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CLOs

First Brands fallout tests CLO confidence but impact remains contained

Loan spread tightening and erosion in junior OC cushions continue to weigh on headline payouts

The collapse of US auto-parts manufacturer First Brands shook credit markets with participants worried by the firm’s use of opaque off-balance sheet financing and an apparent lack of lender oversight.

As its debt was widely held by US and European CLOs, the asset class has received amplified attention by mainstream commentators speculating on the implications the collapse may have for CLO portfolios and issuance moving forward.

Speaking to SCI, Jim Schaeffer, head of US leveraged finance and global CLOs, Aegon Asset Management, who acts as portfolio manager for the firm’s leveraged finance strategies argues it's important to understand the First Brands collapse in the context of the bifurcated nature of the leveraged loan market.

“There are many open warehouses with CLO managers trying to go out there and buy which allowed a lot of repricings, indicating the strong technical in the market. On the other hand, you have this group of 5-10% of names that are weak and missing earnings, and once a loan falls below the low 80s there’s around a 80% chance it will keep falling and go into restructuring.”

The slippery slope described by Schaeffer is driven by the compounding weight of high borrowing costs, inflationary pressure, and economic uncertainty which inevitably hits weaker companies first.

Pak Sum Chan, partner and tranche investor at Pearl Diver Capital, tells SCI this is not a novel phenomenon, but can be more accentuated in a slowing economy.

“Credit divergence always happens, it’s more prominent in a downturn but it’s not like it doesn’t happen in a normal market. There are always some names that you could pick out as the worst in the market. This happens in every market - it’s not specific to the current environment.”

Both agree that we are still waiting on the full picture as to how much of the First Brands bankruptcy was down to this systemic pressure of the result of accounting irregularities, but the first-order impact on CLO was relatively contained.

According to analysis by TwentyFour Asset Management (24AM) published in the immediate aftermath of the bankruptcy filing, US CLOs held $2.1bn of the roughly $4.7bn of first-lien senior secured First Brands debts, with EU CLOs holding €520mn of the Euro tranche.

Overall, this equated to 0.21% of total US CLO collateral and 0.19% in Europe, a small fraction of the total collateral pool, prompting 24AM to describe the fallout as “modest” and “contained”.

“[First Brand’s collapse] is big and it was widely owned and it’s not like it’s not impactful because it is. But the scale of that impact is going to be a little more specific to each CLO and how they looked going into that event. But in and of itself it’s not a symbol of deterioration - it's one thing among many affecting the market,” Schaeffer explains.

“It’s going to erode OC cushions, impact interest diversion tests, and hit par, but the question is did [managers] have enough cushion in their CLO to absorb that hit and make sure it wasn’t going to be impactful,” he continues.

The actual impact in terms of par loss is quite minimal, Chan believes. “Defaults happen in credit and this is a name which is held in CLOs but we do not see a jump in new distressed names coming through.”

He says this situation feels different to 2019, when defaults in a few widely held names like Deluxe Entertainment led many to question whether the post-2016 credit cycle was ending.

So far we haven’t seen a surge of cockroaches Jamie Dimon, CEO of J.P. Morgan, warns, but although we may see other isolated incidents like First Brands, Chan from Pearl Diver Capital argues this trend is not impacting the entire leveraged loan market.

“I believe investors are modelling default rates marginally increasing off a low current base, but not because of the First Brands situation. I would say in the First Brands situation, the reason behind the collapse was more to do with fraud.”

SCI’s US BSL CLO spread data tells a similar story. Spreads across the CLO capital structure moved out during the initial loan sell-off in late September but within days of the bankruptcy filing they had quickly recovered to where they had been prior to the episode.

This recovery was a lot quicker compared to the Liberation Day sell off earlier in the year. Chan explains this was likely down to the fact that most CLO investors recognised this episode as a one-off event whereas Liberation Day implied a broader macroeconomic shift.

“Every time there is some kind of topical credit event like this you can see a decompression,” he explains, “but the conclusion after the recent Global ABS conference in Miami was there is a lot of money on the sideline and people expect CLOs to continue to perform and remain confident in putting capital to work”.

Contagion risk low but confidence knocked

Although it appears First Brands is not in itself a symbol of broader market deterioration, industry insiders agree it will have some more lasting effects on the CLO market.

Credit events like First Brands will knock market confidence and increase sensitivity to any signs of weakness, indicating the slippery slope from the low 90s down into LME activity and restructuring may only get steeper.

With loan dispersion becoming increasingly prominent, manager tiering will play a bigger role in the market with investors paying close scrutiny to how managers reacted to the incident. Chan notes incidents like the First Brands implosion can be very instructive for investors looking to discern between good and bad managers.

In an environment defined by downgrades, outpacing upgrades, rising defaults, and a high volume of LME activity disenfranchising parts of the investor base, managers’ credit selection and positioning will be vital.

Schaeffer stresses that scale is an increasingly important consideration for managers trying to ensure they don’t lose priority in a market with high levels of LME activity.

“Scale has become incredibly important in the market of bifurcated BSL. Managers need to ask themselves, am I going to have enough scale such that if I do have a problem I’m going to be big enough to be part of the solution that gives priority and elevation. In the case of First Brands, look at the difference between if you got in the steering committee and elevated up versus not - it’s dramatic.”

Although the First Brands collapse is not overly impactful on the CLO market, it could be “symbolic of the flexibility of terms and a lack of focus on deal structure in the leveraged loan market,” according to Schaeffer. “There’s so many warehouses ramping and a technically strong demand that underlying lenders aren’t spending a lot of time evaluating structures”.

Despite the resilient structure of CLOs proving its strength by weathering the sell off of the widely popular First Brand’s debt, its demise does have broader implications for managers in navigating the market in the near to mid-term.

Solomon Klappholz

Capital Relief Trades

SRT: Third-quarter data suggests 'flight to quality' - SCI Analytics

Inaugural SCI Analytics quarterly report underlines SRT investor preference for clarity in due diligence

The SRT market is demonstrating resilience, despite a high-pressure, end-of-year rush, with credit quality and investor bandwidth dominating conversations. Data compiled in the inaugural SCI Analytics quarterly SRT report supports this view of resilience, with most reference assets showing strong credit performance last quarter, albeit with a flight-to-quality dynamic emerging among investors.

