Contents

CLOs

Secondary BWICs shed light on EU CLO single-Bs

Recent covers highlight relative value opportunities as certain tranches clear below par despite similar MVOCs, finds Poh-Heng Tan of CLO Research

Yesterday saw a fairly long list of EU CLO single-B tranches on BWIC, providing useful colour on the single-B secondary market, albeit largely in odd-lot sizes. Single-B tranches are also regarded as alternatives to CLO equity, given their expected low-teen returns and potentially lower risk profile owing to their second-loss position.

The table below presents a sample of single-B tranches with reinvestment periods ending in 2029–2030 that received below-par covers.

INVSC 14A F appeared to have cleared at a much wider cover than its MVOC would suggest. At a cover price of 95 – five points below par – this single-B tranche also seemed to offer greater upside relative to its peers. By contrast, single-B tranches such as NGCE 2A FR and TIKEH 7A FR, both with MVOCs around 104, cleared at wider DMs of approximately 875–900 bps, while those with MVOCs closer to 106 were covered in the 825–850 bps range.

TIKEH 13A F, with an MVOC of around 105.4, cleared at a relatively tight level versus peers. Another outlier was FICLO 2023-1A FR, which achieved the tightest cover DM of 800 bps despite having a 105 MVOC, broadly in line with the median for 2023-issued deals.

Asset-Backed Finance

DeFi's integration with structured finance gathers pace

First issuer credit rating on a DeFi protocol underscores 2025's on-chain credit momentum

Asset-Backed Finance

Solvency II reforms hailed as breakthrough for EU insurers and securitisations

AFME welcomes easing of barriers as STS seniors emerge as winners, but warns capital charges still overshoot risk

AFME is the latest to voice its opinion on the European Commission’s proposed amendments to the Solvency II Delegated Regulation, ultimately considering them a major key to unlocking insurer demand for securitisations. However, alongside such praise, the trade body warned that the reforms still fail to fully reflect actual risk – placing the EU structured finance market at a real disadvantage versus other jurisdictions. 

As SCI reported in July, the Commission’s draft delegated act proposed aligning senior STS tranches with equivalently rated covered bonds and introducing more risk-sensitive factors for non-STS and non-senior exposures. At the time, BofA analysts argued the main impact would be on senior STS positions, with only marginal benefit for senior non-STS and little change for non-senior tranches. 

AFME’s consultation response, published last week, strikes a similar balance of optimism and concern as initial feedback heard across the market. The association praised the Commission for tackling what it referred to as a “serious barrier” to insurer participation in securitisation, but noted that current capital requirements to be between two and eight times higher than justified by the loss evidence. It also welcomed proposals to ease the “cliff effect,” under which capital charges could increase 10- to 12-fold if an STS deal lost its designation. 

AFME noted that these measures will not only ease the burden for standard-formula insurers, but for internal-model users too, since “supervisors are often unwilling to approve internal models which produce outputs that significantly deviate from the standard model SCRs.” More risk-sensitive calibrations would, in AFME’s view, ensure investment decisions are driven by credit fundamentals rather than regulatory returns.  

Nevertheless, AFME did stress that the revisions still leave Solvency capital requirements for non-STS and non-senior tranches “materially higher than justified,” warning that unless calibrations are lowered further, EU insurers will remain at a disadvantage to global peers.

The group also flagged ambiguity around the draft’s reference to “sufficiently fixed cash flows,” urging clarity that securitisations with highly predictable payments could qualify for the ‘Matching Adjustment’ framework. “Even if the impact is not immediate,” AFME states, “it could help insurers invest more in real economy assets, from long-term assets like infrastructure and sustainable finance securitisations to RMBS.” 

While AFME is pushing for deeper cuts, buy-side participants see greater scope for the proposals to broaden insurer appetite. AllianceBernstein (AB) calculates that under the draft rules, capital charges on triple-A senior CLO tranches would fall to 17%, transforming their net spreads from -291bp to +40bp. Senior CLOs could therefore be included as “viable complements to existing corporate exposures,” AB noted in its recent blog, suggesting the reforms could broaden insurers’ investment toolkit without forcing them down the credit curve. 

AB also pointed to the gulf between European and US allocations: US life insurers hold nearly 15% of assets in securitisation versus just 3% for EU peers. The firm believes the overhaul could help narrow this gap, although risk-retention and due diligence requirements will continue to limit the investable universe. While mezzanine exposures remain punitive, AB highlights that triple-A CLO senior and other select non-STS tranches could become viable under the new framework. 

