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• US CRE CLO issuance faces uncertainty as rate volatility weighs on market

  Rising rates and weaker investor demand are weighing on issuance prospects, while lenders reassess o...

  US CRE CLO issuance has been strong in 2026, with recent US$1.1bn transactions from Castlelake and Benefit Street Partners (BSP) highlighting continued activity. However, rising interest rates and wider bond pricing have begun to weigh on th...

• Banks double down on SRT as Q4 pipeline builds

  European banks expand SRT activity, with project finance featuring in Q3 results

  European banks continued to execute SRT transactions during the third quarter, with several lenders reporting new deals and further capital benefits. Project finance was a recurring feature of the results, with AIB, ING and BBVA all reporting activit...

• SRTx fixings: Investor caution amid liquidity concerns

  Spreads widen and corporate-portfolio-related credit concerns mount

  SRT spreads widened across corporate transactions in Europe and the US in October, while US SME spreads also moved higher, according to the latest SRTx data. The figures point to a more cautious market, with liquidity conditions deteriorating across...

• EU CLO spreads diverge as single-B premiums approach two-year highs

  Poh-Heng Tan from CLO Research provides insights on EU CLO pricing gaps

  EU CLO pricing gaps show a clear divergence across the capital structure. Based on gaps between the tightest weekly DMs by rating, double-A and single-A remain tightly priced relative to triple-A against the full-period history. Triple-B and double-B...

• US CLO issuance to remain steady in 2027 as loan volatility improves arbitrage

  Improving loan discount opportunities could support arbitrage and sustain new issuance, although col...

  US CLO issuance could remain broadly in line with 2026 levels in 2027 as volatility in the leveraged loan market creates opportunities for managers to build portfolios at discounts, according to Pratik Gupta, head of RMBS/CLO research at Bank of Amer...

• European auto ABS issuers face uneven ECB treatment over balloon loans

  Securitisations backed by balloon loans with vehicle-return options show differing Eurosystem eligib...

  European auto ABS backed by balloon loans with vehicle-return options are facing uneven Eurosystem collateral treatment, with recent Spanish, Italian and German transactions pointing to differences in how authorities are applying rules across jurisdi...

• SCI In Focus: Busy December beckons, despite SRT coupon compression

  Asset class retains appeal while yields narrow

  After an active Q3, banks are preparing to issue in bulk in December – traditionally the busiest time of the year – as the SRT market continues to be attractive to investors, despite narrowing of spreads, say those close to the ma...

• French CLO exposure under scrutiny as investors weigh sovereign and borrower risks

  Asset scarcity supports French exposure, but borrower risks remain under scrutiny

  French borrowers account for close to 20% of European CLO portfolios on average, but investors are divided on whether the country's sovereign and corporate credit risks warrant changes to portfolio positioning. Strong CLO issuance and a scarcity of...

• European ABS market leans on preplacements as pricing pressure builds

  The European ABS market is grappling with widening spreads, weaker senior demand and increasing reli...

  European distributed ABS issuance reached €102.9bn by 23 October, following a year of heavy supply, according to JP Morgan research. However, the bank highlights a pronounced reversal in market conditions during October, as issuers have face...

• Investors turn to warehouse trade as primary equity opportunities fade

  Warehouse equity offers a route to capture, rather than absorb, market dislocation

  Investing in junior CLO warehouses has emerged as a potential alternative for diminishing value from CLO equity, according to a CLO investor, allowing them to exploit volatility amid periodic sell-offs in European leveraged finance. Dislocations in...

• Fund finance hiring stays robust in 2026, says Brickfield

  Recruiters say demand for bankers and lawyers is still growing, even as banks cut back on junior rol...

  Hiring in fund finance has remained robust through 2026, with banks, law firms, lenders and ratings businesses all competing for specialists, according to recruiters at Brickfield Fund Finance Recruitment. Rory Smith, founder at Brickfield, tells S...

