Complete news archive
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Job swaps weekly: BBB elevates two to co-chief banking officer
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees The British Business Bank appointing two co-chief banking officers. Meanwhile, Latham & Watkins has poached an experienced White & Case structured credit executive as partner, while Centralis Group has hired a new Ireland Country head.
The British Business Bank has appointed Richard Bearman and Reinald de Monchy as co-chief banking .......
Market Moves 22 November 2024
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Leader of the pack
Digital securitization the star turn in 2024 and the future
News Analysis 21 November 2024
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Robust pipeline
Italian cash SRT market on the rise
Five Italian cash SRT deals closed in the consumer and auto loan space earlier in 2024 (SCI 12 July), and two recent announcements by Stellantis (Auto ABS Stella Loans 2024-2) and CA Auto Bank (A-BEST 25) bring the total to seven confirmed transactions this year for the jurisdiction. Three additional deals – Brignole CO 2024 and Brignole CQ .......
News 20 November 2024
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Variety rules in European ABS
October saw strong momentum in the European and UK ABS and MBS markets, fuelled by diverse issuance
European and UK ABS and MBS markets maintained momentum in October, building on the robust issuance pace set in September, according to monthly European and UK factsheets monitored by SCI.
TwentyFour AM Momentum Bond Fund’s managers state that October witnessed over €17.5bn in ABS and €9.5bn in CLO issuance, pushing the YTD total to over €130bn. Both TwentyFour .......
News 20 November 2024
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SRT: The long view – video
Man Group's Moniot delves into key differences between European and North American SRT
....... News Analysis 19 November 2024
Asset migration
Euro mid-market deal flow set to grow
As year-end approaches, the private credit market is poised for continued expansion, with middle-market corporate deals expected to drive much of that growth. Speakers at Morningstar DBRS’ Credit Outlook 2025 in London last week outlined a positive trajectory for the sector, spurred by a global asset migration from public to private markets, maturing private equity portfolios and the overall .......
News 18 November 2024
CLO manager corner series: Investcorp
CLO market faces loan supply challenges, but outlook remains strong
A limited supply of new loan issuance could challenge the CLO market in the future, with the development of a private equity pipeline needed, according to Investcorp.
Barry Lane, managing director of CLO new issuance in Europe at Investcorp, tells SCI that despite this risk, the current number of deals being marketed, as well as those that have .......
The Structured Credit Interview 18 November 2024
SRT Journal: Cross-pollination
The third of five essays compiled in SCI's inaugural SRT Jou...
An increasingly favoured solution to banks’ capital needs, the US CRT market is poised for substantial expansion. However, for the CRT market to be scalable to smaller banks and smaller investors, market terms need to standardise.
Historically, Citi has been a regular US SRT issuer, while JPMorgan and Goldman Sachs have tapped the market periodically. However, over the .......
News Analysis 18 November 2024
Job swaps weekly: Senior Pemberton CLO exec launches Auctus Strategies
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees a former Pemberton Asset Management director launching her own sustainability consulting business. Meanwhile, Atlas SP has given its interim ceo the role on a permanent basis, while Climate First Bank has appointed a former 12five Capital veteran as president of its newly-created structured finance division.
Ex-Pemberton Asset Management director Naomi .......
Market Moves 15 November 2024
Italian revival
Private credit in real estate finance gaining traction
AXA IM Alts recently acquired a portfolio of Italian real estate loans from an international bank through a securitisation structure, while Société Générale has syndicated another portfolio of Italian real estate loan exposures to a leading international asset manager’s fund. Both transactions – for which A&O Shearman acted as advisor – signal that partnerships between banks and private credit .......
News 14 November 2024
SCI In Conversation Podcast: Gregor Burkart, Enpal
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, SCI's Selvaggia Cataldi speaks to Gregor Burkart, leader of the refinancing division at Enpal, about the company’s recent milestone in Europe’s renewable energy sector. Burkart shares insights into Enpal’s first residential solar securitisation program, which raised €240m, and discusses the company’s strategy, innovative financing methods, and their impact on investors, customers, and .......
News Analysis 14 November 2024
Zilch eyes zero-cost credit via ABS
Zilch paves the way for financial inclusion with plans for public ABS and IPO
In a bid to disrupt the revolving debt burden that impacts millions of consumers, London-based fintech Zilch is eyeing the next stage in its ambitious growth strategy with plans to expand its ABS facilities and eventually launch an IPO. The company, which says it has already saved customers £500m in interest fees since its inception four years ago, seeks .......
News Analysis 14 November 2024
Latest SRTx fixings released
SRTx figures display continuity
With market sources continuing to report a tightening in spreads for new issue trades (repeat benchmark deals from established issuers are seeing bids 100+ basis points tighter than comparable transactions from earlier in 2024), the latest SRTx fixings present a generally stable and coherent narrative, in line with the positive risk tone that has been prevalent since the summer .......
News 14 November 2024
Ex-Accunia exec to launch Euro CLO equity investment platform
Grane speaks to SCI about building a new London team and seeking investors
Christian Grane, the former head of investments at Accunia Credit Management, is aiming to launch a dedicated European CLO equity investment platform in the second or third quarter of next year.
Speaking to SCI, Grane, who left Accunia in September after five years, says he is currently in the process of speaking to potential investors and partners to launch .......
News 13 November 2024
Fund finance milestone
Investec and Ares ink 'first of its kind' subscription lines securitisation
Investec Fund Solutions, the fund solutions arm of Investec Bank, has recently inked a landmark partnership with alternative investment firm Ares Management to launch what is believed to be the first-ever subscription lines securitisation. The bespoke funding structure will allow Investec to scale its offering in response to the growing demand for subscription lines among private equity firms.
News Analysis 12 November 2024
SRT Journal: Moving parts
The second of five essays compiled in SCI's inaugural SRT Jo...
CRTs are becoming increasingly attractive to US regional banks, having historically remained almost exclusively the preserve of the so-called global systemically important banks (G-SIBs) in the country. Yet a much anticipated wave of issuance in 2024 has not fully materialised, with players entering the market more gradually and deliberately as they negotiate various challenges.
The growing interest had .......
News Analysis 12 November 2024