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Asset-Backed Finance

Domino's US$1.32bn refi signals next phase of wholebiz ABS growth

Pizza chain streamlines cashflows, adds production assets and modernises terms of securitisation, paving way for broader WBS innovation

Domino’s Pizza closed a US$1.32bn refinancing earlier this month, modernising one of the oldest whole business securitisations to date and signalling continued momentum in the sector, supported by ongoing investor appetite and healthy macro trends.

“Eighteen years after its debut, Domino’s securitisation framework was due for an update,” says Patricia Lynch, finance partner at Ropes & Gray, which advised on the deal. “Bringing supply-chain production inside the securitisation and streamlining cashflows simplifies operations, puts more collateral behind the bonds and benefits investors.”

The transaction, mixing both term ABS and variable funding notes (VFNs), refinances existing debt and pulls the bulk of the Domino’s production assets into the securitisation structure for the first time.

It also introduces a novel feature allowing certain international franchise agreements to be moved outside the structure for tax efficiency or regulatory reasons while continuing to pay a “synthetic royalty” back into the securitisation under certain circumstances.

“It’s innovative in that most whole business deals don’t allow this kind of post-closing manoeuvre,” explains Matthieu Wharmby, finance counsel at Ropes & Gray.

Investors remain hungry for resilient WBS

Whole business issuance has surged since 2023 as issuers look to refinance at spreads that remain cheaper than the high-yield market.

“You’re seeing structural growth, not just opportunistic deals,” notes Evan Shay, securitised credit analyst at T. Rowe Price. “As long as performance holds, investors are ready to absorb new supply. The search for yield is keeping demand strong across WBS, other esoteric asset classes, including fibre ABS.”

A recent T. Rowe Price report shows that esoteric ABS backed by franchise royalties, fibre-optic infrastructure or other fee-based revenue streams offer unique collateral protected by high barriers to entry or strong brand value. The report also highlights that they are largely insulated from tariffs, a particularly attractive feature in the current macro environment.

Lynch expands on the sector’s resilience: “It really depends on the specific business. For example, a company like Domino’s is relatively recession-proof. People kept buying pizza even during COVID, and most of the ingredients are produced locally. Whole business securitisations are often ‘asset-light’, with cashflows coming from intellectual property, licensing or franchising, rather than large-scale goods production. In those cases, they are more likely to be tariff-proof than other lines of business.”

Public WBS issuance in the US climbed to US$3.2bn in 2024 from US$300m a year earlier when rates were rising, according to Credit Flow Research. So far this year, issuance volumes have reached US$2.2bn.

Activity remains strong in 2025 with transactions from both established names and new entrants, expanding beyond restaurants, including fitness chains, service franchises and private education businesses.

Hybrid deals on the horizon

Market participants expect WBS-style technology to spread further into infrastructure and digital assets.

“Fibre transactions are borrowing heavily from whole business precedents,” explains Lynch. “Once rating agencies got comfortable with short-term customer contracts, it opened the door for more innovation.”

The technology is already pushing into new sectors. “Just last week, we closed a transaction combining WBS features with infrastructure finance for an infrastructure services company,” adds Lynch, referring to Arcline Investment Management’s securitisation of emergency communications provider Kings III of America. “It shows how the technology can migrate into other sectors.”

With benchmark rates stabilising and legacy deals reaching anticipated repayment dates, refinancing volume is likely to stay elevated into 2026. “With rates stabilising, it’s cheaper to refinance than ride out a step-up,” says Lynch. “That’s going to keep this market active into 2026.”

Marta Canini

Asset-Backed Finance

Institutional surety capital enters fund finance with £120m Investec facility

First-of-its-kind structure brings insurance balance sheets into subscription lines in the name of sustainability

Institutional surety capital has made its debut in fund finance after Investec successfully closed on a £120m facility for Sustainable Development Capital’s (SDCL) article 9 Global Energy Transition Fund (GETF). The deal, announced on 26 August, introduces insurance balance sheets as a scalable alternative to bank capital in the provision of letters of credit. 

