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Weekly Issue Archive

News Analysis

Capital Relief Trades

  • SCI In Focus: AI rewires the machinery behind SRT

    AI is reshaping SRT, from monitoring and regulation to GPUs, data centres, replenishment and new ris...

    Artificial intelligence is beginning to move beyond generic back-office automation in securitisation, with technology providers and financial institutions exploring whether it can be used to analyse transaction documentation, monitor portfol...

  • Kartesia closes in on €500m target for third fund

    EIF amongst backers for KAF III as firm eyes niche origination opportunities

    Kartesia is closing in on its €500m target for its latest asset-based lending fund, SCI has learned. Kartesia Asset Finance III has currently raised about 75% (€375m) of the fund and is looking to hit €400m in October, so...

  • SCI In Focus: The rise of private credit's 'soft' defaults

    US private credit 'soft' defaults hit record levels in August, raising the question of how long exte...

    US private credit defaults have hit a record high of 6.3% in August, according to Fitch Ratings, but the figure is driven more by a growing number of payment deferrals, payment-in-kind (PIK) interest, and maturity extensions than by restructurings an...

  • US BSL CLO new-issue spreads: Tight across the stack

    Poh-Heng Tan from CLO Research provides insights on trading data, which show the tightest double-A a...

    US BSL CLO new-issue spreads have rallied across the capital structure, led by the lower-rated tranches. Double-A and triple-B are at their tightest weekly prints since January 2022, while single-A and double-B are close to theirs. The triple-A to do...

  • GPs use financing to make bigger bets on their own funds

    Sponsors are using financing to boost GP commitments to 5-7% of fund size

    GPs are increasingly using financing to fund their own commitments, in a bid to signal greater conviction to investors at a time when raising new capital has become significantly harder. Jed Johnson, head of GP solutions at Orix USA, says the trend...

  • SCI In Focus: SRTs await a true test of credit performance

    SRT portfolios remain resilient, but tighter pricing and thinner protection could raise the stakes i...

    The SRT market has so far proved remarkably resilient through a period of rising rates, economic uncertainty and pockets of deterioration across credit markets. But that resilience may not yet tell the whole story.  Much...

  • Reckoner doubles down on risk retention platform with Bush appointment

    Asset manager expands beyond CLO investing into risk retention financing

    Reckoner Capital Management is to deepen its presence on the financing side of securitisation markets, after appointing Robert Bush as md within Reckoner Capital Company (RCC). RCC was launched earlier this year to address what Reckoner sees as a s...

  • SRT goes bigger, broader and riskier

    Monthly roundup of SRT market activity

    September showed just how far the SRT market has moved beyond its traditional core of European bank capital relief trades. Across the month, SCI coverage highlighted growing institutional allocations, repeat issuance programmes, new jurisdictions a...

  • Kartesia prices upsized debut CLO

    New European manager makes splash with inaugural deal

    Kartesia has successfully entered the European CLO market with its debut deal, an upsized €459m transaction that compares favourably with recent deals from other new managers. Kartesia CLO I is the first BSL CLO from the European private c...

  • Q2 2025 CLOs set for reset wave as tighter funding improves equity economics

    Expiry of Q2 2025 non-call periods and tighter funding costs to keep European CLO reset and refi act...

    European CLO reset and refinancing activity is set to remain elevated into the final quarter of 2026, as deals issued during the wider spread environment of Q2 2025 begin rolling out of their non-call periods. According to a Bank of Americ...

  • ABF Deal Digest: Oaktree hits US$2bn for debut ABF fund

    A weekly roundup of private asset-backed financing activity

    This week's roundup of ABF activity sees Oaktree Capital Management for its debut asset-backed finance fund. Meanwhile, Sixth Street has established a co-operative agreement with Lloyds to provide funding for the UK’s commercial real estate...

  • Italian ABS shifts into higher gear as S&P returns to triple-A after 12 years

    Santander's latest Italian auto deal marks S&P's return to top of rating scale for Italian ABS a...

    The Italian ABS market is shifting into a higher gear, with Santander Consumer Bank's latest Italian auto ABS, Golden Bar 2026-2, scoring triple-A ratings from Morningstar DBRS and S&P Global on its senior notes, and marking S&P's ret...

  • EU securitisation talks close in on endgame

    EU securitisation talks narrow key differences, but supervision, sanctions and UFCP remain unresolve...

    EU policymakers have narrowed several differences in negotiations over the bloc's securitisation framework, with prudential calibration, the sole-purpose test and significant risk transfer provisions moving closer to finalisation at technica...

  • US industrial outdoor storage finds home in CMBS as investor appetite grows

    Institutional capital is moving deeper into industrial outdoor storage as CMBS issuance rebounds, wh...

