Complete news archive
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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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Wellington Management closes debut CLO fund on US$194m
CLO Partners Fund exceeds US$150m target to invest in BSL CLO equity tranches
Investment management firm Wellington Management has closed its inaugural Wellington CLO Partners Fund I, raising US$194m in capital commitments, including US$27m from affiliates.
The vehicle focuses on majority equity tranches of Wellington-managed US broadly syndicated CLOs and has surpassed its initial target of US$150m.
Alyssa Irving, CLO portfolio manager at Wellington Management, told SCI that the investor .......
News 21 February 2025
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Neuberger Berman closes US$1.6bn ABF fund
Firm exceeds expectations as demand for asset-based finance grows
Neuberger Berman has held a US$1.6bn final close for Speciality Finance Fund III, signalling strong institutional demand for asset-backed finance strategies. Surpassing its initial US$1bn target, the fund marks a key milestone in the firm’s expansion within private credit, as both intuitional appetite and investor interest in ABF strategies strengthens.
The vehicle is already 45% deployed across a .......
News 20 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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Latest SRTx fixings released
A breather
While January traditionally sees benchmark deals from established issuers price – reportedly 100+bps tighter year-on-year – this month’s SRTx fixings and projections suggest that spreads are taking a “breather” (Large corporate: EU +8.1% US +10.3%; SME: EU +7.1%, US +0.7%) off tightened levels following worldwide flattening of the credit curve and tightening across all asset classes (even into higher .......
News 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
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Scope of ESMA consultation questioned
Private securitisation disclosure proposal 'puzzling'
ESMA last week launched a consultation on revising the disclosure framework for private securitisations under the Securitisation Regulation (SECR), proposing a simplified reporting template designed to improve proportionality in information-sharing processes. However, the timing and restricted scope of this latest consultation is questionable.
“ESMA's proposals could streamline the reporting requirements for certain transactions. However, they also exclude a .......
News 18 February 2025
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Turning tides in shipping securitisation
New shipping securitisation methodology to unlock investment-grade ratings
A new ratings methodology from ARC Ratings could turn the tide on shipping securitisation, as it seeks to improve credit ratings within shipping finance.
Once a sector considered too volatile for investment-grade classification, shipping finance has long struggled to attract institutional investors. However, through a data-driven, structured approach to risk evaluation, ARC aims to change this narrative by .......
News Analysis 17 February 2025
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Job swaps weekly: ARC promotes two and appoints APAC chair
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees ARC Ratings making a number of senior structured-credit-focused appointments spanning Europe and Asia. Elsewhere, Cadwalader has added three fund finance partners in London, while CIFC Asset Management has named a new md overseeing CLO tranche investing in its New York office.
ARC Ratings has promoted two Lisbon-based structured finance executives .......
Market Moves 14 February 2025
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Ever closer
Norwegian SRT market gets further boost
Last week, the Norwegian government has submitted its proposal for SecReg implementation to the Parliament for formal approval.[1]
Coincidentally or not, such announcement matches quite closely the Centre Party's exit from the ruling coalition, leaving the Labour Party to rule alone eight months before parliamentary elections. To bring added context to such shift, Norway’s Centre .......
News 14 February 2025
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CLO success factors
Panellists at SCI and Reed Smith CLO event discuss sustainab...
Sustainability considerations, an accelerating influx of new managers and the CLO asset class’s long-term track record were at the core of discussions at a recent SCI CLO event hosted by Reed Smith. SCI spoke to a panel of experts for their views on the future of CLOs with particular reference to sustainability.
CLOs have been a successful financing .......
News Analysis 14 February 2025
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Regional views from New York
Conference roundup
SCI’s ninth annual risk transfer and synthetics seminar took place last week in New York, and the agenda covered a broad array of topics currently impacting the US CRT/SRT market. These ranged from regulatory reforms, the latest developments in the GSE market (including whether a release from conservatorship is on the table), new assets in the region, relative value, .......
News 13 February 2025
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Fools rush in...
GSE exit from conservatorship needs careful handling, says SFA
News 12 February 2025
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Tech to streamline funding solutions
AI meets ABF in new strategic partnership
Encina Lender Finance (ELF) and securitisation fintech Cardo AI have formed a strategic partnership aimed at improving efficiency, transparency and accessibility across the burgeoning ABF market. The two firms hope to “revolutionise” ABF transactions by combining Cardo AI’s expertise in AI analytics with ELF’s expertise in structuring and credit risk management.
The agreement highlights the increasing role .......
Market Moves 12 February 2025
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Real Madrid: future of football finance?
Wave of stadium financing deals set to modernise European sports investment
Real Madrid President Florentino Pérez is reportedly considering plans to restructure the football club’s ownership model with one that may resemble the German 50+1 approach, with the club introducing private investment while remaining under fan control. This model – which has boosted profitability and sustainability across Bundesliga clubs – could accelerate a broader trend of financial modernisation in .......
News Analysis 12 February 2025
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Record levels of US auto ABS to continue in 2025
Country could exceed last year's record issuance, but tariff-related uncertainty looms
The US auto ABS market is set to experience another strong year of issuance in 2025, based on strong investor demand for recent transactions and positive consumer sentiment surrounding lower interest rates. However, it will have to contend with geopolitical uncertainties if it is to surpass the record levels reached last year, with ongoing questions surrounding the impact of .......
News Analysis 11 February 2025
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SABL 'mutually beneficial' for private credit funds and banks
Cadwalader partner Jeffrey Nagle and special counsel Michael...
The rise of private credit has been one of the biggest stories in finance in the last decade, and some observers forecast that by 2028 the private credit market once again will double in size. This continued growth, as well as other market and regulatory forces affecting bank lenders, has promoted innovation in the space. Increasingly, and perhaps out .......
Talking Point 10 February 2025