Investors
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Setting the scene
Ahead of her panel appearance at FT Live Fixed Income Events...
Q: The Global ABS Conference is just around the corner – which SRT topics or panels are you most looking forward to?
A: We are always interested in asset classes experiencing significant growth, such as digital infrastructure and fund finance. We are also very focused on the geopolitical environment and the effects of tariffs and/or a .......
The Structured Credit Interview 28 May 2025
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'Strong comeback' for European ABS market
Managers highlight mezz demand amid Liberation Day volatility
The European and UK ABS/MBS market was last month dominated by volatility from the US Liberation Day tariff announcements, which significantly disrupted global trade and financial markets. Monthly fund factsheets monitored by SCI suggest that asset managers are repositioning to mitigate losses from anticipated macroeconomic impacts and identifying where demand is now concentrated.
The wider macroeconomic issues tested .......
News 23 May 2025
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Job swaps weekly: LGT names leadership team for European CLO platform
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees LGT Capital Partners making senior appointments to support the launch of dedicated European CLO management platform Legato. Elsewhere, Reed Smith has hired a new partner to serve as head of its Asia-Pacific corporate trust and agency practice, while Ogier has recruited a counsel in its Luxembourg-based banking and finance team.
Market Moves 23 May 2025
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Private credit eyes master trust potential
ABF convergence continues as securitisation tools tipped for evergreen funds
The lines between fund finance and structured credit are continuing to blur, with growing recognition of the potential for tools long used in securitisation markets to be incorporated within fund finance. The latest example is the potential of securitisation-style master trust frameworks to structure rated notes backed by evergreen private credit funds.
According to News Analysis 23 May 2025
Forced buyer
Increasingly crowded SRT market should experience natural rotation in investor base
With (consistently) increasing demand a shaping factor of the SRT market, investors could possibly revise their approach and trade selection process. In fact, hearsay suggests that the SRT market might be bifurcating, with on one side the (very) syndicated and programmatic processes and on the other, one where banks are looking to solve something other than regulatory capital relief .......
News 21 May 2025
Pemberton pushes into NAV and GP lending amid PE gridlock
Firm leverages liquidity solutions to bridge gaps in frozen exit environment
Private equity’s long-awaited rebound has yet to materialise in 2025. In the face of this stagnation, Pemberton Asset Management is leaning into a fund finance strategy based on fund-level financing and GP-level financing, offering innovative solutions to GPs and LPs while unlocking liquidity trapped in portfolios.
Oaktree Capital’s latest quarterly report flags this ongoing gridlock marked .......
News Analysis 16 May 2025
SRT allocation
US pension backs Arrowmark with $225m as SRT strategies gain traction with LPs
The $42bn Iowa Public Employees’ Retirement System (IPERS) has backed the synthetic securitisation market at scale, with a $225m allocation to Arrowmark Partners' (Arrowmark) SRT strategy.
The risk-sharing mandate, which begun with a $100m allocation and grew by an additional $125m last year, gives a rare glimpse into how institutional allocators are thinking about SRTs as part of their .......
News 16 May 2025
Growing opportunities
New SRT markets demand early regulatory dialogue Cadwalader states
Scandinavia, Greece and Eastern Europe are among the growing and emerging jurisdictions set to take the spotlight this year, with multiple new deals expected to come to market.
Issuing an SRT, however, doesn't go without challenges as banks must brace for extensive internal preparation and early engagement with regulators, notes Assia Damianova, special counsel at Cadwalader at .......
News 14 May 2025
New academic paper supports unfunded SRT
Call to remove collateralisation obligation in synthetic STS for insurance protections
A new academic paper shows how highly regulated, well-capitalised and well-diversified (re)insurers increase the stability of the financial system through the mechanism of insurance-based credit risk transfer. Entitled 'Strengthening Financial Stability through Insurance-based Credit Risk Transfer', the report comes as the EU, the UK and the US review their historical positions on unfunded SRT.
Multiline non-life .......