The emerging consensus across stakeholders is that senior STS tranches are clear winners from the recalibration. The debate now centres on whether the reforms go further - as AFME argues they should - or whether, as AB suggests, the current draft is already enough to bring certain non-STS seniors back into play. 

Of course, the Commission’s recalibration forms part of its wider strategy to channel insurer capital into the real economy, SMEs and the green transition. The current implementation timeline foresees application from January 2027, which AFME argues should take effect in tandem with the wider securitisation regulation amendments proposed earlier this year, rather than separately. 

If successful, the Solvency II reforms could gradually reshape European insurers’ asset allocations and narrow the gap between EU and US firms. But AFME’s warnings highlight that unless calibrations are cut further, demand may remain selective.  

The debate, therefore, continues over whether the Solvency II recalibration will deliver broad-based insurer demand or primarily reinforce appetite for senior STS tranches. As SCI’s July coverage showed, analysts expect the latter. AFME’s lobbying and AB’s case study suggest the potential for a wider opening, but only if final calibrations are brought further into line with actual risk. 

Claudia Lewis 

CLOs

European CLOs post resilient performance in August, finds Fitch Ratings

Fitch signals that European CLOs remain an attractive option as long as investor focus remains on higher‐rated tranches, structural protections, and manager selection

A new Fitch Ratings analysis of European CLOs shows broadly stable performance in August 2025, with upgrades outpacing downgrades, improving spreads for higher‐rated credits, and ongoing resilience in credit quality despite a weaker macroeconomic backdrop.

Fitch upgraded nine CLO tranches across four transactions during August, all within the ‘BBB’ to ‘AA’ rating bands. There were no downgrades. Some 215 tranches were reviewed without rating changes.

The forecasted 2025 default rates for Europe show elevated risk. Fitch anticipates defaults in high‐yield (HY) bonds to lie between 5.0%–5.5%, while leveraged loans are expected to default in the 2.5%–3.0% range.

The rating agency also reports the average exposure of European CLOs to Fitch ‘CCC’ assets rose to 3.6% at end-August. The weighted average rating factor (WARF) held steady at approximately 25, indicating no major deterioration in portfolio risk. Meanwhile, the number of defaulted issuers rated CC or below fell from 19 at end-2024 to 12, accounting for around 40 basis points of total portfolio exposure.

Weak credits in the ‘B-’/‘CCC’ categories, however, have suffered in terms of market value. Liquidity remains constrained for downgraded or lower-rated issuers, which has led to sharp devaluations as spreads widen.

Additionally, roughly one-third of European CLO collateral comes from UK and French issuers, according to Fitch’s European CLO Performance Monitor report. The exposures are evenly split, though the risk mix differs: ‘B/B-’ rated obligors account for 53% of UK exposure versus 70% in France. French names also represent around one-third of EMEA CLO assets in the ‘CCC’ bucket (€3bn across 13 issuers), compared with €1bn from seven UK names. Almost all ‘CC or below’ exposure comes from Altice France Holding S.A.

Spread compression and repricing activity

Repricing has become a dominant theme in both EMEA and US leveraged finance markets. In Europe, among newly issued CLOs (excluding static structures), average AAA credit enhancement stood at 38.9% and the average AAA spread at 132.6 basis points. Aggregate issuance for new European CLOs in August was €2.1 billion.

Weighted Average Spreads (WAS) have been declining steadily; in EMEA CLOs, WAS reached its lowest level since a peak in July 2023.

Fitch’s analysis confirms that most tranches in reinvesting CLOs still benefit from a cushion against downgrades. Credit enhancement, overcollateralization, and stress tests (such as concentration limits and asset quality thresholds) continue to provide protection, particularly for higher‐rated tranches. However, junior tranches, especially those rated ‘B-’, have thinner margins of safety, partly driven by higher funding costs and mismatches between fixed-rate assets and liabilities.

For example, in the case of the Invesco Euro CLO VIII, class A tranches retain a default rate cushion of about 2.8% under stressed scenarios, but for lower classes (class E or junior), cushion is negligible or zero.

Concentration risk remains modest: the top obligor concentration in EMEA CLOs (top one, five, and ten obligors) is relatively low compared to the US peer group, Fitch highlights.