Current projections for total SRT issuance in 2025 stand at approximately US$33bn-US$34bn, significantly up from the US$29bn seen last year. Regarding the previous quarter, activity has reportedly been compressed, with several trades originally expected to close in Q3 slipping into a “very specific and busy” Q4.

Pricing and bandwidth constraints emerging

Spreads have nevertheless largely remained stable, although observed pricing is highly idiosyncratic - with some banks achieving pricing at the upper end of guidance and others executing meaningfully below it. Of course, such execution follows the typical SRT maxim, whereby every deal is different.

However, this divergence seems less about risk judgment and more about investor bandwidth. With numerous trades flooding the market, investors can have limited capacity to conduct thorough due diligence.

This dynamic is fostering a flight to quality, where participants are “more actively bidding” for credits they deem ‘money-good’ - assets likely to return all capital - versus those that require substantial work and carry greater uncertainty. This investor preference is structurally reinforced by the observation that assets originated by banks for their balance sheets have generally outperformed assets in generic credit indices, thus validating the focus on bank-backed pools. This lack of pricing tension due to limited investor interest has, in some instances, forced banks to widen their range to successfully place certain deals.

CRE: from “dirty word” to opportunity?

Meanwhile, sentiment around commercial real estate is undergoing a material shift, as shown in the SCI Analytics data below. CRE loans have accounted for a portion of SRT portfolios securitised in all of the seven previous quarters, except Q1 and Q3 of this year.

While CRE was considered a “dirty word” from 2022 to 2024, the structural issues that precipitated such a view have started to normalise. The previous crisis was exacerbated by rising interest rates applied to floating-rate loans, which made existing valuations appear unsustainable since property revaluations had not kept pace.

However, after two to three years of market correction and the expectation that interest rates are now trending lower, valuations have been redone. Crucially, LTVs are now deemed “more realistic”, creating a necessary level of investor appetite for the asset class.

Furthermore, banks are now strategically seeking to “get ahead of the game” by implementing proactive hedging strategies.

Many institutions have realised they had limited hedging in place going into the last CRE crisis, which has led to a push for more protective measures. The move is mirrored in other asset classes, such as leveraged finance (which has appeared in SRT portfolios in all of seven of the previous quarter, except 2Q25), where banks have been actively hedging as spreads became attractive.

The goal of this pre-emptive action is clear: if institutions wait until a market downturn is fully underway, hedging becomes “horribly expensive”. Therefore, it appears to be a sensible strategy for banks to now want to pursue similar hedging across their exposures.

Breaking down activity in 3Q25, Europe firmly maintained its dominant position in the SRT market, with SCI data showing that the region accounts for 59% of total issuance. This leading share is consistent with the region's strong pipeline and sustained investor demand, reinforcing its status as the foundational market for SRT deals. Issuance from North America constituted 16% of the volume, while the ‘Global’ category saw its share settle at 24%.

Within the European SRT market, the share of Italian transactions jumped from 6% to 30% quarter-on-quarter, according to SCI data. The jurisdiction with the next largest share was the UK (at 20%, up from 18% in 2Q25), with the ‘Rest of Europe’ category accounting for 40% and Spain seeing somewhat of a reversal to 10%, from 41% the previous quarter.

The third quarter of 2025 saw a highly diversified distribution across staple asset classes, reflecting a sustained flight to quality and investor preference for clarity in due diligence. According to SCI data, corporate loans (accounting for a 21% share), auto loans (21%) and consumer loans (21%) jointly represented the majority of issuance, indicating strong investor comfort with traditional, performing credit segments. Other asset classes - including SME loans (10%) and unsecured consumer loans (5%) - continued to provide market diversification.

Consumer loan portfolios dominated the European SRT market last quarter, representing a significant 33% of the asset class breakdown, according to SCI figures. SME loans (17%) and auto loans (17%) maintained substantial shares, rounding out the top three categories and reflecting continued origination activity and investor comfort with these core lending segments.


 
In 3Q25, issuance activity was highly concentrated among leading financial institutions, with Santander (accounting for a 25% share) and BNP Paribas (25%) jointly contributing to half of the total deal volume from the top 10 originators. BBVA (12%) and US Bancorp (12%) also contributed meaningfully to the quarter's issuance, demonstrating that while the market is diverse, deal flow tends to be anchored by a few major, recurring issuers.

To explore SCI's comprehensive database of SRT transactions further, click here.

Vincent Nadeau

CLOs

US CLO equity payouts hit five-year low

Loan spread tightening and erosion in junior OC cushions continue to weigh on headline payouts

US CLO equity payouts continued to soften this quarter (Q4), with the median quarterly distribution declining to 2.6%, marking the sixth consecutive quarter of contraction and resulting in the lowest annual median equity return in five years at 12.1%, according to Deutsche Bank’s latest quarterly equity distribution report.

Conor O’Toole, global head of CLO research at Deutsche Bank says: “The compression in equity payouts has been driven in part by portfolio assets tightening faster than liability costs, which continues to weigh on CLO arbitrage.”

Meanwhile, at 18%, Europe returned the second highest annual CLO equity return since the GFC. The annual is just lower than 2024’s 19% and close to a full point over 2016’s third place of 17%. This is despite the fact that equity distributions (median, all deals) fell to 3.8% in Q4 from highs of 4.8% in Q2, Deutsche Bank reports.

A key contributor to weaker headline figures in the US is the continued rise in zero-paying deals, which climbed to around 225 transactions this quarter - roughly 12.5% of the market. These structures are typically post-reinvestment deals with lower NAVs and higher exposures to loans priced below 80, limiting their ability to refinance or reset and making slow deleveraging the most likely path forward.

“The number of zero-paying deals continues to weigh on headline distributions and remains a central focus for equity investors,” O’Toole notes. “For these deals, optionality is limited unless there is a meaningful recovery in underlying loan prices.”

Meanwhile, equity NAVs have retraced following broader loan market volatility, falling back to an average of around 45% after touching near 60% earlier in the year. This reflects both price dispersion across credits and the impact of rising triple-C concentrations in some portfolios.

