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Weekly Issue Archive »

Issue 1020 - 11th September

  • News Analysis

    • CLOs

      • Mezzanine tranches punch above their weight

        Poh-Heng Tan from CLO Research provides a five-year European CLO BWIC review.

        Over the past five years, €76.1bn of European CLO paper was shown on BWICs, of which €47.7bn traded (source: SCI’s BWIC data), implying an overall hit rate of 62.7%. While AAAs accounted for the largest share of traded vol...

      • Middle market CLOs absorb private credit shocks

        Private credit CLO market cools in 2026 as collateral cracks emerge

        After a record year in 2025, the private credit CLO market has cooled with the primary market slowing down as it navigated a turbulent start to the year – although signs indicate H2 could see a relative uptick in issuance. Last year, the...

    • Asset-Backed Finance

      • Solvency II recalibration offers selective boost to RNFs

        Lower capital charges improve the outlook for securitised structures, but regulatory complexity and ...

        Rated note feeders (RNFs) are expected to receive incremental support from the recalibration of the Solvency II framework, although the impact on insurer allocations is likely to remain selective across ratings, durations and structures. The propos...

    • ABS

      • Saudi Arabia's first publicly rated RMBS marks milestone for nascent securitisation market

        The deal, Sukuk Saudi Real Estate Refinance Company RMBS-2, follows the SRC's first-of-its-kind unwr...

        Saudi Arabia has taken another step toward establishing a domestic securitisation market, with the Saudi Real Estate Refinance Company (SRC) unveiling the Kingdom's second unwrapped residential mortgage-backed securities (RMBS) transaction and the fi...

    • CLOs

      • Servicing becomes key to managing securitisation complexity

        Regulatory pressures, complex portfolios and new technology are raising expectations for servicers a...

        Servicing is becoming an increasingly important consideration for European securitisation investors as deal structures grow more complex, regulatory requirements increase and investors place greater emphasis on the resilience of the infrastructure su...

      • Investor reallocation supports CLO demand amid preference for floating-rate credit

        Allocators are rotating from fixed income and private credit toward liquid, floating-rate structured...

        CLO's are seeing sustained investor demand, as allocators shift away from traditional fixed income and private credit towards liquid, floating-rate structured products. Gregory Borenstein, portfolio manager at Ellington Credit Company (NYSE: EARN)...

    • Capital Relief Trades

      • Latest SRTx fixings released

        SRT market steadies as credit concerns ease but spreads widen

        The latest SRTx fixings for August point to a market that remained resilient as the summer period came to an end, with credit-risk and volatility indicators generally improving. However, spread expectations continued to widen across three of the four...

    • CLOs

      • CLO BWIC volumes rise week-on-week as Europe leads activity

        Triple-A supply dominates while US flows remain softer and more dispersed

        Secondary CLO BWIC activity picked up in the week from 4–10 September, with SCI market secondary database showing a clear increase in volumes and a continued skew towards senior paper, particularly in Europe. SCI’s price dataset...

    • Asset-Backed Finance

      • The gap and opportunity in real estate NAV lending

        Demand for the product is outstripping supply, lenders say, creating one of private credit's most at...

        NAV lending has grown into one of private markets' fastest-expanding tools since 2020, driven first by the pandemic and then by a prolonged slowdown in exits. Yet, real estate remains one of the few pockets still waiting for competition to catch up w...

    • ABS

      • ABS supply accelerates in Q2 as mezzanine demand drives spread compression

        Q2 ABS issuance accelerated as strong mezzanine demand drove tighter spreads, while investors became...

        The ABS primary market picked up pace through the second quarter of 2026, with investors absorbing heavier issuance even as demand became increasingly concentrated further down the capital structure. SCI data shows 86 new public ABS transactions pr...

