Weekly Issue Archive

News Analysis

CLOs

  • Vertical retention outperforms first loss by 1% in EU CLO equity IRR analysis

    Poh-Heng Tan from CLO Research provides insights on vertical vs first loss risk retention

    This study examines a sample of 83 EU CLO equity tranches that have traded via BWIC since July 2024. Based on their disclosed cover prices (as provided by SCI), IRRs are calculated for primary equity investors, assuming an issue price of 95. The ta...

  • ABF booms on flexible capital, but talent gap looms

    Structural innovation and smart capital power rapid market expansion, triggering a race for skilled ...

    Flexible structures and fresh capital are driving rapid growth in asset-backed finance (ABF), but a shortage of skilled talent threatens to slow momentum. In last week’s webinar, ahead of SCI’s European ABF Forum in London on 13 O...

  • Aviation finance: Cloud cover - video

    GlobalAir Finance Services's Wallach speaks to SCI about changing conditions in the aviation finance...

    Evan Wallach, co-president of GlobalAir Finance Services, an advisory to investors in the aviation market, talks to Simon Boughey about the recent vicissitudes of this sector. He addresses the sudden refreshing upswing beginning in July of last ye...

  • Incrementally positive: (SRT) review of the European Commission's official proposal for reform of securitisation regulation

    European Securitisation Regulation Amendments to substantially strengthen the use of SRTs

    After various leaks, the draft amendments to the EU Securitisation Regulation and associated CRR provisions have finally been officially published, and synthetic SRT transactions appear to come out as the true winner of the proposals. &n...

  • Fed steps around Treasury market exclusion

    Proposed SLR changes carry broad support

    The proposed changes to the SLR made by the Federal Reserve at its open board meeting yesterday (June 25) have avoided giving banks carte blanche to load up on Treasuries, say market watchers. While preservation of Treasury market liquidity, partic...

SRT Market Update

Capital Relief Trades

  • BBVA expands capital optimisation effort

    SRT Market Update

    BBVA has completed two synthetic SRT transactions with a combined value of €3.5bn. Combined with the €2.35bn cash SRT the bank closed at the end of May, the deals are evidencing its strategic priority to optimise capital and value c...

  • Santander brings back Colossus

    SRT market update

    Deal information Santander has issued Colossus 2025-1, a synthetic securitisation referencing a £1.520bn portfolio of SME (79%) and CRE (21%) loans. In terms of structure, the synthetic CLN features six synthetic senior tranche...

News

ABS

  • EU securitisation reforms: a step forward, but is it enough?

    Investors still face 'significant hurdles' compared to other asset classes

    The European Commission’s recently proposed amendments to the EU securitisation framework aim to reduce the high operational costs for issuers and investors in EU securitisations and simplify certain due diligence and transparency requireme...

  • Private credit strengthens its hold

    US institutional accounts like private credit and debt more and more

    Confirming anecdotal evidence, global asset manager Schroders today (June 25) released new data showing that institutional investors are turning increasingly to private credit and debt alternatives (PDCA). In North America, 53% of institutional buy...

  • Carlyle and Diversified ink partnership for US energy assets amid global oil supply tensions

    US$2bn deal targets mature domestic PDP assets as energy security concerns and investor demand conve...

    Carlyle and Diversified Energy Company (DEC) have teamed up to invest up to US$2bn in proven developed producing (PDP) oil and natural gas assets across the US, as a convergence of factors – from a robust pipeline of acquisition opportuniti...

  • Pricing resistance: PGGM's take on risk sharing

    PGGM emphasises lenders' credit underwriting capabilities

    In a market where pricing often dominates the conversation, Dutch pension investor PGGM sees beyond the headline coupon. While highlighting the various factors that currently shape SRT transactions, Barend van Drooge, deputy head, Credit & In...

  • Global ABS attendees tip CLOs to lead European structured finance growth

    Fitch who surveyed over 100 attendees (including investors, bankers and issuers) on their outlook fo...

    Majority of market participants (45%) attending the Global ABS conference in Barcelona this year have forecast the CLO sector to drive the most growth in European structured finance following record supply last year, according to a survey conducted b...

  • Billion dollar onchain CLO strategy launched bridging institutional credit and DeFi

    Backed by the Sky Ecosystem, Grove tokenises Janus Henderson's flagship CLO strategy with the aim of...

    In an approach combining traditional finance (TradFi) and decentralised finance (DeFi), Grove, an institutional-grade credit infrastructure protocol designed to serve as the liquidity engine of DeFi, has allocated US$1bn to the Janus Henderson Anemoy...

  • SLR changes proposed by Fed

    Substantial reduction of SLR under consideration

    The Federal Reserve today (June 25) proposed reducing the supplementary leverage ratio (SLR) for GSIBs from the current level of 2% to 50% of any GSIB’s method one surcharge. The method one surcharge is a fee set for a GSIB based on its m...

The Structured Credit Interview

Asset-Backed Finance

  • Building Canada's ABF market from within

    Nur Khan, md and head of SAF Group's new ABF strategy, answers SCI's questions

    Q: You’ve recently joined SAF Group (SAF) to lead its new ABF strategy. Can you tell us more about your role and what the firm hopes to achieve in ABF?  A: SAF has ambitious growth plans, and I&rsq...

Market Moves

Structured Finance


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