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Weekly Issue Archive

News Analysis

ABS

  • French ABS supply rises despite wider spreads as equity release RMBS looms

    French ABS issuance accelerates despite wider spreads and sovereign volatility, with potential equit...

    French securitisation supply has accelerated in 2026 despite a volatile sovereign backdrop, with investors continuing to absorb new paper while demanding additional spread, and a new French equity release mortgage (ERM) securitisation is understood t...

  • Avellinia eyes €50m in deals from warehouse facility

    Two facilities are in progress across a robotics platform and fleet financing

    Avellinia Capital is set to close two asset-backed finance deals totalling about €50m, SCI has learned. The facilities are due to close this quarter from a new warehouse facility at around €25m each, covering a European robotics p...

  • Pepper eyes repeat dollar issuance after tapping US investors in latest UK RMBS

    Pepper's Polaris 2026-3 taps new US-based investors with first dollar-denominated tranche in Europea...

    Polaris 2026-3 has brought a dollar-denominated senior tranche back to the public European RMBS market for the first time since Nationwide's Silverstone deal in January 2022, with strong demand from US accounts highlighting the potential for...

  • ABF Deal Digest: Bridgepoint launches new partnership, while M&G markets first LTAF

    A weekly roundup of private asset-backed financing activity

    This week’s asset-backed finance roundup sees Bridgepoint, GFH Bank and AIP Capital form a new aircraft leasing platform. Meanwhile, M&G has launched its debut LTAF, while Franklin Templeton and Benefit Street Partners have expanded...

  • Sculptor targets opportunities in overlooked corners of ABF

    The firm is focusing on niche asset classes, selective origination and shorter-duration financing

    As competition for assets increases, Sculptor is looking beyond established ABF markets for pockets of opportunity where other investors are pulling back. Udai Bishnoi, co-cio and global head of asset-based finance, says the firm is identify...

  • SCI In Focus: Insurers' role in SRT market hangs on EU securitisation deal

    Provisional agreement on insurer eligibility marks progress, but the prudential treatment of unfunde...

    European policymakers are moving towards an agreement on the EU securitisation package, but unresolved capital requirements and restrictions on unfunded credit protection (UFCP) could shape (re)insurers’ role in the significant risk transfe...

SRT Market Update

Capital Relief Trades

  • Spanish bank structures new corporate loan SRT

    SRT market update

    Banco Santander has structured a synthetic securitisation referencing a portfolio of loans to large and medium-sized corporates, with a total value of approximately €2.4bn. The underlying loans were originated by a leading financial instit...

  • Spanish bank prices mortgage SRT, eyes SME deal

    SRT market update

    Banco Santander has priced a new synthetic securitisation of Spanish residential mortgages under its Aracataca programme, while a separate transaction backed by Spanish SME loans is understood to be in preparation under the bank’s Magdalena...

  • SRT targets project finance loans backing energy transition

    SRT market update

    ING has entered into a €5bn SRT transaction with Dutch pension investor PGGM, sharing credit risk on a portfolio of project finance loans across Europe, the Middle East and Africa (EMEA) and Asia-Pacific (APAC). The transaction, named Lind...

  • UK lender socialises potential data centre SRT

    SRT market update

    HSBC is sounding out the market on a potential significant risk transfer transaction linked to data centres, SCI has learned, following market rumours that the bank is exploring a deal referencing more than US$1bn of loans financing AI infra...

News

ABS

  • On-demand pay provider DailyPay tightens pricing on second ABS

    Strong investor demand across all four tranches supports tighter pricing, while DailyPay maintains t...

    DailyPay has priced its second US$200m asset-backed securitisation (ABS) at a blended spread around 30 basis points tighter than its inaugural transaction in June 2025, with the deal more than eight times oversubscribed. The firm which claims to be...

  • Saudi Arabia's latest RMBS prints tighter, attracts wider investor base

    SRC's second unwrapped RMBS achieves tighter pricing than 2025 pilot transaction as public ratings d...

    The Saudi Real Estate Refinance Company (SRC)’s second unwrapped RMBS has priced tighter than last year's pilot transaction, as its landmark public ratings helped attract a deeper pool of domestic investors.  “The addit...

  • AMCO adds third Italian bad loan book to sales as BPER markets portfolio

    AMCO recently brought two Italian NPL portfolios to market and is now marketing a third, while BPER ...

    Italy’s state-backed bad loan manager AMCO is marketing a third portfolio of non-performing loans (NPLs) this week, while BPER Banca is also launching the sale of a book of distressed exposures, SCI has learned. AMCO has launched the sale...

  • Ardian bets on mid-market funds as NAV lending goes mainstream

    The Paris-based investor has teamed up with Japan's SMBC to lend against portfolios of smaller buyou...

    Ardian is wagering that the next phase of NAV lending will be won not among the industry’s biggest names, but among mid-sized PE groups that large banks struggle to assess. The Paris-based investment firm announced last week a partnership...

  • SCI Risk Sharing Awards: Innovation of the Year

    Winner: Allica ENABLE Guarantee

    Allica Bank’s £350m risk-sharing transaction with the British Business Bank (BBB) and Sona Asset Management is the first in the UK to combine private-sector capital with a senior government-backed guarantee in a synthetic securiti...