Among CLO managers, risk‐adjusted performance differs. Some top managers show stronger net portfolio gains and better cushions vs overcollateralisation tests than others.

Looking ahead, Fitch warns that the weaker macroeconomic outlook may increase stress on lower‐rated leveraged issuers, especially in sectors hit by tariffs, supply chain disruptions or cost inflation. But overall, CLO structures in Europe appear well positioned: strong credit enhancement, stable collateral quality, and active repricing and refinancing dynamics are serving to buffer against potential losses.

Ramla Soni

Capital Relief Trades

Post-summer uptick in SRTs

SRT market update

Market consensus in the SRT space remains strong, conveying a “so far, so good” sentiment with participants noting that “this market is not going away”. 

This growth, allowing for higher issuance and an expansion across different asset classes, is broadening the SRT space. Frank Benhamou, pm at Cheyne Capital, highlights how this “growth creates more opportunities and a more diversified portfolio for investors—driven by additional transactions, new jurisdictions, and new issuers.” He adds that they are “also seeing banks renew their interest in extending the technology to other asset classes, such as commercial real estate, which had been largely paused during the last few years, alongside increased mortgage-related activity.” 

Other well positioned market sources signal that it's still too early after summer to fully assess the pickup in activity expected across the market, with noticeably higher activity in Europe and some American banks continuing to show momentum. As Benhamou notes, “we’re seeing activity emerge in new jurisdictions such as Eastern Europe, alongside growth in markets like the US—creating fresh opportunities.” 

Market talk around a possible pickup of SRT activity in Latin American countries such as Mexico is back. Much of the discussion focuses on the role that supranational entities, such as the IFC, and multilateral development banks will play in mitigating regulatory uncertainty in the region and providing expertise, particularly for first-time issuers. 

In Latin America, two clear challenges have been identified before SRTs can start gaining traction in the region: investor unfamiliarity and structural or legal uncertainty. “Having multilateral development banks involved at the outset is helpful. They can simplify certain initial transactions, reduce legal and regulatory uncertainty, and create a space for both sides to learn. For issuing banks in particular, this makes the first step into these sophisticated trades less daunting”, says Benhamou. 

On the broader market landscape, it seems that the unusual activity in April, which disrupted core elements such as supply, demand and pricing, is now behind us, with spreads appearing to have stabilised, “bringing greater clarity on the outlook and on participants’ expectations.” 

More specifically, Benhamou notes that in the secondary market: “we’ve seen a slight uptick in secondary trading compared to last year, but that market remains far from genuinely liquid—and it’s not clear it will ever fully get there”. 

It is worth noting that investor activity in the SRT space is increasingly seeing the exit of some of the big players, including multi-strategy funds. Benhamou further explains how “there’s a growing recognition that this is a market where meaningful activity requires being a dedicated investor, supported by a specialised SRT team.”  

Looking ahead, the European SRT market is still expected to grow by €1.3tn at maximum sector adoption, according to Barclays analysts (SRTs: A place in the sun, 28 July 2025) underscoring the market’s resilience and the opportunities it continues to offer.

Dina Zelaya

Capital Relief Trades

Major prime auto CRT enters market

SRT market update

Truist Financial Corporation (Truist) is reportedly in market with a $3.5bn multi-tranche CRT deal referencing prime auto loans. 

The deal comes on the heels of Huntington Bank's recent HACLN 2025-2 execution, indicating continued institutional interest in this asset class.

Simon Boughey

Capital Relief Trades

Dutch banks line up new SRTs across asset classes

SRT market update

A new wave of synthetic securitisation transactions is set to define a busy autumn for the Dutch SRT market, starting with ABN AMRO's new SME deal. Market sources tell SCI that ABN AMRO (ABN) is preparing to price a synthetic deal referencing SME loans as soon as next month.  

ABN has already signalled its appetite for capital relief trades this year. In its first synthetic securitisation with the EIB Group in April, the bank transferred risk on more than €1bn of Dutch SME and corporate exposures, freeing up about €1.2bn in new lending capacity. 

Another Dutch player, ING is scheduled to bring two large corporate loan SRTs to market in Q4, while Rabobank is also rumoured to be active, sources add.  

The pipeline reflects a broader evolution in the Dutch market, where issuers are starting to consider new asset classes beyond traditional portfolios. The RMBS market is well-positioned and the one to watch in the near future, market participants share.  

Pricing on Dutch deals has so far held steady, reflecting both strong investor demand and the high quality of the underlying assets. 

