ABS
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Job swaps weekly: Wellington launches private real estate credit platform
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Wellington Management make a number of appointments to its newly launched private real estate credit platform. Elsewhere, KBRA Analytics has named a new chief strategy officer, while Marsh has appointed a head of political risk and structured credit.
Wellington Management has expanded its private investing capabilities with the formation of .......
Market Moves 14 March 2025
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Aircraft ABS to return to pre-covid cruising altitudes
Four deals in quick succession suggest 2025 will significantly outpace last year's activity
Aircraft ABS is on track to return to pre-Covid levels following some quieter years. Issuance is predicted to reach US$10bn this year – almost twice the levels of 2024 – with secondary trading and aviation loan markets expected to be highly active throughout the rest of 2025.
Bullish sentiment is taking over the market, according to Rich .......
News 13 March 2025
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Bridging finance business set to scale amid market demand
Faes & Co ceo Christian Faes outlines his strategy to expand the firm's footprint in the US
Faes & Co, the investment firm led by former LendInvest founder Christian Faes, plans to expand its US real estate bridging finance business following a funding boost from OakNorth Bank last month. The firm launched its lending arm, F2 Finance, in early 2023 and is currently providing short-term RE loans across 14 states, including California, Texas and .......
The Structured Credit Interview 11 March 2025
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Job swaps weekly: Accunia bolsters Copenhagen team
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Accunia Credit Management adding two structured finance pros to its Copenhagen office. Elsewhere, Pallas Partners has snapped up two partners from Kasowitz Benson Torres, while fintech firm Inbank has elected a senior structured finance executive from Spectrum Principal Asset Management to its supervisory board.
Accunia Credit Management has hired two .......
Market Moves 7 March 2025
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FT snaps up Global ABS and ABS East
Sale of Invisso by Delinian sees structured finance conferences come under FT Live banner
The Financial Times has acquired Invisso, parent company of structured credit conferences Global ABS and ABS East, from Delinian. The deal will see the transfer of Invisso’s full portfolio – also including the Central & Eastern European Forum, the Covered Bond Congress and the Global Borrowers and Bond Investors Forum – to the FT Group.
The transaction comes .......
News 5 March 2025
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Number four for 400CM
Market updates and sector developments
400 Capital Management (400CM), a New York-based alternative credit asset manager, today (March 4) announced that its fourth private credit fund – Asset Based Term Fund IV – has closed with over US$1.39bn in commitments. The initial target was US$1bn.
Market Moves 4 March 2025
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Expanding horizons for renewable ABS
As investor interest and regulatory support surge, the Europ...
The European renewable ABS market is poised for significant growth, driven by increasing investor interest, regulatory tailwinds and evolving financing needs. In a recent discussion hosted by KBRA, Gregor Burkart, head of structured finance at Enpal, Erik Welin, loan officer at the EIB, and Barclays’ Gordon Beck, md of securitised products solutions, shared their perspectives on the market's evolution .......
News Analysis 4 March 2025
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Music ABS: the loudest topic in IP securitisation
SFVegas speakers hailed music as a 'non-correlated asset with infrastructure-like stability'
Discussions around the next frontier of intellectual property (IP) securitisation at the SFVegas conference last week spanned from film and TV financing to drug and pharmaceutical royalties. However, one topic kept stealing the spotlight: music ABS. With its rapid growth since the Bowie bonds era and rising investor confidence, music royalties have solidified their place as a core, .......
News Analysis 4 March 2025
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Israel prepares for market growth
Recently proposed law to provide certainty for securitisation
Israel is laying the groundwork for an increase in securitisation transactions, with the recent publication of a proposed law in the Official Gazette to regulate deals. The intention is to bring legal, regulatory and tax certainty to the asset class and follows a ministerial report explicitly aimed at the promotion of securitisation in the country.
As a new .......
News Analysis 3 March 2025
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SEC-OCRA: simplifying the prudential framework
New approach aims to address supervisory formula distortions
A new paper presents a methodology for simplifying the prudential framework for synthetic securitisations while maintaining the current level of required capital and ensuring a consistent level of non-neutrality, regardless of transaction structure. By proposing the SEC-Overall Capital Requirement Approach (SEC-OCRA), the paper introduces a simplified and risk-sensitive framework tailored for synthetic securitisations.
