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Weekly Issue Archive

News Analysis

Capital Relief Trades

  • SCI In Focus: Banks widen SRT reference pools to private credit financing

    MUFG's latest transaction highlights banks' growing use of SRTs on financing provided to private cre...

    Corporate loans continue to dominate significant risk transfer (SRT) transactions, but banks are increasingly referencing more specialised exposures as they adapt capital management tools to changing balance sheets. MUFG Bank's recently rated Furry C...

  • NAV loans in the spotlight

    Latest KBRA research shows record issuance masking a widening split between resilient secondaries de...

    Issuance of NAV loans hit a record last year, as private equity managers leaned further on the financing tool to bridge a prolonged drought of exits, according to a new report from KBRA. KBRA-rated NAV loan issuance reached US$23bn across 38 transa...

  • Trust, but verify: FirstSun's investigation over suspected collateral fraud

    The US bank is accusing a materials distributor of receivables fraud

    FirstSun Capital has recorded a US$22m loss on an asset-based loan to a materials distributor, after engaging Glancy Prongay Wolke & Rotter to investigate suspected fraud loan. The Denver-based bank disclosed a US$22m charge-off in...

  • Junior risk-off spreads across European securitisation market

    SCIx fixings show double-B widening turns universal in June, as senior spreads diverge by sector

    The latest SCI Composite Index (SCIx) fixings show broad-based widening across the stack, a reversal from last month’s broad tightening, with two exceptions among the senior tranches. Today’s monthly figures show junior risk-off...

  • European CLO ETFs become mainstream as GPs race to capture demand

    Asset managers say improving investor awareness and active management are fuelling growth

    CLO ETFs are becoming an increasingly mainstream fixed income allocation as investor understanding of the asset class improves, according to Jose Aguilar, head of European high yield and long/short credit strategies at BlackRock. The lates...

  • Brocc bags Norion Bank's Nordic bad loan book

    Deal marks one of the largest primary NPL disposals in the region as niche banks accelerate balance ...

    Cerberus-owned specialised debt manager Brocc Finance has bought a Nordic non-performing loan (NPL) portfolio with a gross book value of SEK 6.2bn (£483m) sold by Norion Bank. The portfolio, dubbed Project Midsummer internally, comprises...

  • Shaking off SEC shackles

    Data centre deals now free of compliance with ABS Exchange Act

    Sponsors of data centre securirisations will enjoy less costly and smoother access to the capital markets as a result of last week’s (July 29) ruling by the Securities and Exchange Commission (SEC) that such transactions fall outside the sc...

  • Second earnings wave reinforces SRT platform shift

    European and UK banks continued embedding SRTs into capital management, with recurring programmes re...

    Deutsche Bank, ING and Raiffeisen Bank International used second-quarter results to underline the growing role of SRTs in their capital management strategies, while BAWAG highlighted their use in supporting acquisition financing. Standard Chartered i...

  • Europe's lending rebound fuels next wave of SRTs

    Loan growth is rebuilding securitisation collateral, but EU banks are prioritising capital relief ov...

    European loan growth is rebuilding the pool of assets available for securitisation, but the more immediate effect may be stronger significant risk transfer activity as banks prioritise capital efficiency over straightforward funding needs. ...

  • ABF Deal Digest: Wayflyer, Fortress cut US$1.5bn forward flow

    A weekly roundup of private asset-backed financing activity

    This week’s roundup of ABF activity sees Wayflyer agree to a US$1.5bn forward-flow arrangement with Fortress Investment Group. Meanwhile, Temple View Capital has unveiled a strategic partnership with Oaktree, while Upstart has agreed to a m...

SRT Market Update

Capital Relief Trades

  • Potential SRT deal could broaden Bulgaria's issuer base

    SRT market update

    A Bulgarian bank is exploring an entry into the significant risk transfer market through a transaction potentially supported by multilateral institutions, SCI has learned. The transaction is understood to have been discussed as a synthetic financia...

  • AI and infrastructure drive next wave of SRTs

    SRT market update

    Banks are continuing to broaden the range of assets referenced in SRT transactions, with infrastructure, CRE and AI-related financing emerging as key areas of focus, SCI has learned. Among transactions understood to have recently been executed is a...

  • Singapore-based bank signals SRTs are here to stay

    SRT market update

    DBS has positioned its inaugural synthetic securitisation as more than a one-off capital transaction, embedding it within its long-term capital management strategy as the Singapore lender joins a growing number of Asia-Pacific banks exploring signifi...