Looking ahead, Deutsche Bank expects less relief from resets in 2026, as much of the liability repricing benefit has already been realised. More recent 2024-vintage CLOs in particular are expected to see only modest cost improvements from refinancings next year.

“The reset benefit we saw earlier is moderating,” says O’Toole. “Newer vintages will likely see less cost improvement next year, meaning equity returns may remain under pressure unless loan spreads widen or asset selection materially outperforms.”

However, performance is not uniform. Deals still within reinvestment periods continue to show stronger equity cashflows, supported by portfolio turnover and trading flexibility, while older cohorts face more constraints.

“Manager selection continues to matter. Dispersion remains wide, and deal-specific portfolio construction has a meaningful impact on equity performance,” O’Toole adds.

With roughly 90% of deals having now been reported and an outlook on Q4 equity distributions becoming more clear, the report suggests that near-term CLO equity outlook remains mixed. Headline payouts are likely to stay constrained, but relative value opportunities remain where reinvestment flexibility and credit selection can still influence outcomes. 

Ramla Soni

CLOs

CLO equity BWIC activity shows strength

CLO equity has faced a challenging period, with ongoing asset repricing weighing on annual distributions. Still, there are bright spots in the market, Poh-Heng Tan from CLO Research highlights

CLO equity has faced a challenging period, with ongoing asset repricing weighing on annual distributions. Still, there are bright spots in the market.

A majority equity stake was recently traded via BWIC. The deal’s accretive reset, priced by Citigroup on 3 October 2025, reduced its WACC by nearly 80 bps—more than offsetting the 60 bps decline in its underlying collateral spread since inception.

At a $69.5 primary issue price, the primary equity IRR would be 17.9% based on a cover price of $64.5. Since inception, the tranche has received cumulative distributions of 27 points, more than compensating for the slight decline in its market price. The low issue price was enabled by the deal’s discounted collateral purchase of around 96–97h, highlighting the potential profitability of issuing CLOs during periods of loan market volatility, even with wider liability spreads. The original AAA tranche was priced at 175 bps.

At a cover price of $64.5, the prospective equity IRR is about 11.0%, assuming a 20% CPR, 2% CDR, 70% recovery rate, reinvestment at the current collateral spread (par), and stressed treatment of assets below $80. This 11.0% prospective IRR is tighter than the 13.5% primary issue IRR under the same assumptions.

Away from ARES 2023-ALF4A SUB, two other minority CLO equity tranches also traded last Friday. OCT70 2023-1A SUB, another 2023 vintage deal, received a much lower cover of $45.5, translating to a primary equity IRR of only 3.9%.

Meanwhile, SNDPE 8X SUB, a 2022 deal, achieved a cover of €55.2, implying a primary equity IRR of 15.3%. Notably, SNDPE 8X SUB was also seen on BWIC on 9 July 2025, when it achieved a stronger cover of €73.9, corresponding to a primary equity IRR of 18.8%. The lower cover levels likely reflect weaker collateral WAS and greater exposure to assets priced below 70, driven by idiosyncratic risk.

Asset-Backed Finance

SCI In Focus: Redefining the boundaries of ABF

Structured asset sales gain traction in the race to fund the tech revolution

Private credit’s rapid expansion is rewriting the rules of financial markets, as the race to fund what many are calling ‘the fourth industrial revolution’ continues at pace. Securitisation has long been recognised for its utility in funding the real economy, but the rise of asset-backed finance is proving its value in financing the technological one via structured asset sales.

Last year, global private credit assets under management surpassed US$1.7trn - more than triple 2016 levels, according to Moody’s. Increasingly, that capital is being deployed into real-asset and ABF-style lending, rather than sponsor-backed corporate loans.

Moody’s cross-region private credit report earlier this year highlighted the rise of so-called ‘structured asset sales’ – transactions that blend private credit funding models with securitisation-style structures, cashflows and mechanisms. These include forward flow, NAV, sub-line facilities and warehouse agreements. But more recently, triple-net-lease and joint venture (JV) deals are pushing the envelope further, as insurers and pension funds seek long-dated, rated exposures.

“We’re moving into a new age of financing – where private capital is filling the gap for large-scale, real-asset build-outs previously funded by banks or governments,” says one senior securitisation structurer.

The ‘Frankenstein’ hybrid

The recent Meta-Blue Owl data centre JV is an example of such a structured asset sale, but also exemplifies the difficulty of defining ABF. The triple-net-lease transaction blends project-finance construction risk with securitisation-style contractual cashflows, and has quickly become the poster child for the new grey area that is emerging between ABF and private credit.

“This is a Frankenstein-style structure – a mixture of project finance and securitisation,” the structurer explains. “It’s the same DNA as a PFI transaction: design, build, finance, operate – just now for data centres instead of hospitals.”

Because the Meta facility carries pre-completion risk, S&P evaluated it using project finance criteria rather than traditional ABS metrics. Once operational, however, its lease-based cashflows resemble a securitisation waterfall, passing predictable rent to bondholders.

That duality – combining construction-phase risk assessment with post-completion securitisation – is what differentiates this new generation of ABF deals.

Big Tech’s big (off-balance sheet) pivot

Behind such structures lies a strategic shift by technology companies. Historically, the likes of Google and Meta have been asset-light; however, they are now investing heavily in data centre and chip infrastructure to power the new AI workloads.

“Until now, their balance sheets were capital-light because they produced software,” the structurer says. “With AI, they need data centres – in other words, real capex. These structures get that off balance sheet and allow them to stay capital-light.”

This motive has catalysed a series of minority-interest joint venture transactions, such as Apollo’s Fab 34 JV deal with Intel last year, Blackstone’s deal with Rogers Communications and now Meta’s transaction with Blue Owl. In each case, the corporate entity retains control while raising external capital through a PropCo-style JV - effectively converting debt capital into equity exposure for the lender.

“Ares, Blackstone, Apollo and others are all pursuing minority-interest JV models,” the structurer adds. “It’s debt and equity at once.”

Private credit or ABF – does it matter?

With all eyes on the mega Meta transaction, the market is abuzz with not only the question of whether transactions like these qualify as ABF or private credit, but also whether that distinction matters. “Is it ABF, is it ABS - who cares?” the structurer argues. “They’re all flavours of the same thing. What matters is the contractual cashflow.”

