ABS
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Heat pump ABS faces headwinds in Europe
The heat pump ABS market faces scalability hurdles, includin...
The nascent market for heat pump ABS faces significant challenges despite its potential role in Europe’s energy transition. A lack of support from policymakers and a shortage of historic default data are proving to be hurdles for an asset class that has often been tipped to follow solar ABS’s ascent into everyday European securitisation discourse.
Declining heat pump .......
News Analysis 21 January 2025
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Strength prevails in European ABS
European and UK ABS and MBS markets closed 2024 strong, over...
European and UK ABS and MBS markets closed 2024 on a resilient note, weathering broader macroeconomic challenges, according to factsheets monitored by SCI. Insights from Aegon, Amundi and TwentyFour Asset Management provide a nuanced view of the market’s performance.
Aegon European ABS Fund’s managers paint a picture of strength in the European ABS market, with issuance totalling €143bn .......
News Analysis 20 January 2025
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Australian ABS issuance primed for continued momentum
Following record RMBS issuance and non-bank dominance in 202...
It’s no secret that Australian ABS is coming off the back of a banner year in 2024, with RMBS having led the charge. As the market kicks back into gear following the new year, the signals are that momentum is likely to continue throughout 2025.
RMBS issuance in Australia hit a record AUD61.1bn in 2024. According to Martin .......
News Analysis 17 January 2025
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Job swaps weekly: Axis hires structured credit lead
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Axis appointing a new SRT-focused structured credit lead in its capital risk solutions team. Elsewhere, Orrick has promoted two securitisation lawyers to partner in New York, while Ares Management has elevated a partner to co–head of alternative credit.
Insurance and reinsurance business Axis has hired Bryan Niggli as structured credit lead .......
Market Moves 17 January 2025
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A volatile road ahead?
BofA's SF analysts discuss the state of structured finance markets in 2025
Bank of America’s structured finance research team, led by Alexander Batchvarov, head of international SF research, discussed the state of the structured finance market at a roundtable last week. Key analysts of the European SF research team, including Altynay Davletova, who specialises in RMBS, and Mark Nichol, focusing on credit, share insights on market trends, challenges and forecasts for the .......
News Analysis 16 January 2025
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Packed pipeline
Private credit riding a wave of optimism
US private credit is set for a strong year, buoyed by post-election stability and less stringent antitrust regulations expected under the new Trump administration. At the same time, investor appetite for ABF is increasing in Europe, with strategies becoming more clearly defined within the broader private credit landscape.
“We have a lot of deals coming to market in .......
News Analysis 15 January 2025
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Job swaps weekly: Aperture expands into structured credit
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Aperture Investors hiring a senior executive to lead its newly launched structured credit division. Elsewhere, JPMorgan is fleshing out its global CLO primary team with a number of senior promotions and new hires, while two industry veterans have co-founded capital markets service provider Altius Advisors.
Aperture Investors has hired Vladimir .......
Market Moves 10 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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ABF pioneer
ATLAS brings 'holistic approach' to private credit opportunity
ATLAS SP Partners is emerging at the forefront of the rapidly growing private credit market. With a focus on warehouse and asset-backed lending, the firm is tapping into a market that could reach US$40trn.
“ATLAS is the only scaled non-bank lender focused on warehouse and asset-backed lending,” says Carey Lathrop, ceo of ATLAS. “Private credit has grown significantly .......
News Analysis 20 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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Lending bridge
ATLAS powers Pivot Energy's solar expansion
ATLAS SP Partners recently partnered with Pivot Energy in a landmark US$450m financing deal for the construction of 300 megawatts of distributed generation solar projects across the US. The financing – one of the largest-ever raised for community solar – includes a warehouse facility led by ATLAS alongside First Citizens Bank, BankUnited, Comerica Bank and Cadence Bank, as well .......
News 19 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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Sustainability first
Ryan Jaskiewicz, president of structured finance at Climate First Bank, answers SCI's questions
Q: Climate First Bank, the world’s first FDIC-insured bank dedicated to the environment and sustainability, recently announced its structured finance expansion, with you leading the effort. What motivated this move, and why now?
The Structured Credit Interview 16 December 2024
A: From the beginning, the bank’s original business plan included a factoring and asset-based lending department. These offerings fall under what we now call the structured finance .......
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Job swaps weekly: Dentons elects Europe board members
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Dentons elect new members to its Europe board and hire a new partner in London. Elsewhere, Deutsche Bank has appointed a former Citi executive as lead structurer, while fintech company Intain has lured a structured credit, derivatives and mortgages veteran to its board.
Dentons has elected its European and Italian .......
Market Moves 13 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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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