The authors of the .......
Talking Point 3 March 2025
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Plenti leads Australian ABS revival
Plenti's A$509.3m auto ABS 2025-1 attracted record global de...
Plenti recently reopened the Australian securitisation market with Plenti Auto ABS 2025-1 Trust, a A$509.3m transaction that attracted a record number of investors with strong international interest, especially from European investors.
The mix of investors in this transaction was similar to that seen in deals issued in 2024 with offshore investors outnumbering their domestic counterparts. “We’ve definitely .......
News Analysis 28 February 2025
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Surging demand, power challenges to define data centre ABS growth
Investors weighing energy security and AI volatility, among other risks
Data centres emerged as one of the hottest topics at the Structured Finance Association’s SFVegas conference earlier this week, reflecting their rising prominence within digital infrastructure ABS. As AI, cloud computing and enterprise workloads continue to drive demand, power availability remains a critical bottleneck, however.
“Power is the biggest constraining factor in the industry when you are looking .......
News Analysis 28 February 2025
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Thames Water WBS extended
'Significant' write-downs expected under liquidity extension transaction
The maturities of all class A and class B debt issued by the Thames Water Utilities Finance (TWUF) whole business securitisation have been extended by two years. The move follows the High Court’s approval of the restructuring plan proposed by Thames Water Utilities Holdings in connection with implementing a liquidity extension transaction.
The liquidity extension transaction will .......
News 27 February 2025
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Europe's solar ABS market plays catch-up
Continent's solar ABS market trails the US, though potential Italian deal may spark growth
The European solar ABS market is exploring innovative routes to accelerate issuance, with market insiders anticipating increased activity following last year’s debut public transaction for the continent. Yet, while the European market shares similarities with its glowing US counterpart, key structural differences and macroeconomic volatility continue to cast shade on its emergence.
The solar ABS market is still .......
News Analysis 26 February 2025
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SCI in Focus: Broader and deeper
SRT supply and demand dynamics set to stabilise
A recurring theme within the SRT market last year was its characterisation as ‘bank-friendly’, with a deluge of new capital altering supply and demand dynamics. While issuance volumes continue to grow, the sector is also gaining depth due to increasing standardisation.
“The last year has been characterised by new or newer entrants ramping up. Some, particularly US .......
News Analysis 25 February 2025
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Job swaps weekly: Reckoner launches with backing from RedBird
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees the launch of Reckoner Capital Management, an alternative credit asset manager led by a former Panagram Structured Asset Management ceo and cio. Elsewhere, a former Goldman Sachs partner and securitisation specialist has joined One William Street Capital Management as deputy cio and partner, while Chorus Capital has snapped up a former senior exec .......
Market Moves 21 February 2025
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European and UK ABS: strong start, mixed views
January saw €8.1bn in ABS issuance, with strong de...
The European ABS market has delivered a dynamic start to the year, with strong issuance activity and robust investor demand, according to monthly European and UK factsheets monitored by SCI.
TwentyFour AM Momentum Bond Fund’s managers note that January witnessed significant issuance volumes, with €8.1bn in ABS transactions coming to market. The ABS market was particularly diverse, with .......
News Analysis 20 February 2025
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Balance sheet expansion eyed
ABF commoditisation set to boost sector adoption
Regulatory clarity will be a major theme this year as banks adapt to new capital rules under Basel 4. Investors are closely watching whether banks expand their balance sheets or shift assets into the non-bank sector, particularly in the asset-backed finance (ABF) space.
Alongside broader regulatory clarity, the potential lifting of Wells Fargo’s US$1.95trn asset cap - .......
News Analysis 20 February 2025
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SRT fast-track testing underway
Market updates and sector developments
The ECB is set to begin testing a new fast-track process for the supervisory assessment of SRT, which it has developed in close dialogue with the European Banking Federation. The SRT assessment of an individual securitisation transaction currently takes about three months, but the fast-track process aims to substantially reduce this time for sufficiently simple securitisations meeting certain requirements.
Market Moves 19 February 2025