Michael Pusateri, ceo of Siepe, suggests that what distinguishes ABF from any other private credit transaction is recourse and collateral.“Take the Meta deal. If the physical real estate is the securitisation of that loan and not Meta’s balance sheet, it would be considered ABF. Otherwise, I’d call it direct lending or private credit,” he explains.

He continues: “The real difference is whether the lender has recourse to the company or to a physical asset. If it’s a loan tied to real estate and construction, that’s ABF. If it’s a hard physical asset securitising the loan, then it’s ABF.”

That definition echoes Moody’s report, which understands ABF to involve lending secured by identifiable assets and contractual cashflows, whereas private credit generally relies on borrower recourse. However, the overlap arises when hybrid JVs or triple-net lease deals contain both elements of private credit and structured finance, while also resembling tangible-asset financing.

In this burgeoning segment, the lines are no longer easily drawn. For now, whether a transaction is defined as ABF remains largely a matter of interpretation - decided case by case, practitioner by practitioner.

Old techniques, new terminology

Structurally, these deals are not new – just re-assembled. The structurer compares them to iconic infrastructure deals of the past, such as the Channel Tunnel or Heathrow Airport, financed via long-term, fee-based securitisations.

“People like boxes,” he says. “But PPPs (Public-Private Partnerships), PFIs (Private Finance Initiatives) and whole business securitisations (WBS) are all variations on the same theme.”

Apollo and Intel’s Fab 34 deal, where 51% of equity remained with the sponsor and 49% with Apollo, was funded through a rated bond linked to offtake cashflows. Such structures effectively securitise the economic interest in a project rather than its receivables, opening new channels up between private and public capital markets.

A more recent example is the £38bn Sizewell C nuclear plant project in the UK, financed under a RAB model, which combines government regulatory oversight with private capital committed through a dedicated build-out vehicle.

The pattern extends across digital infrastructure, energy and logistics. Moody’s expects a regional split, with the US remaining more flexible and faster-moving on disclosure, while in Europe - constrained by securitisation and Solvency 2 regulation - hybrids are classified more conservatively.

For end-investors, particularly insurers, these hybrid deals deliver the rated, long-dated paper that fits neatly into Solvency 2 capital frameworks. In Meta’s case, PIMCO was among the bond buyers – likely managing insurance portfolios for insurers, a pattern the structurer expects to continue.

“Even though PIMCO isn’t an insurance company, they’re probably managing Solvency 2 pools. That’s why the rating matters,” he indicates.

The grey area between ABF and private credit also reflects a ‘re-convergence’ of public and private capital markets. Historically, securitisation evolved as banks sold loan pools into the capital markets, and now private credit is using the same structuring tools to reach institutional investors directly.

Moody’s concludes that ABF has become the bridge between these two worlds, becoming somewhat of a continuum rather than its own category.

Both the rating agency and practitioners expect these models to proliferate across the digital infrastructure, energy and logistics spaces as governments’ fiscal capacity declines.

Whether labelled ABF or private credit, the economic function of the private credit and structured finance markets is converging. Moody’s notes that these vehicles are acting as a bridge between private and public securitisation, channelling institutional capital into infrastructure-like assets through bespoke structures rather than standardised issuance.

“Private capital is now building the world’s hard assets using structured finance tools,” the structurer concludes. “We’re heading into a robot age - AI, data, chips – and it all needs significant investment. Governments are too levered to fund it, so private capital is stepping in.”

Claudia Lewis

Asset-Backed Finance

Ashland Place eyes European expansion as aviation finance rebounds

Alternative lender capitalises on milestone securitisation and new hire as it targets growth

Ashland Place, the aviation finance platform backed by Davidson Kempner Capital Management (DK), is seeking to capitalise on a recovering market following its recent ABS transaction that delivered record pricing. Indeed, the firm is bolstering its European presence under newly hired director Sarah Conway.

“I have been familiar with Ashland Place since its early days in 2021 and have always been impressed by the platform’s commitment to being an asset-backed lender and a reliable partner for clients. I am excited to be a part of Ashland Place’s journey and look forward to contributing to its continued success,” says Conway.

She joins Ashland Place after 16 years at institutions including DVB Bank, Deucalion and HCOB. According to Conway, her priorities over the next 12-18 months include expanding the global client base, maintaining structuring discipline and enhancing flexible financing options.

Ashland Place is a wholly-owned subsidiary of DK which currently manages more than U$37bn in assets. Since its inception, the company has completed over U$1bn in cumulative originations and issued two aviation loan securitisations.

Gregory Feldman, a partner at DK, says that Ashland Place “was formed to offer capital solutions to the global commercial aerospace industry and fill a growing need from private equity sponsors, aircraft lessors and airlines seeking debt financing amid an evolving market environment.”

Conway's arrival coincides with a period of strong market momentum for the platform. Earlier in September, its second ABS - APL Finance 2025-1 - achieved very strong A-note pricing, despite carrying a double-A rating rather than a triple-A rating. The US$414.4m issuance was oversubscribed and the class A notes printed at plus 125bp, a record low in the aviation loan ABS market to date. 

Jennifer Villa, Ashland’s executive director and group head, attributes the pricing success to several factors: strong performance of the initial 2023 securitisation, her multi-cycle track record dating to the late 1990s and the quality of the collateral pool - which featured high percentages of newer, next-generation aircraft and narrowbodies concentrated in developed markets.

"The lower look-through metal LTVs on the Ashland loans is why the entire transaction - A-D tranches, plus residual - fit inside the typical A-note of an aviation lease ABS," Villa says, describing this as providing an "extra line of defence" versus pure lease securitisations.

She distinguishes Ashland's approach from competitors who include higher LTV buckets and less liquid collateral, such as spare parts, in their portfolios. "Ashland's ABS issuances have also both been true static pools, again in contrast to other loan ABS issuers, where there are some CLO-like reinvestment provisions," Villa says.

Benefiting from consolidation and asset resilience

For Villa and Feldman, Ashland Place’s momentum has also benefited from the broader consolidation in the aviation lending market, where several competitors launched or relaunched activities after Covid-19, only to subsequently exit - providing space for the Ashland Place platform to establish itself. “The time was right post-Covid to establish an aviation lending platform. There was an absence of capital in the market, particularly for lessors, as multiple banks exited the market,” Feldman says. 

