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Weekly Issue Archive

News Analysis

Capital Relief Trades

  • SCI In Focus: B3E comments address eligible guarantor lacuna

    Ball bounced into agencies' court

    A common plea in the letters from trade associations, lobby groups and individual firms, which piled up thick and fast at the end of the Basel Three Endgame (B3E) comment period on June 18, is for a recalibration of the vexed eligible guarantor rules...

  • EU CLO market unlikely to see major structural shift despite UK securitisation reforms, says Dechert

    UK reforms offer incremental benefits, but dual compliance keeps the European CLO market largely unc...

    The European CLO market is unlikely to experience significant changes in execution practices or regulatory compliance despite the UK’s proposed securitisation reforms, according to Sushila Nayak, partner at Dechert, who notes that the conti...

  • Capital rules redraw the SRT map

    Regulation, repeat issuance and new markets defined June

    June marked an important turning point for the SRT market. Regulatory reform continued to reshape the capital landscape, while repeat issuance, expanding investor participation and geographic diversification showed that the market is maturing well be...

  • SCI In Focus: Cash SRT finds its niche in revolving consumer credit

    The debate is shifting from cash versus synthetic SRT to which structure best suits each asset class

    For years, synthetic structures have dominated the significant risk transfer market, becoming the default tool for mortgage, SME loan and corporate loan portfolios. But as banks seek to optimise a broader range of assets, the debate is shifting from...

  • Keystone says resilient investor demand bodes well for UK BTL RMBS

    Broad demand from banks and asset managers tightens pricing across the capital structure, while ware...

    Strong investor demand for Keystone Property Finance's latest buy-to-let RMBS demonstrates continued confidence in the UK specialist mortgage securitisation market, with banks and asset managers driving demand across the capital structure, according...

  • European CLO triple-B spreads tighten to pre-war levels as demand squeezes value

    Investors say heavy buying has made new-issue triple-B paper increasingly expensive, with seasoned s...

    European CLO investors are facing an increasingly difficult challenge finding value in triple-B tranches, with spread compression near all-time tights in some cases, according to market sources. Amid broader tightening across the capital stack, tri...

  • ABF Deal Digest: Bci closes US$65m NAV facility, while Blacktree launches SBA platform

    A weekly roundup of private asset-backed financing activity

    This week’s roundup of private ABF activity sees BciCapital close a US$65m NAV facility for a global real assets manager. Meanwhile, Victory Park Capital has cut a US$50m facility for credit card debt financing firm Digitt and Blacktree Man...

  • Muzinich launches fifth aviation lending platform

    London-based firm utilising a warehouse facility for the first time

    Muzinich is preparing to launch its fifth aviation lending platform, MAF Investments V. The platform will invest in diversified loan portfolios secured by commercial aircraft, backed for the first time by a warehouse facility. Brian Lau, w...

  • Asian SRT market held back by pricing mismatch, not just regulation

    A pricing gap between banks and investors may be holding back Asian SRT growth more than fragmented ...

    The SRT market in South and Southeast Asia (SSEA) is often viewed through a regulatory lens. But according to S&P Global Ratings, the bigger obstacle may be pricing, with a disconnect between what banks are willing to pay and what investors d...

SRT Market Update

Capital Relief Trades

  • European bank points to low-cost capital benefits after second SRT deal

    SRT market update

    KBC Group describes SRT transactions as an effective means of releasing capital at a cost "way below the cost of equity", offering fresh insight into how the Belgian banking group views the role of the product within its broader capital management st...

  • Italian lender completes SRT deal after delaying mezz sale for calmer markets

    SRT market update

    Last week, Mediobanca completed the placement of the mezzanine notes from its Quarzo 2026 SRT securitisation after waiting for market conditions to stabilise, allowing the bank to secure its targeted pricing and regulatory capital relief. The Itali...

  • Singapore's largest bank launches first SRT

    SRT market update

    DBS has completed its inaugural SRT transaction, executing a US$1bn synthetic securitisation referencing a diversified portfolio of corporate loans, as it expands its capital management capabilities and positions itself for further regional growth. ...

  • French bank adds inaugural CRE deal to multi-transaction SRT programme

    SRT market update

    BNP Paribas has completed four SRT transactions referencing almost €10bn of assets, expanding its capital relief programme across commercial real estate and corporate lending while continuing to favour bilateral execution. The transactions...

  • Defence marks a new chapter for true sale SRTs

    SRT market update

    Banco Sabadell's recent defence-linked securitisation demonstrates that true sale structures can become an increasingly important tool for delivering the European Investment Bank Group's policy objectives, with similar transactions likely to be repli...

  • Italian auto finance lender completes its public STS SRT auto ABS

    SRT market update

    Stellantis Financial Services Italia has priced a €1.2bn public auto ABS transaction structured to achieve SRT, adding to the growing number of public STS capital relief securitisations brought to the European market. The transaction secur...

News

ABS

  • European securitisation seniors tighten

    SCIx benchmarks show narrowing at the top of the stack in most sectors

    Today’s monthly figures from SCI’s family of indices covering the European ABS, CLO and RMBS markets – the SCI Composites Index (SCIx) – show an overall tightening trend from end-May to end-June. However, there...

  • Magellan eyes US$250m for new evergreen ABF fund

    Dubai-based firm looking to cut US$50m in deals by the end of September

    Magellan Capital has launched a new evergreen ABF fund and is aiming to close US$50m in deals by Q3, SCI has learned. Magellan Asset Backed Opportunities Fund is the first institutional open-ended asset-backed fund incorporated in the Dubai Interna...

  • BciCapital cuts US$65m NAV facility for real assets manager

    Lender sees growing appetite for NAV as valuations in traditional private credit come under pressure

    BciCapital has closed a US$65m NAV facility for a global real assets-focused investment manager that is partially owned by one of the world’s largest REIT platforms, SCI learned. The facility enables the refinancing of existing debt and f...

  • NAIC vote pulls private credit CLOs into new risk-based capital regime

    NAIC IRE working group votes to adopt the new ratings-based RBC proposal

    The National Association of Insurance Commissioners’ (NAIC) has voted to adopt new risk-based capital (RBC) factors governing the capital treatment of insurance companies’ CLO holdings. In the latest meeting of the Risk-Based Ca...

  • KBRA sees EU middle-market CLO market broadening as issuance and multicurrency structures grow

    Golub's debut European middle-market CLO underscores growing momentum in the asset class, with furth...

    The European middle-market CLO sector is set to continue expanding as established private credit managers bring more transactions to market and issuers increasingly adopt multicurrency structures, according to KBRA. Following the agency's...

Market Moves

Structured Finance


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