Complete news archive
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Northleaf and Ares back GoldState Music with US$500m facility
The new capital crescendo boosts GoldState's music rights ac...
GoldState Music, a leading music rights acquisition platform, has secured US$500m in strategic capital, including a structured capital facility co-led by Northleaf Capital Partners and Ares Management funds, alongside separately raised leverage. The private deal will support GoldState’s continued growth and the acquisition of traditional music assets, including catalogues by artists such as Alan Walker and Sheryl Crow.
“The transaction .......
News 24 April 2025
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Market participants give mixed response to ESAs' report on European securitisation regs
Risk retention changes among key concerns highlighted by industry insiders
As the European Commission prepares proposals on securitisation reform for its meeting in mid-June, industry experts have responded to the Joint Committee report on the functioning of the securitisation regulation with concern. The ESAs’ Article 44 Report, released in late March, is being welcomed with cautious optimism, with concerns around new risk retention .......
News 24 April 2025
EJF stakes a claim
Unusual Third Coast trade EJF's latest foray into US regional CRT
News 23 April 2025
TwentyFour AM launches ABF fund amid growing private credit demand
New strategy targets European ABF opportunities as bank retreat from traditional lending persists
TwentyFour Asset Management has become the latest in a growing line of managers to enter the ABF space, announcing the launch of its new ABF fund targeting private credit exposures with securitisation-style risk characteristics.
The strategy aims to capitalise on rising investor demand for alternatives such as ABF to traditional corporate credit, as well as on .......
News 23 April 2025
Distressed single-B tranches trade at discounts as CLO market sees negative NAVs
Poh-Heng Tan from CLO Research provides insights on US CLO double-Bs and distressed single-B bonds
Recent BWIC activity highlights growing stress in the lower-rated CLO tranche space, with single-B bonds covering as low as 10h amid collapsing NAVs and uncertain recovery prospects, while double-B tranches show wide dispersion driven by credit quality, ratings, and duration risk.
Talking Point 23 April 2025
European ABS stands firm amid volatility
European and UK ABS defy volatility with strong Q1 issuance,...
Despite growing geopolitical tensions, rate uncertainties and a spike in volatility toward the end of March, European and UK ABS have proven resilient, and in some areas, remarkably buoyant, according to monthly European and UK factsheets monitored by SCI.
TwentyFour AM Momentum Bond Fund’s managers report €11bn of issuance across ABS sectors during March, highlighting “a significant uptick” in consumer and auto .......
News 22 April 2025
EU NPL market sees ABF activity uptick amid forward flow surge
Forward flows, UTPs, and tail portfolios to drive secondary market revival
The European non-performing loan (NPL) market is experiencing a structural shift as forward flow agreements – once a niche tool – move to the centre of dealmaking, replacing traditional bulk sales with granular, recurring transactions. Driven by stricter regulatory frameworks, such as Basel III, IFRS 9, and ECB time-based provisioning rules, banks are increasingly offloading NPLs as they hit their books .......
News 17 April 2025
Job swaps weekly: 400CM promotes five as investment strategy heads
Securitisation people moves and key promotions
This week’s round-up of job swaps sees 400 Capital Management (400CM) beef up its securitisation strategy team with a handful of promotions. Elsewhere, Ares Management Corporation has named a co-head of Europe for alternative credit, while Taylor Wessing has strengthened its banking and finance team.
400 Capital Management has announced five new heads of investment strategy. Portfolio manager Quinn .......
Market Moves 17 April 2025
Leumi UK strikes first CRE loan-on-loan deal for Martley Capital
Specialty lender's portfolio transaction supports multi-sect...
Leumi UK has arranged its first loan-on-loan (LOL) transaction, leading a bespoke £42.9m facility to refinance a diversified commercial real estate (CRE) portfolio managed by Martley Capital Group. Co-lent with Cynergy Bank, the facility refinances an existing loan book secured against 20 assets spanning office, retail warehouse, retail, industrial and open shopping centres anchored by supermarkets.
“This strategic .......
News 17 April 2025
ELFA guidelines set to spur CLO transparency
Trustee best practices and improved disclosures recommended
The European Leveraged Finance Association (ELFA) has released new guidance aimed at improving transparency in CLO reporting. Published at the end of March, the document outlines trustee best practices, but may meet some obstacles in its implementation.
Under the recommendations, ELFA suggests that trustee reports implement standardised reporting of trading gains and par flush metrics; detailed tracking .......
News 17 April 2025
JPMorgan's latest prime RMBS blurs lines with non-QM
Innovative transaction adds non-QM-like protections with mod...
JPMorgan’s latest prime US RMBS deal, JPMorgan Mortgage Trust 2025-3 (JPMMT 2025-3), presents structural features typically seen in non-QM or subprime transactions. Indeed, the recently announced US$418.41m deal features a senior step-up coupon structure and a modified sequential payment waterfall – used for the first time on a publicly rated prime jumbo transaction.
The modified sequential structure will .......
News 16 April 2025
ORDE breaks records with RMBS debut and eyes global expansion
ORDE Financial's ceo Paul Wells, debt capital marke...
Q: What were the key factors that contributed to the success of your inaugural A$1bn RMBS issuance?
Provider Profile 16 April 2025
A: Reflecting on our inaugural A$1bn RMBS transaction, ORDE Series 2024-1 – recognised as the largest inaugural non-bank RMBS issuance in Australian history – the success of the deal was the result of a deliberate, long-term strategy focused on building scalable, transparent and trusted .......
Ratepay seals scalable BNPL securitisation
German white-label provider has closed its first STS-compliant ABS deal
Ratepay has completed its inaugural STS-compliant securitisation, raising €125m through a transaction backed by German and Austrian buy-now-pay-later (BNPL) receivables. The deal was arranged and financed by UniCredit Bank.
The transaction marks a strategic milestone for Ratepay, a Berlin-based white-label BNPL provider, as it seeks to scale its operations and diversify funding sources. The securitisation is backed by payment-on-invoice .......
News 16 April 2025
Third Coast and EJF show the way
Novel CRT true sale offers template for slimming CRE exposure
SRT Market Update 14 April 2025
Tariff tensions drive unease in European securitisation amid mounting volatility
CLOs, CMBS and SMEs flagged as first in line to feel the heat from Trump's trade war
Escalating trade tariffs from the second Trump administration are sending shockwaves through the global financial markets – and European structured finance is no exception. While immediate credit deterioration remains unlikely, the wheels of spread widening, shifting investor sentiment and heightened uncertainty are already in motion.
"It’s no secret that recent market turmoil has created quite a bit of .......
News 14 April 2025
Enra makes first charge RMBS debut with Elstree 2025-1 1st
Enra's inaugural first charge RMBS deal highlights disciplin...
Enra Specialist Finance’s Elstree 2025-1 1st transaction marks a significant milestone as the firm’s inaugural securitisation of loans secured solely by first charge residential mortgages. This debut in the first charge mortgage space showcases Enra’s commitment to RMBS markets and the RMBS investor base. Well-supported by the market, the deal adds to the firm’s track record of programmatic .......
News Analysis 14 April 2025
CLOs face volatility test amid record start to the year
KBRA affirms confidence in structured credit resilience under strain
The structured credit landscape entered 2025 with significant momentum, as US CLO issuance - including both broadly syndicated loan (BSL) and middle market (MM) transactions - closed the first quarter near historic highs.
According to KBRA’s latest private credit research on MM CLOs, amid trade tensions, total Q1 issuance reached approximately US$45bn - just US$3bn short of .......
News 14 April 2025