Described as a first-of-its-kind structure, the deal replaced traditional bank participants with insurers in the role of issuing banks. The move signals a potential major shift in how liquidity provision works in fund finance, as banks retreat from balance sheet-heavy commitments and managers seek out sustainable, long-term sources of capital. 

Simpson Thacher advised Investec on the transaction supporting GETF’s energy transition strategy and sustainability commitment as an article 9 fund.  

Helen Griffiths, head of structuring for fund solutions at Investec, explains: “This came about through a connection on our panel. We explained the product and given GETF’s LP base, the solution felt like it was a natural fit. Replacing traditional bank participants with sureties in the role of issuing bank allowed us to stay competitive.” 

“Had we used our own balance sheet capital or that of another bank, we could not have matched market pricing. Insurance company participation was critical to the solution,” she continues. 

Operationally, Griffiths emphasises, the adaptation required is minimal – including SWIFT – making things seamless for clients. “For them, operationally it remains the same, but there is an enhancement because the surety bond is issued by an insurance company with a strong credit rating, which makes it highly appealing,” she says. 

The deal is part of a broader trend, with innovation emerging as a key component of ABF’s growth story and an important strategy for major industry participants such as Värde.

“Institutional surety capacity is increasingly becoming a genuine alternative. Non-bank capital has been boosting liquidity in subscription lines for several years, while banks have been less regular providers,” considers Griffiths. “Insurance balance sheets provide reliable, long-term capital, which is why surety solutions are now moving from a niche tool to a mainstream feature of fund finance.” 

While GETF’s LP profile was key to unlocking this first-of-its-kind arrangement, Griffiths sees potential even further afield for strategies in need of long-dated, stable liquidity. “We see significant appetite for hybrid structures in infrastructure, private equity secondaries, and the energy transition. These are strategies with strong, diversified LP bases where long-dated, stable liquidity is essential. The surety solution is a natural fit for these markets.” 

For Investec, the deal also marks a strategic expansion for its fund solutions business. “The Investec Fund Solutions business has always been about delivering innovative, client-focused solutions in private equity. This was also a valuable opportunity with an existing client, even though we did not previously have Article 9 exposure on our books,” says Griffiths.  

“Our partnership with Ares, alongside the ability to tap institutional insurance capital, enables us to remain highly competitive while scaling our offering. Access to stable, high-quality institutional liquidity makes us more relevant to infrastructure and credit funds, and the surety solution allows us to deliver letters of credit and surety bonds at compelling pricing with significant capacity to grow,” she notes. 

Claudia Lewis

Capital Relief Trades

Co-Op CRT

SRT market update

A CRT is reportedly in the pipeline, referencing a new asset class of working capital lines extended to cooperatives. Market sources suggest that a large bank is arranging the synthetic transaction on behalf of a smaller, family-owned New York bank.

The portfolio is notable for its very low utilisation rates. The transaction is expected to price at approximately SOFR plus 400bp.

Dina Zelaya

Capital Relief Trades

Unfunded tranche

SRT market update

AIB Group’s latest €2bn mortgage SRT is progressing well, with the transaction reportedly including an unfunded tranche. Through this transaction, the Irish lender expects an uplift in CET1 of approximately 20 basis points.

In other news, SCI understands that Bank of America is currently in market with a large subscription line deal. 

Dina Zelaya

Asset-Backed Finance

Back leverage, forward flow and convergence: Europe's next ABF frontiers

SCI webinar spotlights CRE refinancing, origination partnerships and emerging asset classes driving market momentum

Yesterday’s webinar ‘Back Leverage, Forward Flow – the New Rules of European ABF,’ brought together industry insiders to discuss how Europe’s ABF market is evolving, ahead of SCI's European ABF Forum in London on October 13.

Against a backdrop of CRE repricing, regulatory reform and rising investor appetite, panellists from Morningstar DBRS, Arini, BBVA and Linklaters highlighted back leverage, forward flow partnerships and private-public convergence as the key forces reshaping the market. The conversation also looked ahead to the potential new frontiers of ABF – from inventory finance, sports receivables and fine art to the financing demand of AI and data centres.  

Back leverage and CRE recovery 

Panellists agreed that back leverage is proving central to Europe’s CRE refinancing wave. With valuations down and senior lenders retreating, debt funds are stepping in to bridge the maturity wall. 