Villa notes that asset resilience is also a key driver of that growth. "Aircraft collateral has proven to be resilient across multiple cycles," she says, pointing to the Airbus-Boeing duopoly on the supply side and airline consolidation on the demand side. In the US market, Delta, American, United and Southwest control more than 85% of capacity, with similar concentration in Europe and other regions.

"All of these factors have been noticed by the broader investor community and have meant ever increasing amounts of capital entering the space," Feldman adds.

Regarding the state of the current market, Conway identifies Ashland’s opportunities in the mid-to-end-of-life aircraft segment, where supply chain dynamics are driving increased investment. "We believe that due to our ability to promptly assess deals and provide creative solutions, we serve as a dependable partner for our clients," she says.

Conway thinks the market remains "active and robust", supported by sustained demand, despite supply chain challenges and geopolitical uncertainties. "There has been an increase in aircraft trading due to decreasing interest rates, a more favourable funding environment and increased activity in the ABS market. For Ashland Place, we believe prioritising discipline and concentrating on liquid assets and strong credits will help manage growth effectively," she says.

Looking ahead, Conway anticipates that the most meaningful growth is likely to come from innovative financing structures and strategic partnerships, with a shift towards sustainability and efficiency driving the new avenues for growth. “As lessors and investors seek creative ways to optimise portfolios, we believe that Ashland Place is well positioned to facilitate complex transactions and deliver value through tailored solutions,” she concludes.

Marina Torres

Capital Relief Trades

IFC expands SRT programme with trade finance deal

SRT market update

Crédit Agricole has finalised a US$2bn SRT with the IFC, marking the fourth deal under their decade-long Marco Polo programme. The transaction covers a portfolio largely composed of trade finance assets linked to emerging markets, the IFC tells SCI.

The investor provided a US$95m financial guarantee, participating in the mezzanine tranche, which enables CACIB to free up regulatory capital and redeploy it into new trade finance commitments across emerging markets. The transaction is structured to allow the IFC to later syndicate part of its exposure to private investors, while retaining its 0% risk-weighted protection status for the bank’s full notional amount.

“This deal demonstrates both the viability and impact of long-term investor and protection-buying bank partnerships in the SRT space – particularly when some have recently queried the longevity of capital relief for banks enabled by the SRT asset class, as well as the permanence of investor commitment to sound SRT platforms put in place by leading banks,” the IFC says.

The investor’s commentary comes as several market participants have recently questioned whether banks can rely on SRTs for long-term capital relief. The IFC’s continued engagement in the space, however, signals confidence in the asset class.

Finalised after Basel 4 implementation, the deal also incorporates refinements to reflect updated risk-weight treatments for trade products. “This aspect of Marco Polo IV underscores the continued relevance of well-structured SRTs, even under evolving regulatory scenarios,” the IFC adds.

Nadezhda Bratanova

Capital Relief Trades

Debut SRT for Belgian bank

SRT market update

KBC Group has completed its inaugural SRT transaction, transferring mezzanine risk on a €4.2bn Belgian corporate loan portfolio originated by KBC Bank’s corporate banking arm, the issuer tells SCI. 

The transaction was executed via the placement of CLNs with multiple institutional investors, covering a €273m mezzanine tranche, equivalent to 6.5% of the portfolio, SCI learned.  The deal will generate an estimated €2bn RWA reduction, boosting KBC Group’s unfloored fully loaded CET1 ratio by around 23 basis points in 4Q25.  

KBC says that the deal’s main objective is portfolio optimisation. While the bank foresees a few additional SRTs in the future, it has no immediate plans to issue on a programmatic basis. 

Nadezhda Bratanova

Capital Relief Trades

German lender seen with new auto deal

SRT market update

Deutsche Bank is structuring a synthetic securitisation referencing a €1bn portfolio of Italian auto loans, market sources tell SCI. 

The deal is not expected to close before 2026, they add.

The EIF is rumoured to be an investor in the transaction, while London-based law firm Clifford Chance is also rumoured to be legal counsel. 

Deutsche Bank declined to comment at this time. 

Nadezhda Bratanova

Capital Relief Trades

New managers join the SRT surge

SRT market update

Pearl Diver Capital, a boutique CLO manager, yesterday (November 13) announced the closing of a new open-ended global interval fund dedicated to SRT trades and capital relief transactions. The so-called Pearl Diver Aquanaut Fund is targeting up to US$1.5bn and has already secured cornerstone commitments.

The fund is expected to invest primarily in corporate loan portfolios across Europe, the UK and select international markets.

The launch underscores the growing institutionalization of the SRT market, with Pearl Diver positioning the strategy to benefit from increased issuance and growing investor demand for diversified exposure to bank credit risk.

“SRTs have evolved from niche bank capital tools into a mainstream credit asset class,” says Indranil (Neil) Basu, founder and managing partner of the firm. 

Meanwhile, Manulife | CQS Investment Management (MCQS) also said this week it has raised US$1.1bn for its Regulatory Capital Relief III Fund and related separately managed accounts. The firm has been active in regulatory capital trades since 2014 and has invested more than US$3bn in the sector to date.

Investors are increasingly drawn to the asset class for its stable income, strong credit quality and portfolio diversification benefits, says Soraya Chabarek, president and CEO of the firm.

Recent market activity has also underlined this trend. Leading European banks such as Société Générale  and Santander have executed no less that €75bn of capital relief transactions across corporate, SMEs and specialised-lending segments, according to Pearl Diver’s internal market data.

Nadezhda Bratanova

Capital Relief Trades

Q4 in SRT land still rumbling

SRT market roundup

The week-ending November 14 in the SRT market perhaps lacked the frenetic activity of the previous seven days but there is still plenty going on and likely to be so until the end of the year.

Belgian lender KBC made its debut foray into the sector with a securitisation of a €4.2bn portfolio of Belgian corporate loans, sold to multiple buyers through a CLN. The transaction achieved an estimated €2bn reduction in RWAs, but the borrower attests that the principal purpose of the deal is portfolio optimisation.

Deutsche Bank, a familiar name in the SRT space, is said to be readying a synthetic securitisation of a €1bn Italian corporate loan portfolio, with pricing expected next year.

