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Issue 1022 - 25th September

  • News Analysis

    • CLOs

      • Secondary market activity shows CLO managers' trading footprints

        Poh-Heng Tan from CLO Research provides insights on BWIC trading data which shows Elmwood, Blackston...

        The table below shows the top 50 managers by BWIC traded volume according to SCI’s BWIC data from September 2023 to August 2026, alongside their CLO AUM shares as of June 2026. The comparison between BWIC traded-volume shares and CLO AUM...

    • Capital Relief Trades

      • Where does SRT capital relief go?

        ECB blog finds limited link between synthetic securitisation and corporate loan growth, highlighting...

        A question is becoming increasingly central to Europe's securitisation reform debate: what do banks actually do with the capital released through significant risk transfer (SRT) trades? A recent European Central Bank (ECB) blog fi...

    • Asset-Backed Finance

      • PE turns to NAV lending to plug a quarter of every fund

        Sponsors are borrowing against portfolio value from day one, mirroring the early adoption curve of s...

        A growing number of PE sponsors are putting NAV financing facilities in place at fund inception, rather than waiting until later in a fund's life, according to ORIX USA's GP Solutions team. The shift aims to close what the firm calls the "Capital D...

    • CLOs

      • Dealing with CLO manager dispersion in Europe

        Dispersion continues to trouble investors as credit fundamentals evolve

        Diverging manager performance continues to be a top concern among CLO professionals in Europe. With selectivity and active rotation crucial to maintain strong performance and attractive returns in an increasingly bifurcated credit market. Shifting...

    • Asset-Backed Finance

      • Banks deepen private credit ties as NBFI lending approaches US$2trn

        US banks increasingly finance the private credit ecosystem through fund finance, warehouse lending a...

        US banks are becoming increasingly embedded within private credit with lending to non-bank financial institutions (NBFIs) approaching US$2trn as fund finance, warehouse lending and private credit facilities take a growing share of balance sheets. N...

    • Capital Relief Trades

      • IFC takes SRT playbook into payment settlement risk

        IFC applies risk-transfer know-how to new area in US$700m facility with Mastercard and Visa

        IFC has applied its SRT risk-transfer know-how to payment settlement risk through a new US$700m facility with Mastercard and Visa, SCI has learned. The initiative, comprising a US$500m Mastercard facility and a US$200m Visa facility, are not conven...

    • ABS

      • First fully electric auto ABS prices in line with EV-heavy predecessor

        Ayvens' first fully electric auto ABS priced in line with its predecessor, testing investor appetite...

        Ayvens, a French car leasing firm and subsidiary of Société Générale, has seen its latest auto ABS deal, BUMPER BE GREEN 2026-1, price its €550m senior tranche at 65bps over one-month&...

    • Asset-Backed Finance

      • ÆRA sees Nordic real estate moving closer to ABF

        The alternative lender is targeting operating assets and complex capital structures as bank retrench...

        ÆRA Capital is seeing increasing overlap between traditional real estate debt and asset-backed finance as lenders move into operating assets and more complex structures. The Nordic lender is targeting opportunities created by bank retrenc...

      • Alantra credit portfolio md to depart

        Senior departure closely follows Alantra's appointment of a new md to lead its SRT arranging activit...

        Fabrizio Sicilia, who was md within Alantra's FIG and credit portfolio advisory team, is set to depart the firm after over eight years, SCI has learned.  While Alantra has not yet disclosed any plans to replace Sicilia, the firm has recent...

    • CLOs

      • Private credit CLO spreads converge

        Shrinking middle-market spread premium indicates investor appetite for private credit

        Private credit CLOs no longer pay the type of premium that investors have been used to, eroding the historic spread differential between it and its BSL counterparts. Due to the opaque and illiquid nature of the market, private credit CLOs have hist...

      • MetLife leans on CLO optionality amid spread compression

        US$450m deal underscores reliance on future normalisation as tighter loan spreads pressure equity ec...

        MetLife Investment Management is pressing ahead with a new CLO issuance, expecting loan spreads to normalise over time, even as current market conditions continue to weigh on deal economics and equity returns. The firm has priced Galaxy 38 CLO, a U...

    • Capital Relief Trades

      • SCI In Conversation Podcast: Edmund Parker, Mayer Brown (part 1)

        We discuss the hottest topics in securitisation today...

        In this episode of SCI In Conversation, SRT editor Selvaggia Cataldi speaks to Edmund Parker, partner and global head of derivatives & structured products at Mayer Brown, about how the significant risk transfer market has evolved over the pas...

  • SRT Market Update

      • Spanish lender offers new sub-prime auto CLN

        Veteran prime auto issuer Santander tries out sub-prime waters

        Santander is in the market with a US$694.49m sub-prime auto loan 144a CLN, via bookrunners BNP Paribas and Santander US Capital Markets. Though a regular issuer of prime auto-linked CLNs, this deal marks Santander’s debut in the sub-prime...

