaction marks the first time within the UniCredit Group that an SRT has involved a portfolio of SME and corporate exposures grante...

      • Italian NPL SRT debuts

        SRT Market Update

        Banca Sistema has finalised a cash SRT transaction backed by past-due receivables owed by the Italian Public Administration (PA). The deal represents the first European securitisation of PA NPLs to be publicly rated. Banca Sistema yesterday (3 Sept...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: Alantra's SRT hire and Millennium's ABF push

        People moves and key promotions in structured credit

        This week's roundup of securitisation job swaps sees a Deutsche Bank veteran move to Alantra to lead the firm's SRT arranging activities, US hedge fund Millennium expand its ABF capabilities, and a flurry of reshuffling and promotions across the lega...


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