French bank Credit Agricole finalised its fourth transaction under its Marco Polo programme, and transferred risk from chiefly emerging markets trade finance assets to supranational IFC. The latter provided a US$95m guarantee, and the transaction is also structured to allow the IFC to syndicate a portion of the exposure to private investors.

The SRT market is on course for US$33bn-US$34bn of issuance in 2025, more than 10% higher than last year’s output, according to SCI Analytics. Despite increased supply, spreads have demonstrated commendable resilience, though pricing is sometimes strikingly idiosyncratic.

There was plenty of news on specialist SRT funds gaining traction this week as well. Chorus Capital, one of the most well-established investors in the market, has hit the half-way mark in fund-raising for its US$3.5bn Chorus Capital Credit Fund VI only nine months after launch.

Should it hit US$3.5bn, it will be the largest specialist SRT fund in the market. The fund will focus on SRT deals by European and North American banks referencing large, investment-grade corporate loan portfolios.

At the end of the week, Pearl Diver Capital, a specialist structured finance manager, announced the first closing for its new vehicle, the Pearl Diver Aquanaut Fund, a fund designed to provide institutional buyers with access to SRT trades. It is targeting total commitments of US$1.5bn.

Simon Boughey

Asset-Backed Finance

BXCI targets complex corporate solutions

Private credit giant bolsters European ABF push with new hire

Blackstone is seeking to capture the growing demand for large, complex corporate solutions, as the ABF market continues to evolve. The firm anticipates much of that growth to emerge in the European transportation, multifamily housing and life sciences sectors.

Nick Menzies, who leads Blackstone Credit & Insurance (BXCI)’s consumer and residential real estate credit investments for its infrastructure and asset-based credit unit, confirms that momentum has been building for larger, more complex transactions. "As the market shifts toward larger, more complex transactions, we believe our scale and integrated approach uniquely position us to capitalise on these opportunities," he tells SCI, adding that the platform is "laser-focused on scaling”.

Much of that growth is expected to come from Europe, where the demand is accelerating. Blackstone last month announced the appointment of David Johnston as a senior md in BXCI’s London team, in a move to capture the growth seen in European private credit for these transactions.

Johnston says the firm is expanding its presence across residential mortgage loans and other homeowner-secured financing, while also targeting opportunities in digital infrastructure, logistics and multifamily housing. In Europe specifically, he is identifying demand in transportation, multifamily housing and life sciences, “where increased activity is creating demand for additional lab spaces and research facilities.”

Despite macroeconomic challenges, including increased interest rates, Menzies sees positive conditions for growth in the sector. "We are seeing strong capital markets activity, leading to tightening credit spreads, which is supportive to overall transaction activity," he comments.

For him, Blackstone’s advantage lies in its combination of data, technology and scale. “What sets us apart is our ability to integrate proprietary data and technology into our underwriting process. Our scale also allows us to access and structure transactions that smaller managers may not have the capacity to execute,” Menzies says.

Blackstone now manage more than US$500bn in assets, an 18% increase year-on-year, across its credit and insurance and real estate credit businesses. The infrastructure and asset-backed credit unit - which recently surpassed US$107bn - has expanded by 29% over the same period, making it one of the firm’s fastest-growing units.

Nonetheless, while the growth numbers are significant, Menzies stresses that performance - not scale - remains the firm’s defining metric. "While we're proud to have surpassed US$100bn, what matters more than our AUM is our performance, and the trust we have established over 20 years in credit," he concludes.

Marina Torres

Asset-Backed Finance

Ex-Goldman structuring pro eyes ABF fund

Luca Lombardi seeks investors for ArxNova Asset Management

Former Goldman Sachs veteran Luca Lombardi is eyeing the launch of an asset-backed finance (ABF) fund, SCI has learned. 

Lombardi is preparing to launch ArxNova Asset Management in London, which will invest in European ABF and structured credit. The firm is actively seeking investors for its launch, according to sources familiar with the matter. ArxNova did not respond for comment.

Before launching, Lombardi spent 21 years with Goldman, most recently working as global co-head of credit and structured products, overseeing teams across EMEA and Asia. Joining him at the helm are Jonathan Donne, who will serve as coo, and Enrico Orlandi, who will join as a partner and portfolio manager. Donne spent 15 years at Goldman Sachs from 2002 to 2016, covering structured credit. More recently, he has worked for Standard Chartered Bank and TBB Partners.

Before ArxNova, Orlandi was a md in Goldman Sachs’ European structured finance team, focused on credit portfolio acquisitions and asset-backed financing across Europe. The market has seen a flurry of high-profile ABF launches this year, including by former Emso Asset Management’s head of private credit, Marco Lukesch, who, according to market reports, is setting up his own multi-currency credit strategy.

Meanwhile, in February, it was reported that ex-III Capital Management coo Mark Perry is preparing to launch GlobalRock Asset Management. Its strategy will provide collateralised financing for high-value niche assets, such as diamonds and art.

Jacob Chilvers

Asset-Backed Finance

ABF Deal Digest: Nexamp ramps up innovative clean energy financings

A weekly roundup of private asset-backed financing activity

This week’s roundup of private ABF activity sees clean energy firm Nexamp close a US$600m aggregation facility, hot on the heels of completing a construction warehouse facility (CWF) last month. Elsewhere, Sallie Mae has signed a multi-year strategic partnership with KKR, while Turning Rock Partners has closed a new ABF deal with the acquisition of three Airbus airframes.

Nexamp’s US$600m aggregation facility is with ATLAS SP Partners and is designed to support the construction of Nexamp’s growing portfolio of distributed solar and energy storage projects across the US. The facility enables Nexamp to efficiently fund projects at the start of construction, with the flexibility to term-convert within the structure. Once a critical mass of operating assets is achieved, the firm plans to pursue a securitisation takeout, continuing its strategy of building scalable, capital-efficient pathways to expand clean energy access.

This transaction follows the closing last month of a three-year US$330m CWF, enabling Nexamp to develop, construct and finance a revolving portfolio of approximately 20 new distributed generation assets. Once completed, these assets are expected to transition into long-term financing structures - including tax equity funding or refinancing - ensuring sustainable growth and deployment of renewable energy infrastructure nationwide.

