Weekly Issue Archive
News Analysis
Asset-Backed Finance
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RTL securitisations set to gain traction next year
Cardinal Capital and Saluda Grade securitisations mark inflection point for residential transition l...
A wave of residential transition loan (RTL) securitisations is transforming how private lenders finance property developers. The trend is expected to accelerate through 2026 as the asset class gains institutional credibility. "I do anticipate an in...
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Opportunities eyed in the 'eddies of ABF'
Davidson Kempner favours market's quieter corners for risk-adjusted returns
While direct corporate lending dominates private credit headlines, Davidson Kempner Capital Management argues that investors should look towards quieter corners of the market - the "steady eddies" of ABF. These smaller market segments offer compellin...
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New SRT asset classes set to emerge in 2026
Expanding issuer base driving elevated activity
Activity in the SRT market has remained elevated through 2025, with issuance becoming more evenly distributed across the year and supporting a broader issuer base. As the market has expanded, so too has the range of asset classes referenced in transa...
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Double-B CLO BWIC highlights softer trading conditions
Poh-Heng Tan provides insight into this week's US CLO double-B BWIC which highlights a flat-to-softe...
This week saw several US BSL CLO double-B tranches trade with cover DMs ranging from 542 bps to 1,059 bps, corresponding to MVOCs of between 106h and 94h. Overall, recent trading points to a flat to slightly softer tone. Bloom...
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SCI In Focus: Managers bet on growing LP spotlight for fresh ABF capital
New and established GPs eye different angles to gain edge
As the European ABF market has grown this year, initial capital allocation has unsurprisingly gone to the largest managers. But as the market develops, new entrants hope the spotlight will draw in fresh streams of investors seeking new strategies and...
SRT Market Update
Capital Relief Trades
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Japanese lender completes first Asia Pacific SRT
SRT market update
SMBC has closed its first SRT transaction out of its Asia Pacific division, referencing a US$3.2bn portfolio of Australian and Asian project finance loans. The deal was executed in partnership with three strategic sponsors – Blacks...
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Pair of Spanish securitisations print
SRT market update
BBVA has closed a pair of securitisations, in which the EIB Group has invested a total of €714m. The investment will enable BBVA to mobilise approximately €1.3bn to finance the liquidity and investment needs of SMEs, mid-ca...
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Landmark SRT announced in the Baltics
SRT market update
The EIB Group has completed an inaugural SRT based entirely on an Estonian portfolio. The transaction is issued by Estonia’s Coop Pank, providing capital relief that will enable up to €249m of new lending to local business...
News
ABS
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Call for increased EU regulatory ambition
Concerns remain over newly published SecReg texts
The European Parliament’s ECON committee, in charge of negotiating the securitisation reform package, has fired its starting gun on modifying the European Commission’s proposals - with the file’s rapporteur, Ral...
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Debut public Lithuanian securitisation prints
UAB ILTE completes apartment renovation loan securitisation
UAB ILTE has closed the first-ever public Lithuanian securitisation. Called Vytis Reno Loans 2025-1, the €163m consumer loan transaction was arranged by Alvarez & Marsal. The transaction securitises a €160.5m portfolio of...
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Pinnacle Bank signs strategic partnership with Greystar
ABF deal will build Pinnacle's bridge lending platform
Editor's note: updated on 17 December with further details on the structure. Pinnacle Bank has entered a strategic partnership with residential real estate specialist Greystar. The resultant ABF deal is structured to support the expansion...
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ABF Deal Digest: Sardis Group targets retail investors with private market interval fund
A weekly roundup of private asset-backed financing activity
This week’s roundup of private ABF activity sees securitised credit investment management firm Sardis Group launch an interval fund seeking to provide private market exposure to retail investors. Elsewhere, Blackstone Credit & Insur...
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ELFA updates guidelines to improve CLO reporting
Trade body adds information for a number of areas where inconsistent reporting is holding back the i...
The European Leveraged Finance Association (ELFA) has added more information to its best practice guidelines around the reporting and disclosure of CLO transactions, part of a CLO data engagement initiative aimed to aid transparency and standardisati...
Talking Point
CLOs
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Solvency 2 recalibration reopens door to CLOs but hurdles remain
S&P says capital relief improves senior tranche economics, though a broad-based shift in insurer...
Reforms to Solvency 2 could significantly reduce capital charges on senior securitisation tranches, including triple-A CLOs. However, S&P Global Ratings cautions that the changes alone are unlikely to trigger a rapid or broad-based r...
Market Moves
Structured Finance
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Job swaps weekly: Barrenjoey snaps up asset-backed income fund
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps – and the final roundup of 2025 – sees Barrenjoey Private Capital acquiring an asset-backed income fund from Trefor Capital and incorporating two of the strategy’...