    • Asset-Backed Finance

      • Kartesia completes €304m ABL fund with helicopter deal

        Lender signs offshore helicopter refinancing to mark full deployment

        Kartesia Asset Finance has fully deployed its second ABL fund, FTAIF II, closing out the vehicle with a transaction to refinance a fleet of long-range offshore helicopters used for search-and-rescue missions. FTAIF II, launched in 2021, reached its...

      • Aera finance director set to depart

        Keneal Patel to exit the Nordic real estate lender after one year

        Startup Nordic real estate firm Aera Capital is set to lose its finance director, SCI has learned. Keneal Patel is departing the firm after one year building the finance and operational functions for the Oslo-based firm. He will now transition to...

  • SRT Market Update

    • Capital Relief Trades

      • Saudi Arabia moves closer to SRT debut

        SRT market update

        Saudi Arabia could see its first significant risk-transfer transaction in 2027, SCI has learned, as the Kingdom’s nascent securitisation market develops the infrastructure and track record needed to support SRT activity. The potential eme...

  • News

    • ABS

      • Missing ABS deals remain hung up after difficult summer launch

        Two European securitisations expected to price in July, Basalt 2026-1 and GSMBS 2026-IRPM1, remain o...

        Two European public securitisations originally expected to price in July remain missing as of September, with market participants turning to poor summer launch timing and investor feedback that has potentially prompted a restructuring. Bas...

    • Asset-Backed Finance

      • New details emerge on Morrow Bank's NPL sale

        Nordic lender confirms bad loan portfolio disposals as it progresses MedMera integration

        Morrow Bank has confirmed the sale of its Norwegian and Finnish non-performing loan (NPL) portfolios on Friday, providing new details on a transaction first reported by SCI last month. The sale is part of the Nordic lender’s wider restruc...

      • Fortacre bolsters team with Shawbrook, Glenhawk hires

        Specialist funder adds credit and lender partnerships expertise

        Fortacre has hired Shawbrook Bank and Glenhawk veterans Tom Tailby and James Moore as it looks to expand its wholesale funding platform. Tailby joins the London-based specialist finance firm as head of credit, following a five-year stint at Shawbro...

      • Upper90 eyes US$500m for new venture debt fund

        Fund IV to make asset-based loans to VC-backed tech companies

        Upper90 Capital Management is targeting US$500m for its next flagship venture debt fund, SCI has learned. Upper90 Fund IV will focus on asset-backed, senior lending to venture-backed tech companies and is expected to officially launch before the en...

    • CLOs

      • Demand outstrips supply across European structured finance markets

        Issuance is surging across loans, CLOs and ABS, while new structures and investors are pushing deepe...

        European structured finance markets are gathering pace, with issuance accelerating across multiple asset classes and investor demand increasingly outstripping supply, according to S&P Global. At the ratings agency’s 2026 European...

  • The Structured Credit Interview

    • Capital Relief Trades

      • US CLN bank spills the beans

        Jalpesh Patel on Ally's growing US auto CLN programme, investor demand and the evolution of the mark...

        Ally Bank, a US$185bn lender based in Charlotte, NC, has become one of the most regular issuers in the US CLN market since its debut in June 2024. Previously GMAC, it has one of the biggest prime auto lending books in the US and has used the the CRT...

  • Market Moves

    • Capital Relief Trades

      • CRC SRT veteran strikes out on his own

        CRC's Martijn van der Molen has moved on from his managing director role to launch a new independent...

        Martijn van der Molen has stepped down from his role as managing director in the portfolio management group at Christofferson Robb & Company (CRC), SCI has learned, and launched a new venture. Van der Molen has been named founder and managi...

    • CLOs

      • King Street appoints Sculptor CLO executive as capital formation head

        Lin joins the firm after almost four years at Sculptor, where he most recently led US CLO capital ma...

        Michael Lin has been appointed as head of CLO capital formation at King Street Capital, based in New York. It comes as King Street’s md, head of North America capital formation, Thorne Gregory Jr left the firm in August after five months....


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