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Weekly Issue Archive

News Analysis

CLOs

  • European CLO triple-Bs approach record tights

    Strong demand continues to compress mezzanine spreads

    European CLO triple-B spreads continue to edge towards record tights, with increasing demand from yield-hungry investors creating an aggressive valuation squeeze.Pricing across the IG mezzanine in the European CLO market is creeping back toward hi...

  • Back to Debevoise: Zahra Sowder on fund finance's next chapter

    Sowder talks NAV lending, the rise of insurance capital, and why the lines between fund finance prod...

    Q: You spent more than 15 years at Debevoise before your stint at Fried Frank. What made now the right time to return? A: Debevoise has always been a market leader, and there have been several firsts in the firm's fund finance practice —...

  • Demand for mezzanine paper surges as European ABS investors move down cap stack - SCI Analytics

    Investors are favouring riskier, higher-yielding ABS tranches, with mezz books drawing stronger cove...

    European ABS investors are increasingly moving down the capital stack, hungry for yield, with new-issue book coverage showing materially stronger demand for mezzanine tranches than senior paper so far in 2026, according to SCI data. Triple-A-rated...

  • SCI In Focus: SRT back leverage grows as margin-call risk comes into focus

    As SRT issuance volumes rise, PRA scrutiny of repo is driving more sophisticated financing structure...

    Back leverage in the significant risk transfer market is becoming increasingly more common, as the growth in SRT issuance drives demand for financing, while investors are placing greater emphasis on the resilience of those financing arrangements. T...

  • Active management overtakes arbitrage in evolving CLO equity playbook

    Active portfolio management, credit selection and structural flexibility drive returns as arbitrage ...

    CLO equity is becoming a test of manager execution rather than arbitrage, as ongoing loan repricing compresses entry-point economics across the European market, according to Alex Roy, managing director and co-portfolio manager of European CLOs at Can...

  • SCI In Focus: Evergreen takes root in ABF fundraising

    As the market evolves, managers are experimenting with structures designed to keep capital invested ...

    Evergreen structures are gaining a foothold in asset-backed finance as managers experiment with new ways to attract capital. The private credit market is sharply different to fundraising boom seen in recent years. Rising default rates, valuation qu...

  • ABF Deal Digest: Macquarie, Bank of Texas, and Landel among this week's lenders

    A weekly roundup of private asset-backed financing activity

    This week's roundup of ABF activity sees Macquarie back e-commerce lender Clearco with a US$100m facility, EXL close a new US$1bn senior secured credit facility, and Naran raise US$10m to scale its rent-to-own vehicle financing platform across emergi...

  • CLOs: Q2 shows market resilience as pressures mount - SCI Analytics

    Tightening arbitrage and loan market bifurcation weigh on the global CLO market but volumes remain s...

    The global CLO market remained resilient in the second quarter, despite challenging arbitrage conditions, with US managers leaning heavily on liability management to sustain issuance. US CLO issuance picked up in Q2, with 285 deals printed...

  • Hoist launches German NPL book sale

    The secondary-market portfolio is a rare source of supply as Germany's primary NPL market remains qu...

    Distressed investor and manager Hoist Finance has launched the sale of a German non-performing loan (NPL) book with a gross book value of roughly €1.5bn, according to SCI sources. Named Project Zugspitze after Germany's highest mountain, t...

  • Aperture's billion-dollar bet on ABF, a year on

    Ten deals in the last six months push the firm into a new phase of deployment

    When Aperture Investors unveiled its ABF strategy in August last year, it was a set US$1bn play designed to plug the gap between fledgling ABF entrants and the mega-funds that had moved upmarket. Speaking to SCI a year ago, Nick Turgeon, hired from...

  • MetLife remains constructive as PineBridge CLO platform enters new phase

    The US$400m Galaxy 37 CLO is PineBridge's 44th issuance and first since joining MetLife Investment M...

    MetLife Investment Management (MIM) remains constructive on the outlook for the US CLO market over the next 12-18 months, despite tighter loan spreads and limited net new leveraged loan supply constraining the economics of new issue formation. Kevi...

  • Northleaf raises US$450m for debut ABF fund

    Strategy targets receivables across entertainment, legal, healthcare and factoring assets

    Northleaf Capital Partners has held the final close of its first dedicated ABF fund, raising US$450m including commitments to the vehicle and related co-investment structures. Northleaf Asset-Based Specialty Finance builds on a platform that has de...

  • US SRTs fail to pile in as structure and economics bite

    US SRT growth is lagging expectations as structural hurdles temper rising private credit demand

    The US synthetic risk transfer market is gaining momentum as banks look to use SRTs to manage concentrated credit exposures, but regulatory uncertainty, transaction structures and relatively unattractive economics have so far held issuance below some...

SRT Market Update

Capital Relief Trades

  • Canadian issuer weighs project finance SRT

    SRT market update

    National Bank of Canada is continuing to assess investor appetite for a significant risk transfer transaction backed by a portfolio of project financings, with the potential deal still at an early stage, SCI has learned.The Montreal-based lender w...

  • Two Singaporean banks drive fresh SRT momentum

    SRT market update

    United Overseas Bank (UOB) is understood to be preparing an SRT for potential issuance in the second half of 2026, with investor discussions already under way, SCI has learned. The development gives fresh substance to speculation that has circulate...

Market Moves

Asset-Backed Finance


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