“It’s certainly key to supporting the asset class in the wave of refinancings we’re seeing. Without back leverage, it would have been harder to refinance the maturity wall across European CRE,” commented Nabil Aquedim, head of real estate and asset-backed strategies at Arini. 

Senior banks are increasingly content to take a second-order position. “Senior lenders are retrenching into a position of second-order lender - whether it’s loan-on-loan, repo or AB note structures - ultimately sitting behind a debt fund,” Aquedim continued. 

Why back leverage works for banks and funds 

The appeal is clear on both sides. For funds, leverage creates scope to hit return targets: “If the asset doesn’t itself yield the target IRR, obtaining leverage against the investment creates an opportunity to hit that number,” noted Lucy Sidey, structured finance partner at Linklaters. 

For banks, meanwhile, securitisation treatment and structural protection are key. Sidey added: “Holding a securitisation position is less capital intensive than direct real estate exposure, and the bank is cushioned by both the sponsor’s equity and the junior fund tranche.” 

Borrowers also benefit from more efficient pricing. “The capital structure is optimised between senior lenders with more appetite for the senior part and debt funds with more appetite for the junior piece,” said Aquedim. 

Regulation is of course another factor shaping the economics for European market participants. “The EU securitisation reforms will make reporting slightly easier, but the real driver is capital treatment. If senior tranches receive improved treatment, that will positively impact funding costs,” commented Sidey. 

Fund finance risk vs securitisation risk 

Speakers also cautioned that while back leverage borrows from securitisation techniques, the risk profiles differ. “Debt funds tend to be much more concentrated than CLOs - sometimes just 10 or 12 assets,” Carlos Silva, senior vp and head of European structured credit at Morningstar DBRS explained. “In fund financing, a key risk is tenor mismatch: the facility may be three or four years, but the assets are five or six years. The ability of the fund to refinance that gap is critical.” 

Unlike securitisations with their tight eligibility criteria, fund financings rely heavily on manager discretion - and thus greater weight on the quality and track record (and rating agency analysis) of the fund managers themselves. 

Private-public market convergence 

Beyond CRE, the discussion turned to the convergence of the public and private markets. Indeed, many formerly niche portfolios increasingly moving from private warehouses into public securitisations – equity release and later-life lending in residential mortgage space moving from private warehouses to public RMBS a prime example of this. “What was once too specialist is becoming mainstream,” summarised Sidey. 

And rating agencies are helping standardise approaches. Where public ratings are not available, private ratings and published methodologies are becoming increasingly relied upon – an effort from rating agencies that is boosting transparency in the private credit space as it continues to boom. “Publishing methodologies for subscription lines and fund finance is helping participants analyse products consistently, moving from opaque bilateral deals toward frameworks that support scale and transparency,” shared Silva. 

Funds are adapting too, with some moving toward mandate flexibility. “We’re product agnostic and more sector experts,” explained Aquedim. “Warehousing assets privately with the aim of exiting them into public markets is something we’re doing. That flexibility is a really helpful thing to have in our toolkits, playing on the two phases of a deal.” 

Emerging frontiers 

Looking ahead, panellists pointed to both esoteric receivables and newer, trendier sectors as the next frontier for ABF - globally. “We’ve seen securitisations of wine and spirits receivables, looked at fine art transactions, and there’s activity in sports player transfer receivables. What sounds a little bit more funky now could become mainstream in the next few years,” noted Sidey. 

The panel also highlighted inventory finance as an area to watch. Originally driven by supply-chain disruptions during the pandemic, corporates increasingly rely on third parties to hold goods off balance sheet as banks retreat. A handful of large deals - particularly in technology, media and telecoms (TMT) sectors - have already emerged. “Like supply chain finance before it, inventory finance could consolidate, develop best practices and eventually become securitisable,” noted Akim Kibalnik, executive director, structured trade finance at BBVA. 

Kibalnik highlighted AI and data centres while Silva pointed to European solar as growing sources of financing demand. “AI and data centres are creating a lot of financing demand. At the same time, there are a lot of efforts to digitise the mechanics to monitor ESG more efficiently for example, and working on cross-border harmonisation,” commented Kibalnik. 