“The quality of the Dutch economy, the quality of the data, and the underwriting standards used by Dutch banks generally result in competitive pricing,” one market participant comments. “I do not expect big changes compared to existing deals, and there is at least one very large Dutch investor that was among the first to back SRT transactions.” 

Dutch SRT activity has also drawn sustained attention from London-based investors over the past three to four years, a trend that is likely to continue. 

“There is definitely a lot of interest, and some transactions have already been done with London-based investors. I expect that trend to follow, as the product becomes more popular,” they note.  

Average portfolio sizes for Dutch deals tend to range between €1-1.2bn, with similar tranching structures across transactions. 

Nadezhda Bratanova

SRTx

Latest SRTx fixings released

Credit risk divergence?

While the SRTx sentiment and data in August presented a fragile credit market, market sources and financial reports are currently leaning toward a more bullish outlook. 

Specific to the SRT market, the forecast points to a continued tightening of spreads, driven by a continuity in a number of now familiar tailwinds, including robust investor demand and corporate discipline. Concretely, investors suggest that spreads have widened by approximately 50 basis points from their historical late 2024/early 2025 lows.

Analysing the latest SRTx fixings, from a spread perspective, figures and sentiment are settling in, with volatility generally oscillating around current ranges. While volatility remains slightly elevated across the board, Europe has shown a bit more activity, which accounts for its recent tick up. In contrast, the US market has been a little wider, described as macro-factors “leaking” due to its less robust performance. Liquidity, meanwhile, is equally oscillating back and forth.

Regarding credit risk, the latest US SME fixings now stand at 81, its highest figure since the inception of the benchmark (the figure also stood at 81 for US corporates in March 2023, in the midst of the banking crisis). A key pressure point for credit risk is the rising delinquency rate for auto loans. This is further reflected in a high level of risk premium demanded by investors, with the option-adjusted spread on the ICE BofA CCC & Lower US High Yield Index reaching 8.01% as of early September.

Meanwhile in Europe, the credit market's outlook into the second half of 2025 is largely bullish. High yields are attracting demand, reducing supply, and encouraging corporate financial discipline, which are all seen as positive tailwinds for the credit market. BNP Paribas’ Credit Outlook 2H2025 forecasts a continued tightening of spreads in Europe, with a projected year-end 2025 forecast of European IG spreads at 75 basis points and HY spreads at 245 basis points. A key theme in Europe is ratings compression. The analysis notes that European HY is "tactically wide" relative to IG, presenting an attractive relative value opportunity for investors. This suggests that the spreads on higher-risk assets are expected to tighten and converge with those of lower-risk assets.

Such trend could be particularly relevant to the SRT market. A favourable spread environment, coupled with the ongoing demand for higher-yielding credit,  naturally provides a strong incentive for banks to issue SRTs. In this context, the higher spreads offered by SRTs, similar to the relative value opportunity in the HY market, can be seen as an appealing source of yield for investors seeking to take on specific, diversified credit risk.

The SRTx Spread Indexes now stand at 780 (-3.3%), 593 (+1.9%), 811 (-0.2%) and 1,092 (+9.2%) for the SRTx CORP EU, SRTx CORP US, SRTx SME EU and SRTx SME US categories respectively, as of the 29 August valuation date.

The SRTx Volatility Index values now stand at 61 (+12.1%), 63 (0.0%), 64 (+18.7%)  and 75 (0.0%) for the SRTx CORP VOL EU, SRTx CORP VOL US, SRTx SME VOL EU and SRTx SME VOL US indexes respectively.

The SRTx Liquidity Indexes stand at 54 (+7.1%), 44 (-12.5%), 54 (-1.1%) and 58 (-12.5%) across SRTx CORP LIQ EU, SRTx CORP LIQ US, SRTx SME LIQ EU and SRTx SME LIQ US respectively.

Finally, the SRTx Credit Risk Indexes now stand at 57 (-2.0%) for SRTx CORP RISK EU, 65 (0.0%) for SRTx CORP RISK US, 61 (+4.1%) for SRTx SME RISK EU and 81 (+8.3%) for SRTx SME RISK US.

SRTx coverage includes large corporate and SME reference pools across the EU and US economic regions. The index suite comprises a quantitative spread index - which is based on survey estimates for a representative transaction (the SRTx Benchmark Deal) that has specified terms for structure and portfolio composition - and three qualitative indexes, which measure market sentiment on pricing volatility, transaction liquidity and credit risk.