• SCI In Focus: CRE CLOs gain ground as conduit CMBS faces structural questions

  Rising issuance and strong investor demand are highlighting the appeal of CRE CLOs

  The US commercial real estate market is seeing a growing divergence between CRE collateralised loan obligations and traditional conduit CMBS. Investors are increasingly favouring the former amid concerns around loan performance, servicing practices...

• Solvency II reforms could drive European insurers to allocate up to 5% to CLOs

  Insurers are showing increased interest in senior CLO tranches ahead of the January 2027 reforms

  European insurers could allocate up to 5% of their portfolios to CLOs in 2027 as revised Solvency II rules reduce capital requirements for senior securitisation exposures, although increased participation is expected to be gradual, according to Inves...

• ABF Deal Digest: NFS Capital secures US$250m warehouse as Momenta agrees £200m Lloyds facility

  A weekly roundup of private asset-backed financing activity

  This week’s asset-backed finance roundup sees Nomura and Aventus launch a new securitised credit platform, while Patron Capital provides a £163m whole loan to finance the acquisition and refurbishment of a central London office bu...

• US CMBS outlook darkens for 2027 as Europe benefits from fewer maturities

  US CMBS issuance is forecast to fall due to refinancing pressures and higher borrowing costs in 2027...

  US and European CMBS markets are entering 2027 from different positions, with refinancing constraints expected to weigh on American issuance while Europe's relatively limited maturity pipeline could provide greater resilience. Bank of Amer...

• SRT: Record issuance and broader assets drive Q3 market expansion

  SCI Analytics' Q3 SRT Report highlights continued market expansion, driven by record issuance, broad...

  Global significant risk transfer (SRT) issuance reached a quarterly record in the third quarter of 2026, as banks continued to expand activity across asset classes and geographies. Volumes totalled US$10.1bn in the three months to September, up 38%...

• SCI In Conversation Podcast: Edmund Parker, Mayer Brown (part 2)

  We discuss the hottest topics in securitisation today...

  In the second part of this two-part episode of SCI In Conversation, SRT editor Selvaggia Cataldi speaks to Edmund Parker, partner and global head of derivatives & structured products at Mayer Brown about the key forces shaping the si...

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• Italian banks combine project finance and infrastructure exposures in multi-bank SRT

  SRT market update

  Funds managed by Golub Capital have provided first-loss credit protection on a €1bn portfolio of project finance and infrastructure exposures in a multi-bank significant risk transfer transaction, SCI has learned. A&O Shearman advi...

• Pension fund steps up North American SRT activity

  SRT market update

  CPP Investments disclosed several synthetic risk transfer investments in its second-quarter fiscal 2027 results, including a US$125m investment in a transaction with a large US bank and a US$245m financing commitment to a vehicle supporting a Chorus...

• Japanese bank joins burgeoning data centre SRT boom

  SRT market update

  The growing pipeline of European and North American lenders turning to the SRT market to transfer digital infrastructure-related risk is gaining further momentum into Q4. The latest addition comes from Japanese bank Sumitomo Mitsui Banking Corp (SM...

• German lender's US portfolio shrinks 28% as SRT repayments accelerate

  SRT market update

  Deutsche Pfandbriefbank (pbb) reduced its overall US portfolio by 28% to €2.2bn in the first nine months of 2026, SCI has learned, as early repayments in the portfolio covered by its synthetic SRT contributed to the decline. The reduction...

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• COP31 puts development banks' securitisation plans in focus

  MDBs are looking to securitisation and risk sharing to mobilise private capital for climate and infr...

  Development banks' growing interest in securitisation and risk-transfer mechanisms is emerging as an important theme at COP31, as institutions look for ways to mobilise private capital and expand lending to climate and infrastructure projects. Seve...

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• Job swaps weekly: Canopius taps Swiss Re for key SRT hire, Centerbridge boosts ABF team

  People moves and key promotions in securitisation

  This week’s securitisation job swaps see global reinsurer Canopius bolster its significant risk transfer (SRT) arm, appointing a former Swiss Re structurer to lead the business, while Centerbridge Partners has strengthened its ABF team with...