However for European ABF, as Arini's Aquedim concluded, the real prize is scale: “The next frontier is Europe catching up to the US in size and sophistication,” he said. “It’s a complicated journey across the 27 different European markets, but even a fraction of the convergence seen in the US would be a big opportunity for all of us on this panel.” 

The discussion painted a picture of an ABF market moving rapidly from experimental to essential - with Europe well positioned to capitalise on each new frontier of growth. 

Claudia Lewis

Capital Relief Trades

Prime auto CLN prices

Debut deal prints inside guidance and is upsized

Truist Financial Corporation has priced its prime auto CRT transaction – its debut in the market – which was reported to be in the market by SCI last week.

The trade, designated TACLN 2025-1, is a three tranche CLN, and the offered size was increased from US$407.75m to US$582.5m. Its expected settlement date is September 25.

The main US$525m B tranche, rated A3, priced about 13bp inside guidance at 117bp over the interpolated curve to yield 4.77%.

Then there is a US$40m C tranche, rated B3, which printed 20bp inside the midpoint of guidance at 330bp over the interpolated curve to yield 6.904%.

The US$17.5m unrated D tranche printed some 40bp inside guidance at 630bp over to yield 9.82%.

Legal final of all tranches is September 2033.

In addition to Truist’s first print in this market, SCI also hears that a US GSIB is looking to enter the CRT space for the first time.

Simon Boughey

Capital Relief Trades

Views from SCI's Regional Bank CRT Forum 2025

US regional banks embrace CRTs for growth and capital efficiency

At SCI's Regional Bank CRT Forum 2025 in New York City, industry players gathered to discuss a new reality: CRTs are no longer a niche solution but a strategic imperative. Fueled by the market pressures and regulatory shifts that followed the 2023 banking instability, these transactions have evolved from a defensive measure into a powerful tool for growth.  

One thing is clear: market momentum is building, offering capital relief at a fraction of the cost of traditional equity, with commercial real estate (CRE) portfolios increasingly taking centre stage.  

The 2023 banking crisis, combined with ongoing regulatory changes and a high-interest-rate environment, forced the market to re-evaluate credit risk. 

Speakers pointed out how American banks of all sizes are increasingly turning to CRTs, which have emerged as a strategic financial tool offering a flexible approach to capital optimisation and risk mitigation. Industry experts noted that banks are no longer hesitant, with many exploring innovative solutions to enhance earnings, support M&A opportunities, and manage regulatory capital more efficiently.  

Regional banks, specifically, are shifting from a defensive posture to a more proactive approach, increasingly embracing CRTs to stand out in a competitive market while driving growth and capital efficiency.  

“While banks were hesitant in previous years, they are now more open to innovative financial solutions that can help them stand out,” a speaker noted.  

Smaller banks are also tapping the CRT space to manage concentration risk and potentially lift returns on assets from 15% to 40–50%, speakers noted, all while maintaining customer relationships. Moreover, most deals target shorter-term assets of three to four years, helping institutions navigate regulatory shifts and providing stability against economic uncertainty.  

Industry experts also pointed out how regional banks with assets in the US$10bn to US$50bn range are primarily focusing on bespoke portfolios such as CRE, often in smaller asset pools. While credit-linked notes (CLNs) are less common in this segment, CRE is emerging as a promising asset class for these transactions, allowing issuers to mitigate concentration risk and, in some cases, exceed traditional lending limits.  

Yet, speakers at SCI’s Regional Bank CRT Forum returned to a key theme in portfolios: “assets best suited for these transactions are those banks are most familiar with”.  

On the structural side of the deals, panel speakers highlighted how “the size of the banks and the pace of growth of their assets” ultimately determines the types of structures that work best. First-time issuers, they noted, are generally better off executing bilateral transactions, which help keep the process simpler. Still, the CRT market for regional banks remains flexible, with transaction sizes typically ranging from US$250m to US$1bn and tailored to specific strategic goals. Technology and advisory services are emerging as key enablers for banks entering the market.  

