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Weekly Issue Archive

News Analysis

CLOs

  • Structured products show resilience amid credit weakness

    Shifting technicals favour cash-rich buyers

    European structured credit primary markets are back up and running after a brief pause last month, and the latest fixings from the SCI Composite Index (SCIx) reveal a deeply bifurcated market with a fierce rally in RMBS, and a mixed bag for ABS and C...

  • Unpacking the ECB's SRT rollover risk concerns

    What makes SRT rollover risk more systemic than other refi risks banks already manage?

    The European Central Bank’s blog ‘Can synthetic securitisation support economic growth?’ remains central to ongoing market discussions weeks after it found a limited link between synthetic securitisation and corporate lo...

  • Insurance capital key driver of growing CLO demand

    Life and annuity insurers are increasing their CLO allocations as they seek attractive spread income...

    US life and annuity insurers are continuing to increase their allocations to CLOs as carriers seek attractive sources of spread income while balancing capital efficiency, liquidity and asset-liability management, according to investment management fi...

  • Valori buys €217m Balkan NPL portfolio from AMCO

    Cross-border package spans Romania, Croatia, Moldova and Albania

    Valori Capital has acquired a roughly €217m portfolio of non-performing and sub-performing corporate loans from Italian state-owned asset manager AMCO. The transaction, dubbed Project Callaghan, covers predominantly real estate-backed loan...

  • Managers reflect on state of European CLO market

    Technical and fundamental pressures keep CLO managers busy

    Supply shortages, bifurcation, and homogeneity are posing significant challenges for European CLO managers while the primary market remains remarkably robust.  Panellists speaking on the manager roundtable at Opal’s European&...

  • ABF holds the line as interval fund boom stalls

    Consumer-linked funds keep delivering while redemptions at private corporate credit vehicles halt gr...

    ABF funds are holding the line in a lacklustre year for alternative credit, even as redemptions at private corporate credit vehicles have brought the runaway growth of US interval funds to a halt, according to Gapstow Capital Partners, whose latest p...

  • ABF Deal Digest: Santander closes US$345m facility for WTEC

    A weekly roundup of private asset-backed financing activity

    This week’s asset-backed finance roundup sees IFS Capital launch a S$79m MSME loan securitisation. Meanwhile, Goldman Sachs committed £500m to SME housebuilder lender Quantum Development Finance, while SLR Business Credit has prov...

  • Latest SRTx fixings released

    SRT spreads tighten as credit concerns and volatility rise

    The latest SRTx fixings for September point to a market in which spread expectations have tightened across all four categories, even as volatility and credit-risk sentiment deteriorated. Liquidity conditions improved in Europe but weakened for US SME...

SRT Market Update

Capital Relief Trades

  • UK bank expands SRT-style risk-sharing facility

    SRT market update

    Shawbrook has expanded a government-backed credit risk-sharing facility to £350m, supporting additional lending to smaller UK housebuilders. The specialist bank has agreed a £200m increase to its existing £150m ENABLE...

  • Italian lender completes SRT with strong investor demand

    SRT market update

    Agos has completed Sunrise 2026-2, its second cash SRT transaction of 2026, backed by a portfolio of around €1.2bn of loans. The transaction attracted around €1.7bn of orders from European institutional investors and released more...

News

Capital Relief Trades

  • Brazil banks look for SRTs to unlock climate finance

    Synthetic deals that transfer credit risk to investors while keeping loans on banks' books could hel...

    Brazil has the money for the financing energy transition. What it lacks are projects that lenders are comfortable financing, according to industry experts on the 2026 Blended Finance Journey “De-risking Brazil: instruments for financing the...

  • EU investor sanctions risk backfiring, AFME, EFAMA warn

    AFME and EFAMA warned EU lawmakers that investor sanctions could deter securitisation investment

    AFME and EFAMA have urged EU lawmakers to remove proposed sanctions on institutional investors from the final review of the EU Securitisation Regulation, warning that the measures could result in overlapping penalties for the same breach and deter in...

  • SRT turns a new page

    The SCI World Risk Sharing Summit highlighted SRT's expanding reach, growing complexity and resilien...

    The SRT market is expanding into new asset classes, attracting a broader investor base and converging across funded and unfunded structures. But its resilience under stress remains a key question, speakers said at the SCI World Risk Sharing Summit ye...

  • CLO investors flag rising risks as market sentiment turns more fragile

    Investors point to tighter spreads, rising portfolio concentrations and risks around older vintages

    CLO investors at the Opal Group’s European CLO Summit held in London yesterday warned that market conditions are becoming more challenging, with sentiment turning more fragile, portfolio concentrations increasing and concerns growing around...

Talking Point

Asset-Backed Finance

  • CFO issuance accelerates as NAV market expands

    Managers turn to CFOs for fundraising while NAV facilities gain traction amid tighter liquidity cond...

    CFO issuance is accelerating in 2026 as private capital managers increasingly turn to structured finance to raise capital, while NAV lending continues to expand as a source of fund-level liquidity. KBRA has rated more CFO issuance by notional so fa...

  • BDC discounts driven by structure, not CLO fundamentals, says Natixis

    BDC discounts reflect liquidity and fee drag, not a gap in underlying credit quality versus CLOs

    Discounts in publicly traded business development companies (BDC) do not point to a deterioration in underlying credit relative to CLOs, but instead reflect structural differences between the two vehicles, according to Chris Gilbert co-head of the se...

Market Moves

Structured Finance

  • Job swaps weekly: Barings sees new asset-based finance global head, State Street appoints US CLO lending head

    People moves and key promotions in structured credit

    This week’s roundup of structured credit job swaps sees Barings hire a new ABF global head from Crayhill Capital Management, State Street promoting to Jiaqi Wei to head of US CLO lending and Barclays hiring directors across structured credi...

  • Avellinia hires first investor relations head

    Alexandra Israfilova joins in London alongside new CTO appointment

    Avellinia Capital has hired a new head of investor relations, SCI has learned. London-based Alexandra Israfilova joined the European asset-backed lender in recent days and is the first appointment in this role, sources told SCI. Israfilova joins...


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