Investors
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Janus Henderson bets on Europe
Global asset manager launches first active fixed income CLO ETF in the region
Global asset management firm Janus Henderson Investors has launched its first active fixed income CLO ETF in Europe.
The vehicle, named Janus Henderson Tabula EUR AAA CLO UCITS ETF (JCL0), follows the recent introduction of the Janus Henderson Tabula Japan High Conviction Equity UCITS ETF (JCPN) in October 2024 and the Janus Henderson Tabula Pan European High Conviction .......
News 9 January 2025
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Volume and velocity
Bullish outlook for forward-flow in 2025
Forward-flow transactions are set to gain further momentum this year, with activity expected to surge in the mortgage and consumer lending sectors, in particular. These agreements have become valuable tools for banks and investors looking to accelerate capital velocity, optimise net interest margin (NIM) and support strategic balance sheet management.
“My outlook for forward-flow is generally very positive,” .......
News Analysis 8 January 2025
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European SF to maintain 2024 levels
S&P forecasts €135bn issuance in 2025 with...
S&P Global Ratings forecasts a promising yet complex year ahead for European structured finance markets. With issuance projected to reach €135bn, matching the record set in 2024, the outlook reflects a mix of economic resilience and emerging sectoral challenges.
According to S&P, the ABS sector, which achieved €43.5bn in issuance in 2024, is poised for continued activity in .......
News Analysis 6 January 2025
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JP Morgan sticks to European CLO forecast
Rising demand for carry trades and floating-rate assets bols...
The absence of new loan supply next year could impact JP Morgan's €45bn forecast for CLO new issuance and €50bn for refi/reset in Europe in 2025, the company said during its recent EMEA CLO Media Roundtable in London.
However, Rishad Ahluwalia, head of CLO research at JP Morgan, pointed out that despite issuance not picking up throughout this year, the .......
News Analysis 23 December 2024
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Job swaps weekly: Gibson Dunn poaches digital infra specialist
People moves and key promotions in securitisation
The final round-up of securitisation job swaps of the year sees Gibson Dunn recruit a digital infrastructure specialist as partner. Elsewhere, Cadwalader has promoted a number of lawyers with securitisation-related expertise, while Ares has added a principal to its alternative credit team.
Emily Naughton has joined Gibson Dunn’s Washington, DC office as a partner and member of the .......
Market Moves 20 December 2024
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Fund finance: NAV boom - video
Dechert partner Anthony Lombardi speaks to SCI about fund finance and the rise of NAV facilities
Anthony Lombardi, partner at Dechert, speaks with SCI's Marta Canini about emerging opportunities in fund finance. He highlights the rapid growth of NAV facilities, driven by rising liquidity demands in the US and UK, the expansion of private capital funds, market maturation, and cyclical challenges. Lombardi also shares his outlook on the future trajectory of the fund finance market.
....... News Analysis 18 December 2024
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Muted ABS reflects mixed sentiment
European ABS slowed in November, reflecting seasonal trends...
November marked a quieter month for the European ABS market compared to the preceding months of 2024, according to European and UK factsheets monitored by SCI. While consensus emerged on the slowdown in primary issuance and market activity, asset managers TwentyFour Asset Management, Aegon and Amundi presented nuanced perspectives on the sector’s outlook, risks and opportunities.
Across the .......
News Analysis 17 December 2024
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MidOcean Partners closes inaugural CLO equity fund
The US$304m fund will invest in the equity tranches of the firm's managed CLOs
MidOcean Partners has closed its inaugural CLO equity fund with US$304m in capital commitments and support from a diverse base of institutional investors including existing clients.
The alternative asset manager said MidOcean CLO Equity Fund I aims to generate risk-adjusted returns by acquiring equity tranches in CLOs managed by MidOcean.
Led by Joseph Rotondo and Jamil Nathoo, .......
News 17 December 2024
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Hitting high notes
Music IP royalty ABS set to rock in 2025
After a nearly two-year public market hiatus, music IP royalty ABS have experienced a revival - with over US$2.5bn in public deals closing so far in 2024, complemented by activity on the private side during the interim. The public market comeback highlights the growing mainstream recognition of music IP as a stable, non-correlated asset class, backed by blue-chip sponsors .......
News Analysis 12 December 2024
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Latest SRTx fixings released
Shift in liquidity
Undeniably, the political uncertainty which surround the US presidential election has reduced and turned to policy anticipation. With it the dollar strengthened, US stocks reacted positively, and treasury yields moved higher. Such recalibration would suggest and reflect some enthusiasm for pro-growth policies, but also near-term inflation and fiscal uncertainty. The scope and timing of legislative changes under a second Trump presidency remain .......
News 12 December 2024
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Scaling up
AfDB and partners sign agreement for multi-originator synthetic securitisation
The African Development Bank Group (AfDB), together with the Development Bank of Southern Africa (DBSA) as well as key institutional investors including Academy Securities, Africa50, and Newmarket, have signed a Letter of Intent to explore the establishment of a multi-originator synthetic securitisation transaction.
It marks a significant step in the Bank Group’s realization of its vision embodied by .......
SRT Market Update 10 December 2024
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Mubadala Capital to acquire minority stake in Silver Rock Financial
Partnership will give Silver Rock Financial access to Mubada...
Mubadala Capital is to acquire a 42% stake in Silver Rock Financial through cash and stock. The acquirer, the alternative asset management subsidiary of Abu Dhabi sovereign wealth fund Mubadala Investment Company, said this stake could increase to 50% over time, with plans to invest over US$1bn in Silver Rock funds as part of the agreement.
The partnership aims to .......
News 6 December 2024
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Job swaps weekly: HPS leaders to join BlackRock following acquisition deal
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees HPS Investment Partners’ ceo and governing partners joining BlackRock following the latter’s acquisition of the former. Meanwhile, Pemberton has appointed the former head of the secured funding and ABS team at Alantra as head of origination for its risk sharing strategy, while Encina Lender Finance (ELF) has added two structured credit .......
Market Moves 6 December 2024
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Early signs of European CMBS revival
The European CMBS market is showing signs of reboun...
The European CMBS market is gradually showing signs of a resurgence after years of stagnation, with 2024 bringing an uptick in issuance, according to panelists at SCI’s Annual European CRE Finance Seminar in London in late November. CMBS is becoming an increasingly important financing tool across various asset classes, including logistics, data centres and the evolving office space.
Despite .......
News Analysis 6 December 2024
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Cruise control: Stable outlook for ABS and MBS in 2025
JP Morgan strategists predict stable European, UK and Austra...
As we approach 2025, strategists at JP Morgan foresee a year of steady performance for the ABS and MBS markets across Europe, UK and Australia. While 2024 set records for issuance volumes, the outlook for 2025 reflects a cautiously optimistic tone amid global uncertainties.
JP Morgan’s research highlights that 2024 was a landmark year, with European ABS issuance .......
News Analysis 5 December 2024
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C-PACE partnership inked
Agreement positions Coventry, CGC for future securitisations
Coventry Structured Investments (CSI) recently joined forces with the Coalition for Green Capital (CGC) to drive over US$1bn in public-private investment to finance C-PACE and clean transportation projects. The green bank will provide a US$100m line of credit to Coventry, leveraging EPA-granted capital to support large-scale clean energy initiatives deployment. The facility is designed to be recycled multiple times .......
News 4 December 2024