  • CEE bank completes CRE SRT first

    SRT market update

    mBank has completed a €1.1bn SRT transaction referencing a portfolio of Polish commercial real estate (CRE) loans, in what the bank describes as the first CEE synthetic securitisation backed exclusively by CRE exposures. Dutch pension inve...

  • Wealth management assets enter European SRT market

    SRT market update

    BNP Paribas has completed its inaugural SRT transaction referencing a portfolio of Lombard loans, SCI has learned, broadening the range of asset classes being used in the European synthetic securitisation market. The transaction, Siena, closed on 3...

News

ABS

  • Institutional appetite for CMBS remains strong, despite refinancing headwinds

    Relative value opportunities emerging across the capital structure

    Institutional investor demand for CMBS is expected to remain strong over the next 12-18 months, despite ongoing refinancing challenges facing parts of the commercial real estate market. Indeed, the current environment is creating attractive...

  • Hodge Bank acquires Blue Motor Finance in pre-pack administration deal

    Transaction secures continuity for Blue's lending and securitisation platform amid mounting compensa...

    Hodge Bank has acquired the operating business of Blue Motor Finance through a pre-pack administration, in a deal that market participants say highlights the growing impact of the UK's motor finance commission redress regime on specialist lenders and...

  • Edge Focus closes fifth ABS deal, eyes auto credit next

    With its latest consumer ABS deal in hand, the firm looks to extend its underwriting engine into con...

    Edge Focus has closed its fifth ABS securitisation, a US$100m pre-funded transaction backed by unsecured consumer loans. The deal, EDGEX 2026-1NN, follows the firm's EDGEX 2026-PT1 and PT2 pass-through deals from March. Unlike the pass-through deal...

  • Credit Immobilier de France launches jumbo mortgage book sale

    The French lender is marketing a €1bn portfolio after an attempt to sell a roughly €400m...

    Credit Immobilier de France has launched the sale of a €1bn portfolio of performing mortgages, SCI has learned. The portfolio, dubbed Project Nexus, is one of the largest deals currently active in the French market.  The bank ha...

  • Sixth Street, Bayview acquire Castle Trust Bank

    US investment firms take joint control from J.C. Flowers, eyeing growth in property finance

    Castle Trust Bank has been acquired by vehicles backed by Sixth Street and affiliates of Bayview Asset Management, in a deal that hands control of the specialist lender to the investors with a combined US$180bn in AUM. The transaction sees the Lond...

  • Victory Park, Privacore hits US$350m for debut interval fund

    Investors include GEPT, CNO Financial Group and Corbin Capital

    Janus Henderson and affiliates Victory Park Capital and Privacore Capital have hit US$350m for their debut private asset-backed interval fund. Privacore VPC Asset Backed Credit Fund allocates at least 80% of its assets to asset-backed fina...

  • On the horizon: Is back leverage entering a new phase?

    Back leverage is evolving as investors and regulators reshape financing across the significant risk ...

    Back leverage has become an increasingly important feature of the significant risk transfer market, helping investors finance positions as the asset class continues to mature. But is the market approaching a turning point? As SRT grows in size an...

Talking Point

ABS

  • Transformation and turbulence

    Readers recall the key events over SCI's first 20 years

    The first issue of Structured Credit Investor was published this week in 2006 and since then the publication has provided structured credit news and analysis to the buyside through ever-changing times. SCI has documented not only the evolution of the...

  • SCI: 20 years on

    Richard Robb, ceo of CRC, recalls how SCI has evolved alongside the structured credit market in the ...

    Every thriving industry co-evolves alongside its lead publication. Wall Street has its Journal, advertising has AdAge, and we have Structured Credit Investor. An authoritative forum for news, analysis, data and awards – it makes our industr...

Market Moves

Asset-Backed Finance

  • Job swaps weekly: Fried Frank and Sidley expand US fund finance practice

    People moves and key promotions in securitisation

    This week's roundup of securitisation job swaps sees Fried Frank and Sidley strengthening their fund finance teams in New York by appointing new partners. Meanwhile, Tranchify, an AI-enabled operating system for securitisation execution, has named a...

  • Fidelity begins search for alternative credit portfolio manager following Curtis exit

    Alternative credit chief leaves to pursue other opportunities as Fidelity appoints an interim co-por...

    Michael Curtis, head of alternative credit at Fidelity Investments, has left the firm after eight years. A spokesperson from the firm confirmed his departure to SCI, stating, “Michael Curtis left Fidelity to pursue other opportunities. Hi...


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