Investors
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Job swaps weekly: Gandy returns to the SRT fold
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees SRT veteran Steve Gandy return to the industry as a board member at an SRT-focused fintech business. Elsewhere, Simpson Thacher & Bartlett has appointed a New-York-based securitisation-focused partner, while Trafigura Group has named a new global head of structured finance.
Iconicchain, a Finnish fintech specialising in SRT services for issuers, .......
Market Moves 21 March 2025
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SCI In Conversation Podcast: Moty Citrin, Midroog, and Jason Smilovitz, independent consultant
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, SCI’s Selvaggia Cataldi speaks to Moty Citrin, head of financial institutions and structured finance at Moody’s subsidiary Midroog, and independent senior securitisation consultant Jason Smilovitz about the evolution of Israel’s securitisation market. In light of a new law aligning the country with global standards, Citrin and Smilovitz discuss how the legislative .......
News Analysis 21 March 2025
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European and UK ABS robust in February amid diverging outlooks
European and UK ABS and MBS markets maintain their...
February proved to be a strong month for European and UK ABS and MBS markets, with spreads tightening and issuance levels exceeding the previous year, according to monthly fact-sheets monitored by SCI.
Aegon reports that European ABS markets performed strongly despite broader market volatility, noting that non-senior tranches saw higher demand than senior tranches. TwentyFour echoes this, stating that mezzanine ABS .......
News 20 March 2025
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TwentyFour rides Aussie ABS wave to new highs
Australia's securitisation market soared to A$80.3bn in 2024...
A new report from TwentyFour Asset Management underscores the rapid transformation of the Australian securitisation market, which reached a record-high issuance of A$80.3bn (€46.6bn) in 2024. According to the firm, strong growth across all sectors, particularly in RMBS, has cemented Australia’s position as an increasingly attractive market for global investors.
"Non-bank lenders significantly increased RMBS issuance, benefiting .......
News 18 March 2025
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Acer Tree JV to expand CLO platform
Partnership driven by the vision to grow AUM to €2.5bn-€3bn
The run into difficult markets in 2023 has led to Acer Tree Investment Management’s decision to expand its CLO platform by partnering with alternative credit fund, Ymer SC, last month. The European CLO manager that debuted in 2022 says under the new plan, its CLO platform - the Logic Lane series – will target gradual CLO issuance, .......
News Analysis 17 March 2025
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Deep dive
Basel Committee launches SRT investigation
In a press release published yesterday, the Basil Committee on Banking Supervision (BCBS) announced its intention to launch an investigation assessing the benefits and risks posed by SRTs.
As part of its ongoing work to assess banks' interconnections with non-bank financial intermediation, BCBS agreed to conduct over the coming year a deep-dive investigation on SRTs.
Commenting on .......
News 14 March 2025
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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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Paragon's covered bond revives BTL RMBS HQLA debate
JP Morgan questions regulatory inconsistencies as covered bo...
Paragon Bank’s recent foray into the covered bond market has reignited the debate over High-Quality Liquid Asset (HQLA) eligibility for BTL RMBS. While Paragon’s new covered bond enjoys HQLA Level 1 status under the Liquidity Coverage Ratio (LCR), senior BTL RMBS bonds remain ineligible, even if they meet STS criteria.
The UK lender, historically a major issuer of .......
News 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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Reflections on the recent CLO equity BWIC of 11 March
Poh-Heng Tan from CLO Research provides insights on a recent CLO equity list
Based on SCI BWIC data, between 17 July 2024 and 8 March 2025, approximately 66 US CLO equity tranches from the 2021 vintage appeared on BWIC lists, where list owners provided colour on the equity tranches. Based on this colour, US CLO equity tranches from the 2021 vintage recorded a median IRR of 7.8%, with the 75th percentile .......
Talking Point 13 March 2025
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Latest SRTx fixings released
Slight retreat from last month's widening
As the prospect of a barrage of trade tariffs increases significantly, policy rates are very likely to remain restrictive. In fact, such macro-political environment strongly supports the view of policy rates staying higher versus pre-pandemic levels. In this context, the illiquidity premium found and associated with private credit means buy-and-hold SRT investors can potentially find additional return opportunities.
News 13 March 2025
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EIB inks SRT with Czech lender
SRT to support Czech SMEs and mid-caps
The EIB Group has completed a new synthetic securitisation with Czech bank Ceska Sporitelna (CSAS).
Under the transaction, the EIF will provide a €55m unfunded guarantee in a mezzanine tranche with the objective of enabling CSAS to expand to expand lending to SMEs and mid-caps in the Czech Republic. The junior and senior tranches are retained by CSAS. The .......
SRT Market Update 12 March 2025
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CLO secondary trades show appetite for equity tranches
CLO Research Group's Poh-Heng Tan provides insights on recent CLO equity BWIC activity
Timing is always crucial in trading, and it is no surprise that selling CLO equity tranches in today’s strong market can be rewarding, says Poh-Heng Tan, founder of CLO Research Group.
Recent BWIC colour on CLO equity tranches indicates that many have traded very well. Looking at trades that took place between 27 February and .......
Talking Point 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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Insurers trade new products to relieve downgrade pain
DelphX CM unveils instruments to address ballooning capital charges
Two deals are being currently negotiated between four insurers and hedge funds with the use of a new product designed to hedge increased capital charges, according to Patrick Wood ceo and president of DelphX Capital Markets (DCM)- creator of the innovatory instruments.
News 6 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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Job swaps weekly: Santander rings changes in structured finance division
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Santander making a number of appointments as part of a major reshuffle of its structured finance advisory and lending platform. Elsewhere, DLA Piper has appointed a new co-head of its structured finance practice, while Piper Sandler has snapped up a new md and co-head of its structured finance group.
Santander has reorganised its structured .......
Market Moves 28 February 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