---

• Record-breaking US CLO triple-A flow underscores strong market depth

  Poh-Heng Tan from CLO Research provides insights on market liquidity as $1.5bn triple-A surge marks ...

  Last Thursday saw a remarkable surge in CLO secondary market activity, with around US$1.5 billion of US CLO triple-As traded across 62 tranches — averaging around US$24 million per line item and underscoring the market’s...

• 2026 CLO Outlook: Reset heavy and pronounced manager tiering

  Global CLO supply is expected to be dominated by refi/rest activity as continued dispersion drives f...

  This year has seen the global CLO primary market surpass $600bn in gross supply, according to SCI data, with $197bn in newly issued paper in the US (as of 1 December) consisting of almost $164bn in BSL and $33bn in private credit CLOs. Analysis fro...

• SCI In Conversation Podcast: Jeremy Hermant, Alantra

  We discuss the hottest topics in securitisation today...

  In this episode of SCI in Conversation, US editor Simon Boughey speaks to Jeremy Hermant, senior advisor at Alantra, about the changing face of the SRT market.  Hermant discusses his experience at Allica, when he structured the bank's firs...

• Fitch warns of CLO tail-risk as legal finals shorten

  Tail periods under four years flag structural vulnerabilities, despite limited market adoption

  Fitch Ratings has cautioned that a small number of European CLOs are emerging with tail periods of less than four years, driven primarily by reductions in legal final maturities rather than changes in WAL assumptions. While the agency stresses that t...

• SCI In Focus: Powering complex data centre deals

  Offshore SPVs are becoming critical infrastructure for ABF structures worldwide

  Offshore SPVs have gone from dusty filing cabinets to the control rooms of global finance and are now a core component of ABF architecture. In fund finance, private credit and increasingly the hyperscale data centre boom, offshore entities are not ju...

• StrideUp reopens UK's Sharia-compliant securitisation market

  Country's first HPP-backed RMBS since 2018 signals renewed institutional appetite for Islamic home f...

  StrideUp has reopened the Sharia-compliant securitisation market in Q4 this year with Meridian Funding 2025-1, the first UK public RMBS backed by home purchase plans (HPPs) since 2018. The £308m transaction reconnects Islamic home...

• ABF market eyes a stronger 2026 as bank appetite rebuilds

  Banks face a defining year as private credit advances into their core markets

  Banks are entering 2026 in a competitive ABF landscape, as private credit platforms continue to absorb activity that once sat on their balance sheets. The year ahead points to an industry adjusting to regulatory pressure, tighter capital conditions a...

---

• Dutch lender inks trade with Blackstone

  SRT market update

  ABN AMRO has closed another SRT transaction, referencing a €2bn portfolio of large corporate loans, partnering with Blackstone for the first time. The deal marks the Dutch lender’s third portfolio management transaction th...

• Spanish corporate loans offered

  SRT market update

  CaixaBank will next week finalise a €2bn SRT transaction referencing a portfolio of Spanish SME and corporate loans, SCI has learned. The deal includes a €120m mezzanine tranche, with some sources suggesting the transaction was ef...

• Spanish issuer crosses the pond

  SRT market update

  Santander has priced a US$212m auto loan CLN, designated SBCLN 2025-A, and split into seven tranches. The US$10.17m A2 tranche carries an average life of 1.79 years (all others are 2.16 years), is rated Aaa and is priced to yield 4.452% or 85bp ove...

• Regulars line up for last orders

  SRT market roundup

  There continued a regular cadence of SRT issuance this week, but it is likely to be the last busy week of the year and thoughts are turning increasingly to Q1 with the expected appearance of the regular, programmatic issuers. For the most part, est...

---

• BlackRock targets global flexibility and cross-sector relative value

  BGF Global Securitised Fund to allocate dynamically across ABS, MBS and CLOs

  BlackRock has launched the BGF Global Securitised Fund, a new strategy designed to invest across the major global securitised markets and provide diversified exposure to ABS, CMBS, RMBS and CLOs. The fund is structured to allocate dynamically across...

• ABF Deal Digest: Virtus adds asset-backed lending capability with Keystone acquisition

  A weekly roundup of private asset-backed financing activity

  This week’s roundup of private ABF activity sees Virtus Investment Partners, which operates a multi-manager asset management business, enter into a definitive agreement to acquire a majority interest in asset-centric private credit investme...

• L&G preps new evergreen fund finance strategy

  Fund will focus on private wealth and insurance capital channels

  L&G is preparing to launch a new evergreen fund finance strategy, SCI has learned. The new fund will focus on short-duration investment-grade fund financing and is structured as a qualifying investor alternative investment fund in Ireland. ...

• Aluna arranges loan receivables deal

  Originated by a South African SME lender

  Aluna Partners Group has arranged a US$10m loan receivables deal, SCI has learned. Cape Town SME Funding 2025-1 has been originated by a South African SME lender and closed in October, sources told SCI. The deal focuses on the sale of receivables...

• Africa gears up for landmark multi-originator SRT platform 

  AfDB/SG team to issue new deal in 2026

  A ground-breaking deal from the new partnership between African Development Bank (AfDB) and Société Générale (SG) will launch in Q2 or Q3 2026, giving Africa’s nascent synthetic securitis...

• Latest SRTx fixings released

  Fundamentals healthy, with caveats, at year end

  The SRTx fixings for November 2025 show continued strong performance in European markets, while the US corporate segment experienced a further, more muted, widening of spreads.   Following a sharp repricing in October, US SMEs ris...

---

• Job swaps weekly: Jefferies strikes Hildene deal

  People moves and key promotions in securitisation

  This week’s roundup of securitisation job swaps sees Jefferies Financial Group acquiring a 50% stake in the parent of credit-focused asset manager Hildene. Elsewhere, Kirkland & Ellis has recruited a Washington DC-based partner, whi...