    Industrial real estate is taking a larger share of US CMBS issuance as institutional investors deepen their exposure to industrial outdoor storage (IOS), while pricing differentials with traditional industrial continue to narrow. A recent...

SRT Market Update

Capital Relief Trades

  • Hybrid protection structure underpins latest corporate SRT

    SRT market update

    BNP Paribas has executed its sixth Echo synthetic securitisation, transferring €140m of mezzanine credit risk on a €1.75bn portfolio of sub-investment-grade large corporate and leveraged buyout (LBO) exposures. The transaction tra...

  • Polish bank turns loan risk into lending capacity

    SRT market update

    BNP Paribas Bank Polska has transferred significant credit risk on a PLN3.6bn (€850m) portfolio of corporate loans to the European Investment Fund (EIF) through a synthetic securitisation, SCI has learned, freeing up capital for new lending....

  • Development bank-backed SRT unlocks fresh capital for Polish MSMEs

    SRT market update

    IFC is providing credit protection on portfolio equivalent to US$1.6bn of Bank Millennium individual retail loans in a synthetic securitisation that will free up sufficient capital for the Polish bank to increase new lending for micro, small and medi...

  • UK bank fires up CRE SRT pipeline

    SRT market update

    Santander UK has closed its latest synthetic risk transfer trade this week, SCI has learned.  The transaction, Colossus 2026-2, references a portfolio of commercial real estate (CRE) loans originated by the Spanish lender's UK unit. The...

  • SRT-style junior-investor model gains traction in UK SME market

    SRT market update

    The British Business Bank has two to three bilateral ENABLE Guarantee transactions further along its pipeline in the UK SME sector, while two to three further deals involving junior institutional investors remain at a very early stage, says Michael S...

News

Asset-Backed Finance

  • NordLB targets 100 fund finance deals a year

    German lender cites structured finance sponsor base as it builds out subscription line business

    NORD/LB, one of the newest entrants to the fund finance market, is aiming to reach around 100 transactions a year, according to a recent NORD/LB and Hogan Lovells Cadwalader fund finance webinar. "We have done a lot now and we're looking forward to...

  • Valori debuts in Italian NPLs with secondary portfolio buy

    Firm completes purchase via existing securitisation vehicle, with more deals planned

    European distressed private credit manager Valori Capital has entered the Italian non-performing loan (NPL) market by acquiring a real estate-secured portfolio from a US fund.  Dubbed Project Cloud, the portfolio has a gross book value (GB...

  • On the Horizon: What is at stake in the third EU securitisation trilogue?

    European policymakers return to the negotiating table today, with the third trilogue putting securit...

    The EU’s securitisation reform enters another decisive stage today as the European Parliament, Council and European Commission return to the negotiating table for the third political trilogue. After two rounds of discussions, the focus is...

  • Clifford Capital continues US push for infrastructure ABS

    The latest in the Bayfront series is the firm's largest IABS deal yet

    Singapore-based infrastructure credit platform Clifford Capital has priced the ninth iteration of its pioneering Bayfront infrastructure asset-backed securities, as asset managers show mounting interest in the emerging asset class. Bayfront IX, a U...

  • Golub primes itself for entry to European BSL market

    Experienced US lender has multiple warehouses open in Europe

    Mid-market giant Golub Capital is preparing to enter the EU BSL CLO market, aiming to price its first deal by early next year, SCI understands. Golub issued its debut European mid-market deal this summer, a €337m dual-currency CLO...

Talking Point

CLOs

  • AI-linked loans test CLO pricing frameworks as supply rebounds

    Arini's Mehdi Kashani warns data centre financing tied to artificial intelligence is entering collat...

    CLOs managers may increasingly be exposed to assets the market does not yet fully understand as artificial intelligence-linked financing begins to enter collateral pools, according to Mehdi Kashani, head of structured credit at London-based credit he...

The Structured Credit Interview

Asset-Backed Finance

  • Fund finance looks beyond the subscription facility

    Gibson Dunn's Andrew Hogan, on why creativity, collaboration and closer ties between finance and fun...

    Fund finance began as a relationship product between banks and funds. Today, insurers, non-bank lenders and a wider range of investors are reshaping it, and sponsors are looking well beyond the standard subscription facility. Andrew Hogan, who recent...

Market Moves

Structured Finance

  • Job swaps weekly: Pemberton taps Investcorp's Courtman to lead CLOs

    People move and key promotions in securitisation

    This week’s roundup of structured credit job swaps sees Pemberton Asset Management appoint Dominic Courtman as head of its CLO group as the manager continues to grow its platform. Elsewhere, BlackRock TCP Capital has appointed Dan Worrell a...


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