Specifically, the SRTx Volatility Indexes gauge market sentiment for the magnitude of fixed-spread pricing volatility over the near term. The index scale is 0-100, with levels above 50 indicating a higher proportion of respondents estimating volatility moving higher.

The SRTx Liquidity Indexes gauge market sentiment for SRT execution conditions in terms of successfully completing a deal in the near term. Again, the index scale is 0-100, with levels above 50 indicating a higher proportion of respondents estimating that liquidity is worsening.

Finally, the SRTx Credit Risk Indexes gauge market sentiment on the direction of fundamental SRT reference pool credit risk over the near term. The index scale is 0-100, with levels above 50 indicating a higher proportion of respondents estimating that credit risk is worsening.

The objective of the index suite is to depict changes in market sentiment, the magnitude of such change and the dispersion of market opinion around volatility, liquidity and credit risk.

The indexes are surveyed on a monthly basis and recalculated on the last trading day of the month. SCI is the index licensor and the calculation agent is Mark Fontanilla & Co.

For further information on SRTx or to register your interest as a contributor to the index, click here. 

Vincent Nadeau

Asset-Backed Finance

Arini builds UK CRE book as valuations bottom, refinancing wave swells

ABF specialist sees surge in back-leverage and refinancing deals as banks retrench and capital needs rise

Arini is ramping up its focus on UK CRE as valuations near a bottom and refinancing demand surges. With banks retrenching, the alternative lender is stepping in to fill the gaps.

“Most commercial real estate assets have probably lost between 10% and 50% of their value since the 2022 peak,” says Nabil Aquedim, head of real estate and asset-backed strategies at Arini. “We’re getting close to normalisation, maybe even bottoming out.”

According to Aquedim, demand is being primarily driven by loan maturities and CapEx needs, with borrowers looking for flexible and agile capital.

“We avoid being overly driven by macroeconomic projections,” says Aquedim. “We like ABF because it lets us focus on asset coverage and capital preservation, and there are pockets where we can still earn outsized returns.”

Recent deals: Riverstone and Vita Group 

The firm’s recent financings of Riverstone’s senior housing platform and student housing operator Vita Group show its preference for operationally intensive, real asset-backed businesses, and its ability to tailor structures with features such as optional extensions and bespoke waterfalls.

“These are hard assets but also operating businesses; not every lender is comfortable in this space,” says Aquedim. “The ability to underwrite both the real estate and the underlying operations is what gives Arini an edge.”

Aquedim sees the UK leading Europe in both valuation resets and lending market evolution – a view echoed by a recent study. “The UK is adjusting faster: banks retrenched earlier, asset values corrected sooner, and we’re seeing more capital needs there compared to continental Europe,” he says.

Back-leverage providers, who lend against portfolios or loans, are showing more willingness to support UK transactions versus other European markets, citing creditor-friendly legal frameworks and larger ticket sizes.

“That dynamic is sharpening pricing and making funds more active in the UK,” notes Aquedim.

Refinancings dominate Arini’s pipeline

Much of Arini’s near-term deal flow consists of refinancings of loans originated three to five years ago. “Being a flexible lender allows us to offer short- or long-dated solutions across the capital structure,” says Aquedim.

Beyond refinancings, Arini is backing ‘growth capital’ deals for platforms looking to invest in CapEx or M&A, and is financing innovative non-bank lenders and fintechs in areas such as SME and residential mortgage lending.

Unlike many peers, Arini focuses on proprietary deal sourcing. “We prefer not to be the last man standing in a highly competitive auction,” notes Aquedim. “We prefer to create situations through our network and design capital solutions with borrowers directly.”

While the UK remains the most active market, Arini expects to see more opportunities across continental Europe. “The Nordics, Germany, France – we’re seeing capital needs rise and appetite from borrowers grow,” says Aquedim.

Marta Canini

Structured Finance

Job swaps weekly: Ymer SC accelerates North American expansion with key hire

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Ymer SC furthering its North American expansion plans with the hiring of a senior adviser. Elsewhere, Apollo has hired a New-York-based partner and co-head of capital markets and syndication, while Mayer Brown has bolstered its offering by hiring a new six-person energy project finance team. 