      • French lessor executes first Italian leasing SRT

        SRT market update

        BNPP Lease Group (BPLG) has executed its third synthetic SRT transaction overall, and its first on its Italian leasing book, SCI has learned. Dubbed PIXEL 2026-1, the transaction references a €1.32bn portfolio of more than 90,000...

      • Greek banks weigh further SRT activity

        SRT market update

        Several Greek banks are understood to be considering synthetic securitisations before year-end, SCI has learned, although it remains unclear how many of the potential transactions will reach the market in 2026. Piraeus Bank remains among t...

      • Italian bank behind new corporate loan SRT

        SRT market update

        Banco BPM has emerged as the originator of a new SRT backed by loans to Italian medium-sized and large corporates through a vehicle named Project Paul, according to market sources familiar with the transaction and a recent Italian official notice. ...

  • News

    • Asset-Backed Finance

      • KKR deploys ABF capital to launch equipment finance platform

        New Akrapoint platform expands KKR's ABF footprint in hard assets, targeting US SMEs across vocation...

        US alternative investment firm KKR is deploying US$350m of its asset-based finance strategy into a new equipment finance platform, Akrapoint Commercial Capital, expanding its direct origination footprint in hard assets. Official records sh...

      • Italy's AMCO launches two NPL book sales

        Italy's state-backed bad loan manager continues its mission to clear banks' distressed exposures

        Italy's state-backed Asset Management Company (AMCO) is marketing two non-performing loan (NPL) portfolios this week as the bad-loan manager continues its mission to clear Italian banks' distressed exposures, SCI has learned. ​ The firs...

    • Capital Relief Trades

      • Guarantor rules, CRE concentration top US CRT wish list

        US CRT market seeks clarity on eligible guarantors and tools to manage CRE concentration at SCI's Am...

        Greater clarity around eligible guarantors and better tools to manage CRE concentration are among regulatory changes that could support further growth of the US CRT market, industry participants said at SCI’s Americas Reg Cap Forum...

      • Whitecroft taps Alpha Strategy Partners for SRT push

        SRT-focused investment firm Whitecroft Capital Management has partnered with boutique placement agen...

        Whitecroft Capital Management has partnered with Alpha Strategy Partners, according to Alpha Strategy Partners’ EMEA business development leader James Young. Whitecroft focuses on bank risk sharing, also known as SRT, with a strategy targ...

      • Aegon fund taps insurance boom in credit risk transfer

        Aegon Asset Management has launched a fund giving European institutions access to insurance-wrapped ...

        Aegon Asset Management has launched a new fund giving institutional investors access to insurance-wrapped credit, bringing the asset manager’s long-standing credit insurance expertise into a market increasingly familiar with insurers as pro...

      • US Basel proposal sets SRT roadmap for smaller banks

        Market participants at SCI's American Reg Cap Forum said the revised proposal could give US banks gr...

        The revised US Basel III Endgame proposal could provide US banks with greater regulatory clarity around synthetic securitisation and help pave the way for wider SRT adoption among small and mid-sized banks, market participants said at SCI’s...

    • CLOs

      • Fasanara targets European CLO debut with more than €200m ramped

        Investors focus on manager track record, downside protection and the firm's AI-driven investment pro...

        Fasanara Capital is preparing to make its debut in the European CLO market, targeting pricing this week, with more than half of the portfolio already ramped, SCI has learned. The transaction will be the firm's first European CLO and is bei...

  • Talking Point

    • Asset-Backed Finance

      • Rated feeder boom driven by insurers, says NEPC

        Structures offer regulatory benefits but added complexity and limited track record warrant caution

        Rated note feeder structures continue to gain traction across private markets, as institutional investors seek more efficient ways to allocate capital while managing regulatory constraints. NEPC has observed a marked increase in interest in these v...

    • CLOs

      • Lower-rated CLO issuance skews toward double-B risk as triple-Cs remain marginal

        Risk is concentrated in double-B tranches across new deals with triple-C exposure kept small and sel...

        Lower-rated CLO issuance has picked up alongside broader primary market activity, but triple-C tranches remain rare. SCI primary data, covering issuance from 1 January 2025 to date, shows 1,984 double-B-rated tranches versus just ten rated triple-C...

  • Provider Profile

    • Asset-Backed Finance

      • From lender to advisor: Amy McIver on fund finance's next chapter

        Validus' newest Principal discusses flexibility, complexity, and the growing role of non-bank capita...

        Q: You've spent nearly two decades in fund finance, most recently at Macquarie. What prompted the move to an independent advisory role, and what do you want to achieve in your first year? A: The fund finance market continues to grow quickly, with n...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: Wellington names leveraged credit portfolio manager

        People move and key promotions in securitisation

        This week’s roundup of structured credit job swaps sees Wellington Management strengthen its leveraged credit business with the appointment of Rolando Villanueva from HPS Investment Partners. Elsewhere, Vinson & Elkins has hired two...


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