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Weekly Issue Archive

News Analysis

CLOs

  • CLO reset economics thin but volumes hold firm

    Shrinking liability savings and a jump in junior spread dispersion are reshaping the calculus behind...

    Reset activity across European and US CLO markets continues apace this year even as the underlying economics have thinned, prompting diverging responses among investors on either side of the Atlantic.  The global volume of resets this year...

  • Inside 17Capital's playbook

    Partner David Wilson on scaling from US$100m to billion-dollar funds and why delayed exits are fueli...

    Q: How long has 17Capital been focused on NAV financing? A: The firm was founded in 2008, so we're approaching 20 years. NAV financing is all we do, and all we have ever done. Some of the vocabulary has changed over time, but the core strategy has...

  • Latest SRTx fixings released

    SRT market sentiment softens in July as spreads widen and credit, liquidity concerns increase

    The latest SRTx fixings for July point to a modest deterioration in SRT market sentiment as the asset class entered the second half of the year. Spread expectations moved wider across all four categories, while volatility, liquidity and credit risk i...

  • SRT moves beyond its niche roots

    SRT evolves rapidly as investor demand broadens and banks increasingly integrate transactions into l...

    The significant risk transfer market is entering a more mature phase, with issuance reaching record levels, investor participation broadening and banks increasingly embedding transactions into long-term capital management strategies, according to com...

  • Felicitas closes US$10m delayed-draw NAV facility

    Firm plans 20 new deals over the next six months as demand for capital-call liquidity grows

    Felicitas Global Partners, a specialist NAV lender, has closed a US$10m senior secured delayed-draw facility for a small, US-based fund-of-funds manager. The facility, which closed last week, will fund capital calls from underlying private equity m...

  • Dechert sees CFO issuance hitting $30bn as insurers drive demand

    Regulatory clarity and a broader investor base are accelerating growth, lawyers tell SCI, with sprea...

    Collateralised fund obligation (CFO) issuance could reach US$30bn in 2026, with regulatory clarity and growing demand from insurers driving market expansion, Dechert tells SCI. “We have effectively seen two things converge: incre...

  • French NPL market stirs as SocGen, BPCE, BNPP and Credit Mutuel bring books to market

    Repeat sellers are returning with larger portfolios after years of sporadic activity, as ECB data po...

    France's non-performing loan (NPL) market is seeing an unusual concentration of larger-ticket supply, with four banks bringing bad loan portfolios with a joint gross book value (GBV) of over €1bn to market, as they look to optimise their bal...

  • CLOs outpace banks in transmitting rate changes

    Floating-rate structures enable faster pass-through of rate changes to borrowers and investors, rein...

    CLOs can transmit monetary policy more efficiently than traditional bank lending due to their floating-rate structure, Rob Reynolds, managing director and head of CLOs at Pemberton Asset Management, tells SCI, as benchmark rate changes are p...

  • US CRE CLO issuance rebounds as bridge lending and back leverage fuel growth

    US CRE CLO issuance has surged in 2026 as stronger bridge lending demand, bank back leverage and imp...

    US commercial real estate (CRE) CLO issuance has begun a sharp recovery in 2026, with stronger demand for bridge lending, increased bank back leverage, and improving investor acceptance pushing volumes back towards post-pandemic highs. Private labe...

  • Eden Rock hits €200m for debut ABF fund

    Firm wins cornerstone investment from large US asset manager

    Eden Rock Credit has hit €200m for its debut asset-backed finance fund, SCI has learned. Eden Rock Credit I, which has a target of €500m, launched at the start of this year and has secured an anchor investment from a large US asse...

  • Ares, Octagon see European CLO issuance shifting as managers weigh new opportunities

    Managers assess execution conditions across primary activity as issuance mix evolves

    Ares Management and Octagon Credit Investors say execution in the European CLO primary market is becoming increasingly transaction-specific, as managers weigh opportunities across both existing deals and new issuance. Speaking to SCI, Nicol&oac...