Swedish alternative credit manager Ymer SC has hired Mark Mahoney as a senior adviser, bringing expertise in US corporate credit, structured finance, and capital markets. He will play a key role as Ymer continues to expand its growth and geographical reach, particularly in North America, the firm says. Whilst founder of Gulf Stream Asset Management from 2019 till 2023, Mahoney built and managed over US$14bn in AUM and launched 20 CLOs in the US BSL Market. He previously held positions at Wells Fargo and as partner at Apollo Global Management. He also currently serves as senior advisor to Berkshire Global Advisors.

Meanwhile, Mahoney’s former employer Apollo has appointed Kevin Pluff as partner and co-head of capital markets and syndication, where he will lead the firm’s debt capital markets business and financing strategy. Based in NYC, Pluff will focus on expanding Apollo’s platform capabilities across structured credit, leveraged finance, and distribution channels. He joins from HPS Investment Partners where he served as md, head of capital markets since 2022. 

Remaining in the US, Mayer Brown has strengthened its renewables capabilities with a new six-person energy project finance team led by Elina Coss and Trevor Shelton. Shelton joins the firm’s LA office from Vinson and Elkins, and Coss who joins from Wilson Sonsini Goodrich and Rosati, will be based in New York. Coss brings significant experience advising on cutting-edge energy and infrastructure transactions – including securitisations and forward flows. The tew team will operate across Mayer Brown’s offices in London, New York, Chicago, Washington DC and LA. New team to mead rising demand for infrastructure assets by linking clients to the firm’s structured finance expertise.

Northwall Capital has announced several new senior appointments as it gears up to open its New York Office in October, aimed at broadening its American investor base. The office will be led by Garrett Holmes, md on the firm’s legal assets investment team and general counsel, who specialises in private credit solutions for law firms. Joining him are investor partnerships associate, Rebecca Frisch, who will relocate from London to join Holmes in the New York office – and new recruit, John Meuchner, as senior business development executive from Sandton capital Partners.

BBVA has appointed Sang H. Han, to lead its ABS syndicate and structuring based in New York, as a next step of their expansion on the securitisation and ABS franchise in the US. Han, brings more than 20 years of experience to the role and joins from SMBC, where he headed structured finance syndicate and origination for ABS and CLOs.

Shana Ramirez has joined DLA Piper as head of West Coast fund finance within the leveraged finance practice. Based in LA, she will focus on complex financing transactions, including a wide range of fund and portfolio-level secured and unsecured credit structures. Ramirez joins from Katten Muchin Rosenman, where she was a partner since 2018, advising clients across domestic and cross-border fund finance transactions.

Elsewhere, Alvaro Huete has been named as Société Générale’s new head of Singapore and southeast Asia. Huete will be based in Singapore, and succeeds Raphael Cheminat, who is moving to a new role within the bank. Huete has spent almost three decades at SocGen, joining in 1997 to lead its structured finance business in Spain, and has since held a range of senior positions globally. These include head of global finance for the UK and, most recently, deputy head of global banking and advisory in Paris, where he also supervised GBIS across Europe, the Middle East and Africa. Heute has also been a member of the bank’s management committee since 2016.

Crowell & Moring has hired ABF lawyer Tom Dell’Avvocato as a partner in its London office. Dell’Avvocato leaves his position as partner at Squire Patton Boggs after 15 years with the firm. In his new role, he will focus on ABL, leveraged finance and specialty finance, representing private credit providers, banks, non-bank lenders, and corporate borrowers. His recent work includes advising Wells Fargo and Blazehill Capital on cross-border lending facilities for New Look, and BZ Capital on tailored financing for the Cooper & Turner group.

KBRA has promoted three long-standing executives to senior leadership roles. Eric Thompson, the rating agency’s former head of structured finance, has been named coo after a 15-year tenure at KBRA. William Cox, who has led the corporate, financial and government ratings business since 2019, takes on the role of chief ratings officer. And, Kate Kennedy, head of KBRA Analytics, has been named chief corporate strategy officer - tasked with leading the firm’s long-term growth, strategic partnerships and expansion into new markets.

And finally, 17Capital has appointed Osama Al Adhamy as md, head of MENA region. Based in Dubai, he will be responsible for leading the firm’s growth and structured finance activities across the Middle East and North Africa. Previously, Al Adhamy was md, co-head of Middle East institutional clients at JP Morgan since 2021, where he focused on leveraged finance and structured credit transactions in the region.

Claudia Lewis, Marta Canini, Marina Torres, Ramla Soni