MUFG committed US$200m as the largest lender in the CWF, also serving as mandated lead arranger and administrative agent. ING secured a US$100m allocation and additional responsibilities as mandated lead arranger, lender, hedge provider and green loan structuring agent. Siemens Financial Services contributed US$30m as joint lead arranger. US Bank acted as collateral agent.

With the ATLAS facility now in place, Nexamp is positioned to accelerate the build-out of new solar and storage capacity nationwide, advancing its mission to make clean energy simple and accessible for all by combining innovative financing with turnkey project development and operations.

Affirm extends New York Life partnership

Affirm has extended its long-term partnership with New York Life through a new US$750m forward flow agreement intended to support around US$1.75bn in annual consumer loan volume. The deal builds upon Affirm’s existing institutional funding base and nearly US$2bn of prior investments from the insurer, offering scalable, off-balance sheet capital to boost originations. The expanded arrangement reflects the growing role of insurance investors in the private consumer credit arena. 

Castlelake signs third Upstart agreement

Upstart has entered into a 12-month US$1.5bn forward-flow agreement with Castlelake, whereby Castlelake will purchase consumer loans originated through the Upstart platform. The lending agreement is intended to support loan funding across Upstart’s platform and is the third such agreement it has made with Castlelake.

“[Castlelake’s] investment will help our platform to continue improving the lending experience and outcome for all borrowers,” comments Sanjay Datta, cfo at Upstart.

In 2023, Castlelake purchased US$4bn of loans from the platform, together with a co-investor and minority partner, Eltura Capital Management. This agreement consisted of the acquisition of a back book of loans and a forward flow arrangement.

During the same year, the firm purchased US$1.2bn of consumer installment loans in a 12-month forward flow structure with the AI platform.

Onate closes warehouse deal

Onate has closed on a €75m warehouse securitisation with Citi as it expands its lending platform in Ireland and Spain. The private facility broadens Onate’s access to institutional funding and follows its senior facility with Triple Point and €100m Vienna-listed secured note programme. Since Onate’s entry into the Irish market in 2021, it has become one of the most active non-bank lenders in Ireland, having completed more than €210m financings across 300-plus bridging loans.

Private education loan deal debuts

Sallie Mae has announced a multi-year strategic partnership with KKR, under which KKR expects to purchase an initial seed portfolio of private education loans followed by a minimum of US$2bn in newly originated private education loans annually, for an initial three-year term. KKR's investment comes from KKR-managed credit funds and accounts via the firm's asset-based finance strategy.

Sallie Mae will maintain the relationships with customers and retain servicing for loans sold to KKR and will earn ongoing fees from KKR for providing servicing, programme management and industry expertise. By expanding access to innovative, scalable and capital-efficient funding, this strategic partnership is expected to strengthen Sallie Mae’s loan originations capacity and ability to serve students and families.

Morgan Stanley served as sole structuring advisor to Sallie Mae in connection with the transaction.

Turning Rock inks aviation deal

Turning Rock Partners has closed a new ABF deal through the acquisition of three Airbus A320neo airframes in partnership with AerFin, an aviation asset specialist. According to the firm’s head of credit Sha Khoja, the transaction highlights Turning Rock's strategy of focusing on “asset-heavy sectors”, where market inefficiency is creating entry points.

Under the financing structure, AerFin will manage the teardown, maintenance and parts distribution of the aircraft through a revenue pooling arrangement. ORIX Aviation served as transaction advisor, with Holland & Knight providing legal counsel and Deloitte handling accounting and tax services.  

Virgin completes airport slot financing

Apollo-managed funds and affiliates have completed a US$745m senior secured asset-backed financing of Virgin Atlantic’s portfolio of take-off and landing slots at London Heathrow airport. The proceeds from the financing will strengthen Virgin Atlantic’s balance sheet and fund the airline’s investment in its premium customer experience.

This includes the complete refurbishment of its Boeing 787-9 fleet, introducing upgraded interiors and expanded Upper-Class and Premium cabins from 2028. From 3Q26, 10 new Airbus A330neo aircraft will also join the fleet, featuring expanded premium cabins and six luxurious Retreat Suites.

In addition, the financing supports Virgin Atlantic’s commitment to service and product innovation, enabling the rollout of free, streaming-quality WiFi, powered by Starlink across the entire fleet. 

Gibson Dunn acted as legal counsel to the Apollo-managed funds and affiliates, while Apollo Capital Solutions Europe provided arrangement services. Redding Ridge Asset Management provided rating advisory solutions in support of the transaction.

Citi acted as placement agent, as well as transaction and rating advisor to Virgin Atlantic. Herbert Smith Freehills Kramer acted as legal advisors.

Corinne Smith, Claudia Lewis, Marina Torres, Jacob Chilvers

Capital Relief Trades

Chorus hits halfway mark for US$3.5bn SRT fund

SRT specialist achieves US$1.75bn nine months after launch

Chorus Capital has hit the halfway point for its new US$3.5bn SRT fund just nine months after launch, SCI has learned. 

Chorus Capital Credit Fund VI has already raised US$1.75bn and if it hits the full US$3.5bn it would become the largest SRT fund in the market, according to sources close to the matter. The fund will focus on SRT deals by European and North American banks referencing large, investment-grade corporate loan portfolios. The firm primarily targets transactions by globally systematically important banks (GSIBs) and domestically systematically important banks (DSIBs).

Should Fund VI amass US$3.5bn, it will be 40% larger than its predecessor Fund V, which held its final close last year at US$2.5bn. This was the joint-largest SRT fundraising to date, alongside Axa IM’s Partnership Capital Solutions Fund IX, which also closed last year.

Issuance of SRT transactions has been growing rapidly lately, in part due to new Basel IV framework. Last year saw a record $29bn of SRT tranche sales, according to Chorus data, with the manager expecting an increase to US$35bn this year. The firm’s investor base comprises multiple institutional investors, including pension funds, insurance companies, sovereign wealth funds, and family offices across North America, Europe, the Middle East, and Asia. 

Chorus Capital did not respond to a request for comment.