Panelists also highlighted strong investor appetite, with market participants signalling “frustration” as demand currently outpaces available opportunities — particularly for transactions involving core banking book assets.  

Regulatory developments remain closely watched: the Basel III Endgame (B3E) proposal is facing potential delays and significant revisions, though the new version is thought likely to see the light of day in Q1 or Q2 2025, they said. However, the AOCI provisions of B3E are likely to go forward as originally planned, which will place pressure on the regionals.  

Banks are increasingly partnering with private credit firms to originate diverse assets, reflecting a focus on growth and capital optimisation rather than compliance alone.  

Yet Europe, widely recognised for its significant new issue volume, remains a different landscape. The US CRT market diverges significantly from the European risk-sensitive approach to regulatory capital — raising questions about whether the two markets are truly comparable.  

Still, industry experts signal the US CRT market is poised for significant growth, with regional banks increasingly playing a key role in a more dynamic landscape, driven by technological innovations, standardised processes, and a shift from defensive to offensive financial strategies.  

"The future of CRT and regional bank issuance is brighter, because banks are once again focused on earnings," a speaker noted. "The CRT discussion is no longer a wartime conversation; it’s calmer and more optimistic, centred on how to grow the institution.”  

Dina Zelaya 

CLOs

Palmer Square lists first European passive CLO ETF on LSE

Shortly after debuting on German Xetra platform, Palmer Square has expanded ways investors in Europe can access its first European CLO ETF

Palmer Square has today listed its debut European CLO ETF, the EUR CLO Senior Debt Index UCITS ETF (PCL0), on the London Stock Exchange (LSE) - the first passive Euro-denominated CLO ETF available in Europe, according to the firm.

PCL0 tracks the performance of Palmer Square's EUR CLO Senior Debt Index (ECLOSE) index offering investors exposure to Euro-denominated triple-A and double-A CLO debt.

It will mirror ECLOSE’s market value weighting of 85% triple-A and 15% double-A rated CLO debt, according to Taylor Moore, md and portfolio manager at Palmer Square, who spoke to SCI on the details of the ETF after it launched on German Stock Exchange, Xetra in August.

Moore emphasises the benefits of the ETF’s passive structure over the other actively-managed competing CLO ETFs already on the market, such as providing investors with more diversification on the underlying collateral, boasting a senior index with around 750 CUSIPs.

In a statement announcing the launch of PCL0 on the LSE, Moore says the ETF offers, “institutional allocators a streamlined, cost-efficient tool to access what we view as one of the most attractive risk-adjusted return opportunities in structured credit today.”

“The listing of PCL0 on the LSE is a continuation of our strategy to make institutional-quality CLO debt solutions accessible globally through efficient, investor-friendly ETFs,” adds Angie Long, chief investment officer and portfolio manager at Palmer Square. “Investors across Europe and the UK now have multiple avenues through which to gain access to the high-quality, cycle-resilient senior CLO debt market with our UCITS ETF, PCL0”

The ETF’s entry on the LSE marks the latest step in its European expansion, initiated with the announcement of ECLOSE index in 2024, and reflects the company’s broader commitment to the ETF technology to take advantage of mounting demand for CLO exposure.

PCL0 is the first among a trio of CLO ETFs that Palmer Square, with US$36bn in AUM, has announced would be launched in Europe in 2025.

The remaining two will be a dollar-denominated CLO ETF mirroring the firm’s CLO Senior Debt ETF listed on the New York Stock Exchange, as well as a multi-asset ETF that will be actively managed. This offering will combine CLO exposure with other asset classes, intended to optimise risk-return profile for investors, Palmer Square says.

PCL0 is not available for retail distribution and is intended exclusively for professional investors, eligible counterparties, and advanced investors under MiFID II guidelines, the firm highlights.

Solomon Klappholz

Asset-Backed Finance

Art Capital's AJ Storton on the future of back leverage

New Art Capital partner shares why he's betting on back leverage and how regulation is reshaping opportunities in CRE finance

Newly appointed Art Capital partner AJ Storton tells SCI what drew him to the firm, why back leverage is attracting fresh attention from both lenders and borrowers, and how regulatory shifts such as Basel IV are reshaping opportunities across capital markets.  