  • US and EU CLO BB BWIC: A tale of two markets

    Poh-Heng Tan from CLO Research provides insights on latest US and EU CLO BB BWICs

    Yesterday (12th August) saw a relatively long list of US and EU CLO BB bonds on BWIC according to SCI’s BWIC data, providing an interesting comparison between the two markets, particularly in terms of MVOC, extension risk and secondary-mark...

  • ABF Deal Digest: Aperture expands litigation platform, while NVIDIA unveils new JVs

    A weekly roundup of private asset-backed financing activity

    This week’s roundup of ABF activity sees Aperture Investors expand its litigation finance platform. Meanwhile, NVIDIA has unveiled new strategic partnerships, and Gordon Brothers closed its inaugural asset-backed securitisation. NVIDIA cu...

  • Edelweiss nears US$1bn for latest performing credit fund

    Strategy targets structured credit solutions to mid-market companies in India

    Edelweiss Asset Management is nearing US$1bn for its latest performing credit fund, SCI has learned. Edelweiss Special Opportunities Fund IV is understood to have raised around US$700m of its US$1.5bn target, sources close to the matter told SCI. ...

  • SRT: Market broadens as new issuers and assets drive Q2 momentum - SCI Analytics

    SCI's Q2 SRT report points to further market expansion, driven by new issuers, broader assets and re...

    The European significant risk transfer market broadened further in the second quarter of 2026, with expanding issuer participation, sustained investor demand and greater diversification across asset classes reinforcing its evolution into an increasin...

  • Aluna eyes €250m for new ABF fund

    European-focused strategy supported by ING, APEX, and Backer & McKinsey

    Aluna Partners is kicking off fundraising for a €250m asset-based finance fund in September, SCI has learned. The new vehicle targets credit cards, leasing, trade finance, auto and SME lending, as well as broader consumer lending, across E...

  • SCI webinar: B3E more half full than half empty

    Re-proposed capital rules please more than dissatisfy

    The recognition of pre-paid credit protection arrangements as valid risk mitigants without a derivative or guarantee is the biggest single win in the re-proposed Basel III Endgame (B3E), agreed participants in this week’s SCI webinar, &...

SRT Market Update

Capital Relief Trades

  • Second Canadian SRT fund reaches first close

    SRT market update

    Polar Asset Management Partners has raised more than US$215m at the first close of its second dedicated SRT investment vehicle, as Canadian banks increasingly look to risk-sharing transactions to improve capital efficiency and balance sheet flexibili...

News

Asset-Backed Finance

  • Morrow Bank launches NPL book sale following MedMera acquisition

    Post-consolidation balance sheet clean-up drives bad loan disposal amid active Nordic NPL market

    Nordic lender Morrow Bank is working on a large-scale non-performing loan (NPL) transaction as it looks to clean up its balance sheet after acquiring Swedish digital lender MedMera Bank earlier this year, according to SCI sources.  The sal...

  • Rate hikes prompt deeper look at EU CLO fixed-rate exposure

    Higher rates could stress certain deals' MVOC ratios, but risk appears limited

    Renewed volatility in Euro rates could potentially put pressure on CLOs with higher exposure to fixed-rate bonds, research says, although this risk is not as great as previous hiking cycles. After announcing its first rate hike in over two years to...

  • Fasanara aims for steady expansion in European CLO market

    The manager plans to issue two to three CLOs a year, prioritising long-term performance over rapid a...

    Fasanara Capital is entering the European CLO market with a strategy centred on experienced credit investing, technology and disciplined growth rather than rapid issuance. The London-based alternative credit manager points out that, despite its bro...

  • J.P. Morgan merges private credit financing and CLO primary units in global structured credit push

    The US bank is bringing the businesses together as it continues to invest in private credit and stru...

    J.P. Morgan is combining its global private credit financing and CLO primary businesses into a new team called private credit financing and securitisations, as the bank looks to strengthen its platform across structured credit and continues to expand...

Market Moves

Asset-Backed Finance


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