Jacob Chilvers

SRTx

Latest SRTx fixings released

US spreads reprice risk as market sentiment remains stable

The latest SRTx fixings show a complex picture, including a widening of US corporate spread. This response directly aligns with market concerns about deterioration at the credit stack's margin. Despite this quantitative widening, the overall market sentiment indicators have returned to a solid stable position, suggesting the market views the widening as an accurate, controlled repricing of risk rather than a systemic panic.

The recent widening of US corporate spreads (+11.7%) and the sharp deterioration in US SME credit risk (+33.3%) validates the view that, while the overall environment may be relatively calm, the credit risk embedded in the market is higher than in previous “benign” cycles.

This repricing is clearly targeting areas of stress, including repricing the exposure linked to corporate defaults like First Brands and Tricolor, confirming that “at the bottom of the stack,” deterioration is evident in the US. However, this targeted repricing occurs despite broadly positive macro trends. For example, the latest Seer Capital research notes that the combined distressed universe of US high yield (HY) and leveraged loans fell to a 7-month low of 4.7% as of September 2025, suggesting defaults will continue to decline. Similarly, European HY’s trailing 12-month default rate has declined and is forecast to moderate further in 2026.

The wider market outlook for Q4 remains defined by a risk-on pivot, driven by the expectation of a likely Federal Reserve rate cut in December. More specific to SRTs, the expected accelerating rates of risk transfer transactions continues to illustrate a powerful push–pull dynamic.

Market liquidity capacity is stable, as indicated by the latest liquidity index. The slight anticipated difficulty in executing deals in Q4 is probably caused by the sheer volume, throwing off the supply/demand balance, and not a lack of investor appetite.

Finally, regarding broader trends, global capital is flowing into structural shifts, which BlackRock terms “Mega Forces,” such as the artificial intelligence (AI) buildout. Such massive capital expenditure required for this AI-driven infrastructure is being increasingly financed by private markets. BlackRock views private credit as strategically positioned to earn lending share as banks retreat, underpinning the strategic allocation by major asset managers to credit-intensive private strategies, which provides a deep, persistent source of demand for SRT assets.

The SRTx Spread Indexes now stand at 763 (+2.8%), 588 (+11.7%), 785 (-2.5%) and 909 (-5.9%) for the SRTx CORP EU, SRTx CORP US, SRTx SME EU and SRTx SME US categories respectively, as of the 31 October valuation date.

The SRTx Volatility Index values now stand at 63 (+34.6%), 58 (+3.7%), 56 (+21.2%)  and 70 (+5.0%) 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 56 (+21.2%), 54 (+23.8%), 56 (+21.2%) and 55 (-5.7%) across SRTx CORP LIQ EU, SRTx CORP LIQ US, SRTx SME LIQ EU and SRTx SME LIQ US respectively.

The SRTx Credit Risk Indexes now stand at 47 (-12.5%) for SRTx CORP RISK EU, 63 (-3.8%) for SRTx CORP RISK US, 47 (-18.0%) for SRTx SME RISK EU and 75 (+33.3%) 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

Structured Finance

Job swaps weekly: Newmark adds two London-based mds

People moves and key promotions in securitisation

This week’s roundup of securitisation job swaps sees Newmark making two senior appointments to its European debt, equity and structured finance team. Elsewhere, an ex-Goldman Sachs structuring pro is targeting the launch of an asset-backed finance vehicle, while Paul Hastings has snapped up a former Cadwalader Wickersham & Taft lawyer as a tax partner.

Newmark has hired two London-based mds in its European debt, equity and structured finance team. The firm says the appointments will add to its capabilities across residential, offices, industrial, hospitality, data centres, energy and powered land.

Matthew Bailey has joined Newmark after five years at SitusAMC Europe, where he was senior vp, having previously held senior roles at Chalkhill Partners, HSBC, Commerzbank and UBS. He focuses on CMBS, non-performing loans, restructuring and debt capital markets. 

Andrew Wheldon has also joined the firm after almost seven years with real estate capital advisory business Laurus Property Partners, where he was an md and founder of the UK office. He previously worked at Lloyds Banking Group, CBRE and RBS.

Meanwhile, Former Goldman Sachs veteran Luca Lombardi is eyeing the launch of an asset-backed finance fund, to be managed by the newly launched ArxNova Asset Management, as reported by SCI earlier this week. Two other former Goldman executives, Jonathan Donne and Enrico Orlandi, will also be part of the firm, with the former serving as coo and the latter as partner and portfolio manager. 

Structured-finance-focused lawyer Catherine Richardson has joined Paul Hastings as a tax partner, based in London. Richardson left her role as tax partner at Cadwalader Wickersham & Taft in March after 11 years with the firm, having started her career with Jones Day. Her practice spans various types of international capital market transactions, including structured finance, fund finance, real estate financing, corporate M&A transactions, and general banking and finance.

Squire Patton Boggs has recruited international finance lawyer Joywin Mathew as a partner in its financial services practice, based in Dubai. Mathew joins from DLA Piper, and has almost two decades of experience across structured finance, debt capital markets, sustainable finance and fund finance, with previous roles in London and Singapore. 

Mathew’s arrival marks the latest step in SPB’s global financial services expansion under global head of structured finance, Ranajoy Basu, and global head of its financial services group, Jim Barresi. It follows recent senior additions to its structured finance practice in London, New York and Dallas.

Jones Day has hired Benjamin Downie as a partner in its financial markets practice, working out of its Sydney office. Downie focuses on securitisation, structured finance and debt capital transactions. He leaves his role as partner at Allens after almost 11 years with the firm, having previously worked at Gilbert + Tobin, King & Wood Mallesons and Allen & Overy.

Stockholm-based Jakob Nuldén has joined Revel Partners, bringing experience in capital, regulation and risk management and adding depth to the firm’s advisory and structuring capabilities. Most recently, Nuldén held the role of capital & liquidity lead at Nordnet Bank, which he joined in December 2022. Before that, he was a senior treasury analyst at Nordea and a quantitative risk analyst at SEB. 

And finally, Taylor Rose has hired as Russell Jarvis as head of banking, charged with expanding the law firm’s capabilities across private debt, structured finance and high-net-worth lending. Based in London, Jarvis joins the firm after three years as a senior partner in the banking team at Shakespeare Martineau. He also previously worked at Womble Bond Dickinson.

Kenny Wastell, Jacob Chilvers, Claudia Lewis