Q: Why did you decide to join Art Capital now? What attracted you to the role?  

AJ Storton: I've known the other Art Capital partners – Tim Vaughan, Martin Sheridanfor and Stuart Blieschke – for over a decade each. I was close to them while they were setting up the business last year, which they opened in September. Conversations naturally evolved around opportunities in the back leverage sector and the wider structured finance market.  

Personally, it was a chance to do something entrepreneurial, putting the specialist skills I've gained in US investment banks and particularly in the back leverage business over the last five years, and importantly, build a business with friends.  

Q: What makes it a good moment to launch a back leverage strategy?   

AJS: I've seen firsthand how much interest has increased in the product over the last five years. New lenders want to get in on the action, and borrowers are trying to understand why they might be losing mezzanine or whole deals when they don't have back leverage capabilities. My partners undertook some market sounding and concluded that there should be demand for a business led by someone with a deep understanding of the nuances of back leverage.   

Being sat in a US bank, I could clearly see the direction of travel with back leverage becoming a larger focus for CRE lending desks year on year. And then, of course, with Basel IV and other regulations making direct lending less appealing for banks, it felt like there was only one direction of travel going forward. It might not always be loan on loan as we know it today, but being ahead of the curve with specific knowledge will always give your business that competitive edge. And that's what we're trying to help our clients maintain.  

Q: What are your immediate priorities in your first 12 months in your new role?  

AJS: The immediate plan, which is well underway, is to map out the landscape of European back leverage providers and borrowers. We're already receiving mandates, which is fantastic and ultimately beginning to confirm our view that there is a market for a specialist advisory in this sector.  

Over the next 12 months, we'll continue to build out the ACSF team alongside the expanding Art Capital team and continue our philosophy of hiring strong credit people at each level of seniority. As the team and market evolve, we'll expand into other structured finance areas, including wider ABF markets.  

Q: How do you see back leverage developing in the next few years? What forces are driving this growth?  

AJS: It's been driven by a combination of regulation, fragmentation in the credit market and the increased presence of large credit funds, particularly those domiciled in the US, who are already familiar with back leverage. As equity liquidity has become more challenging, finding credit solutions with equity-like returns has become popular. Those who are willing and able to push back leverage on their whole loans are seeing higher yields for relatively core debt risk, particularly when you compare it to equity risk.  

I've witnessed back leverage advance rates creep up, pricing compress, and structures gradually weaken. But the back leverage lending market continues to be fragmented into those who deem their brand mature enough and can hold structures tight, and those who want to gain market share by potentially offering more borrower-friendly terms. This is exactly what we've seen in the direct lending cycles, albeit the back leverage market is trailing for now.  

Q: How do you see Art Capital's entry into back leverage complementing your ABF ambitions?   

AJS: The business will grow naturally with the market, with regulations and with demand. SRTs are a great example of a structured product currently gaining popularity. But equally, I can see ACSF advising on fund financing, NAV lines, subscription lines, plus secondary, portfolio and distressed loan sales. All of this is complementary to the wider Art Capital debt advisory business.   

Essentially, ACSF aims to fill the advisory gap in everything beyond the direct lending space. In time, with the right people, we will look to evolve into the wider ABS and leveraged finance world.  

Q: With shifting Basel IV regulations, how do you see ABF demand evolving, and how is Art Capital positioning itself to stand out in a competitive space? 

AJS: Basel IV has more stringent capital rules, which are making many types of direct lending more expensive, particularly for projects beyond the core-plus spectrum. This has a knock-on effect of forcing banks to pare down their direct lending exposure or transfer risks through things like SRT arrangements, and focus on safer, high-grade assets.  

As a result, more complex and speculative real estate deals are moving naturally into the private credit space and alternate asset-backed financing structures.  We intend to stay ahead of the curve by continuing our thesis about hiring experienced credit people who know credit. Our tagline is "credit people doing credit."  

Q: What are your long-term expansion plans? 

AJS: The longer-term goal is to expand to Asia as well. Stuart Blieschke has experience in Asia with KKR and PAG and is very well connected there. It's a CRE structured finance market that is less evolved than Europe, so we see that as a potential long-term future development and growth area for the Art Capital and ACSF businesses alike. 