  • South Korea assesses potential for SRT market

    South Korean banks could unlock capital through SRT, but developing a domestic market would require ...

    South Korean banks could use significant risk transfer transactions to reduce risk-weighted assets and free up capital for lending, according to an analysis published on the Asian Development Bank’s Development Asia platform. The analysis...

  • SCI Risk Sharing Awards: European Transaction of the Year

    Winner: EGB SME 2025-1

    Erste Group’s €11.5bn EGB SME 2025-1 is notable not only for representing the largest-ever unfunded European SRT, but also its complexity, given the portfolio comprised more than 30,000 SME and corporate loans consolidated across E...

  • SCI Risk Sharing Awards: North American Transaction of the Year

    Winner: Project Hudson

    Project Hudson represents BNP Paribas’ inaugural SRT referencing US business development company (BDC) revolving credit facility (RCF) exposures. The trade benefitted from a US$1.25bn initial portfolio, disclosed pool, replenishment period...

  • SCI Risk Sharing Awards: Emerging Markets Transaction of the Year

    Winner: Chrysalis

    IFC’s landmark Project Chrysalis establishes a new MDB risk-transfer template for short-tenor emerging market trade finance, bringing institutional investors into multiple layers of the capital structure for the first time. By combining pri...

  • SCI Risk Sharing Awards: North American Issuer of the Year

    Winner: BMO

    BMO’s issuer credentials speak for themselves: eight SRT programmes, more than US$77bn of commitments hedged across 40 transactions over a 10-year period and a broad investor network. In a year that saw the launch of its new Biscotasi progr...

  • SCI Risk Sharing Awards: European Arranger of the Year

    Winner: Revel Partners

    As an independent arranger, Revel Partners is not simply arranging repeat trades for large issuers; it is expanding the issuer base and bringing less familiar collateral types and regional banks into the SRT market. In recognition of its clear strate...

  • SCI Risk Sharing Awards: ESG Deal of the Year

    Winner: Mosaic

    Mosaic brings together the development-oriented policy of EBRD, a Multilateral Development Bank (MDB), with the long-term perspective of institutional investor PGGM, creating a transaction where ESG considerations are embedded through portfolio compo...

  • SCI Risk Sharing Awards: Investor of the Year

    Winner: Newmarket Capital

    In recognition of its specialist expertise in SRT, disciplined underwriting approach and ability to execute complex and less conventional mandates, Newmarket is SCI’s pick for Investor of the Year in the 2026 Risk Sharing Awards. The firm...

  • Credit fears mount as AI financing risks grow

    IACPM's Som-lok Leung warns of rising credit risks as higher rates and AI financing concerns mount

    Credit portfolio managers are increasingly concerned about deteriorating credit conditions, with rising interest rates, uncertainty surrounding AI financing and geopolitical risks contributing to expectations of wider spreads and higher defaults, acc...

  • SCI Risk Sharing Awards: (Re)insurer of the Year

    Winner: AXIS

    AXIS has been named (Re)insurer of the Year in SCI’s 2026 Risk Sharing Awards. The award recognises the team’s disciplined growth, technical expertise and contribution to notable multilateral, emerging-market and other innovative...

  • SCI Risk Sharing Awards: European Issuer of the Year

    Winner: UniCredit

    UniCredit combines scale, multi-country reach, capital impact and strategic integration of SRT across its Group Balance Sheet Management processes. For generating circa twice the amount of organic capital versus its core peers* via its ARTS SRT progr...

  • European investors weigh up new issue fatigue in crowded CLO primary

    Growing demand for CLO debt is forcing investors to accept decreased allocations

    European CLO investors are split on whether the market is finally showing signs of ‘new issue fatigue’, or if recent spread widening is just a natural correction in an increasingly crowded primary market. The global CLO market h...

Talking Point

CLOs

  • European CLO maturity wall unlikely to trigger sharp refinancing wave

    Managers are expected to weigh reset costs against liability savings, with asset performance and mar...

    The European CLO market is unlikely to face a sharp refinancing wave as a cohort of deals approaches the end of their reinvestment periods, with managers able to reset transactions, refinance liabilities or allow portfolios to amortise. “...

  • CME Group sees leveraged loan futures as fast hedge for broad loan exposure

    Traditional asset managers are early adopters, while CLO managers could use the futures to adjust br...

    CME Group is positioning its newly launched leveraged loan futures as a liquid, standardised way for investors to add or cut broad loan-market exposure quickly, with traditional asset managers likely to be among the first adopters and CLO managers a...

Market Moves

Structured Finance

  • Job swaps weekly: Pemberton hires former Insight pm as risk sharing director

    People moves and key promotions in structured credit

    The structured credit market saw a busy week of senior hires, promotions and new mandates, including Pemberton Asset Management's appointment of a new director of risk sharing. The moves also include new leadership roles across SRT and credit structu...

  • CIFC makes md hire to drive European expansion amid private wealth demand

    CIFC targets European wealth channel as private banks rotate toward CLOs

    CIFC Asset Management is ramping up its European expansion with the hire of Nick White as managing director of its European marketing and investor relations, based in London. White will aim at bolstering outreach with investors in the region, posit...


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