Talking Point 13 May 2025
SCI In Conversation Podcast: Darrell Purcell, S&P Global Ratings
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, we explore how securitisation is emerging as a key funding tool for digital infrastructure assets, including data centres and fibre networks. SCI ABS Markets editor Selvaggia Cataldi speaks with Darrell Purcell, director, EMEA structured finance at S&P Global Ratings, about the distinct characteristics of these transactions and how they are .......
News Analysis 12 May 2025
MPOWER prices second ABS as demand for international student loans rises
US-based student loan provider completes second ABS deal, ex...
MPOWER Financing, a US-based provider of loans to international university students, has completed its second securitisation: MPOWER Education Trust 2025-A, a $313.2m transaction backed by U.S. dollar-denominated, fixed-rate loans to international students attending universities in the United States and Canada.
The deal is part of a plan of developing a regular stream of issuance, as News 9 May 2025
Job swaps weekly: MUFG snaps up Barclays head of CLO primary
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees MUFG hiring Barclays’ head of CLO primary as md and head of CLO. Elsewhere, Starwood Capital Group has appointed a cio for its newly launched Starwood Insurance Strategies platform, while Obra Capital has promoted from within, as it also names a new cio.
MUFG has appointed Barclays’ John Clements as .......
Market Moves 9 May 2025
Rethinking fixed income: strategic role of ABS in modern portfolios
Simplify Asset Management's md explains how ABS enhances inc...
As investors recalibrate portfolios amid persistent rate volatility and shifting macroeconomic conditions, ABS is gaining renewed attention – not just as a niche product but as a strategic tool for modern portfolio construction.
Paisley Nardini, md and asset allocation strategist at Simplify Asset Management, sees structured products playing an increasingly important role in how investors think about risk, .......
News Analysis 9 May 2025
MDB risk transfer gaining traction
ADB inks insurer agreement, while SST platform issues RFP
The Asian Development Bank (ADB) has signed an agreement with 10 global insurers to mobilise up to US$2.75bn of private capital to support the bank’s lending for sustainable growth in Asia and the Pacific. The move follows a request for proposals from the African Development Bank (AfDB) and Development Bank of Southern Africa (DBSA) for a consulting firm to .......
News 9 May 2025
CLOs surge as safe haven driven by ETF boom
High-quality performance and improved accessibility are driv...
Traditionally regarded as complex and niche, CLOs have emerged as a surprising safe haven in the structured credit market. According to US asset management firm, Lord Abbett, CLOs —particularly triple-A rated tranches — are now drawing outsized flows due to their low-rate sensitivity, robust credit performance, and the rise of ETF wrappers.
When it comes .......
News Analysis 9 May 2025
Investor caution advised as solar ABS faces credit performance hurdles
KBRA report highlights structural evolution and emerging risks in the solar ABS sector
Credit performance risks and originator concentrations are coming into focus for the ever-growing solar ABS market. According to a new report from KBRA reviewing a decade of issuance in the sector, the market is entering into a more mature, if potentially more volatile, phase of development.
Since the first rated transaction in 2016, solar ABS has .......
News 9 May 2025
SCI in Focus: New frontiers emerging for European NPLs
As legacy guarantee schemes end, investors pivot to PPCs, RPLs and real estate
As legacy guarantee schemes such as Greece’s HAPS and Italy’s GACS reach their end, the European non-performing loan (NPL) securitisation market is entering a period of transition. With NPL ratios falling across key jurisdictions and the volume of traditional NPL portfolios declining, investors and originators alike are turning their attention to new corners of the credit market. Reperforming loans (RPLs), .......
News Analysis 7 May 2025
SRT debut and pipeline prospects
EBRD eyes debut SRT as CEE region presents attractive opportunities
The European Bank for Reconstruction and Development (EBRD) is preparing its first synthetic securitisation as an issuer, with a referenced portfolio of around €1bn and plans to bring the deal to market by early next year.
The EBRD will be tapping into the growing investor interest in deals from multilateral development banks (MDBs), as it aims to support .......
News 7 May 2025