Marina Torres  

ABS

Job swaps weekly: Fasanara hires CLO-focused md and portfolio manager

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees a former Goldman Sachs director joining Fasanara Capital as md and portfolio manager. Elsewhere, Hayfin Capital Management has hired a New-York-based md and head of capital markets, while European DataWarehouse’s UK subsidiary has named a successor to executive director Markus Schaber, who is transitioning into a role as senior advisor. 

Vlad Olteanu has joined fintech-focused capital provider Fasanara Capital as md - portfolio manager, based in London. His role entails managing a broad spectrum of structured finance products, with a predominant focus on CLOs. Olteanu was previously executive director and portfolio manager, securitised credit, at Goldman Sachs in the Hague, which he joined in January 2023. Before that, he worked at NN Investment Partners and Dynamic Credit in securitisation-related roles.

Meanwhile, Hayfin Capital Management has appointed of Daniel Stevenson as managing director and head of capital markets, effective immediately. Based in New York, he joins from Deutsche Bank, where he spent over 14 years in the leveraged finance team, most recently as managing director in leveraged debt capital markets. In that role, he advised global corporate and sponsor-backed clients on high-yield bonds and leveraged loan financings, supporting some of the largest acquisition and expansion transactions in the market, according to the firm. 

Nigel Batley has been named the new executive director for European DataWarehouse’s UK subsidiary. Batley succeeds Markus Schaber, who led European DataWarehouse Ltd since 2020, and who will continue on as a senior advisor to support the transition. Batley brings nearly four decades of securitisation experience, including more than 30 years at HSBC as global head of ABF. He joins EDW in the UK from ESG-focused investor, Lord Capital.

Gareth James has launched a debt advisory business, which will partner with non-bank lenders and specialist finance providers to help them secure funding and optimise their capital structures. Called Saxondene, the firm focuses on developing funding strategies that improve cost of capital and designing ABS and warehouse structures that diversify sources of capital. James previously spent 20 years in investment banking at Deutsche Bank in London, primarily focused on structuring ABS financing solutions, most recently in the specialty finance originations and structuring - ABF Europe group.

Future Standard has appointed Christopher D’Auria as its new head of CLO capital markets. Bringing more than 25 years of experience across the buy- and the sell-side of the CLO industry, he joins the team from LCM Asset Management where he operated as head of business development. D’Auria kicked off his career at Deutsche Bank, where he ultimately co-led the bank’s global CLO business.

Industry veteran, Stan Ho, has taken on another ESG advisory role and has been appointed vice chairman of the ESG and sustainable investment committee at HKiNEDA. Based in Hong Kong, Ho also holds roles as APAC chairman at ARC Ratings and advisory board member at ARC Risk Group, alongside several ESG-focused positions at GBACNA, SynTao Green Finance and the Asia Pacific Structured Finance Association (APSA). He previously held senior analytical and investment banking positions at Credit Suisse, Merrill Lynch, Bear Stearns and Fitch Ratings.

In more APAC news, CSC Global Capital Markets has announced the relocation of executive director Ian Hancock from London to Hong Kong, where he will become the head of capital markets for the region. Hancock brings extensive structured finance experience from senior roles at Citi, Deutsche Bank, Bank One and Wells Fargo. He takes on the new role after joining CSC in 2020 as head of trustee services for EMEA and APAC.

And finally, Squire Patton Boggs has hired Bradley Harris as director in its financial services practice group in London. He joins the firm’s international asset-based lending (ABL) team from ABN AMRO, where he was UK head of legal, commercial finance & lease.

Harris focuses on asset-based lending and commercial banking, with a more than 15 years of both in-house and private practice legal experience. He joined ABN AMRO in 2018 as senior legal counsel, overseeing its UK asset-based lending arm - ABN AMRO Commercial Finance (ACF) - which offers asset-based lending and non-recourse off-balance sheet facilities. Before that, Harris was in the banking and finance team at Mayer Brown, having trained at DLA Piper. 

Claudia Lewis, Corinne Smith, Ramla Soni