Complete news archive
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Monroe closes maiden CFO
Firm closes new vehicle in strategic private credit push
Monroe Capital has closed its inaugural collateralised fund obligation (CFO) – Monroe Capital CFO I – a US$315m vehicle designed to provide investors with diversified exposure across Monroe’s private credit platforms. The newly launched CFO marks a landmark step in Monroe’s private credit expansion, integrating its senior secured direct lending and alternative credit solutions into a single offering that .......
News 8 November 2024
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EU CLO performance realigns with loan index post-volatility
CLO Research Group's Tan analyses how EU CLO managers' perfo...
European CLO managers have returned to performing on par with the Morningstar European Euro-Denominated Loan Index on average following four challenging years, says Poh-Heng Tan, founder of CLO Research Group, in this exclusive article for SCI. Yet individual results vary widely and investors should remember that CLO managers do not eliminate investment risk.
Talking Point 8 November 2024
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Job swaps weekly: Ogier snaps up Dublin-based partner
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Ogier hiring a structured finance veteran from Matheson as partner in its Dublin office and promoting a real estate managing associate to partner in its Jersey practice. Meanwhile, Sidley has hired two long standing senior capital markets partners from Latham & Watkins, while Latham & Watkins has made a number of .......
Market Moves 8 November 2024
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Election special
As America goes to the polls and the world watches, US edito...
News 5 November 2024
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M&G unveils €200m ABS fund
Firm launches vehicle aimed at unlocking daily liquidity in high-grade securitised assets
M&G’s structured credit team has launched the M&G Investment Grade ABS Fund, a new daily liquidity fund with an initial €200m investment from pension schemes and family offices. The fund seeks to capture value in the global securitisation market, focusing on high-quality, investment-grade assets backed by residential mortgages, consumer, corporate, and automotive loans.
The fund’s strategy aligns with .......
News 5 November 2024
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NAV in focus
Growing market 'key' to fund finance toolkit
Net asset value (NAV) lending volumes are poised to more than double over the next few years. Indeed, panellists at Invisso’s recent ABS East conference forecast that the market could grow from nearly US$150bn in 2024 to an estimated US$500bn by the end of the decade.
NAV loans are becoming an increasingly relevant tool within the broader US$1.2trn .......
News Analysis 5 November 2024
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SCI In Conversation Podcast: Jeffrey Stevenson, VSS Capital
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Jeffrey Stevenson, managing partner of VSS Capital, about the continued growth of private lending. Stevenson discusses how the private lending market has evolved over the past decade, the role that remains for traditional lenders, where he has seen value over the past year, .......
News Analysis 4 November 2024
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Pre-judgment day ABS rush in Europe
October sees strong European and UK ABS issuance ahead of US presidential election
October ended with a surge in European and UK ABS and MBS issuance, with €3.5bn placed from seven deals in the final week of the month. This included €2bn of publicly marketed deals, bringing the total level of issuance for the month to €12bn.
JPMorgan strategists note: "October’s primary activity underscores the strong demand for securitised products across .......
News 4 November 2024
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Democratising investment
Christian Parker, structured credit partner at Paul Hastings...
It’s a well-established truth that European retail investors have no access to credit investments in the form of loans. However, this isn’t quite right and overlooks the role of investment trusts, which have for many years offered retail investors exposure to credit markets. Funds managed or associated with Fair Oaks, CVC Credit Partners, AXA Investment Managers and others all .......
Talking Point 4 November 2024
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SRT Journal: Growing pains?
The first of five essays compiled in SCI's inaugural SRT Jou...
The US Fed’s FAQ on CLNs in September 2023 sparked anticipation that the floodgates would finally open for US bank CRT issuance, resulting in many new investors exploring the sector and an initial wave of transactions. The momentum subsequently seen this year in US CRT has altered supply and demand dynamics, with some describing it as a banks’ market, .......
News Analysis 4 November 2024
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Job swaps weekly: Linklaters lures four A&O Shearman partners
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Linklaters hiring four partners from A&O Shearman for its New York office. Elsewhere, the Prytania Solutions team has joined Houlihan Lokey’s structured products valuation advisory team as part of the latter’s acquisition of the former, while Danske Bank has snapped up a former senior Nordea executive as investment director.
Linklaters .......
Market Moves 1 November 2024
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Clean and replenish
Optimistic outlook for US CRE market is welcome news for CMBS and CRE CLOs
A rebound in activity in the US CRE market is pointing to brighter times ahead for both CMBS and CRE CLOs. Activity in the CMBS issuance market is a welcome sign after a prolonged down cycle, despite ongoing challenges in office and retail.
“We are seeing a strong turnaround,” states Jodi Schwimmer, partner at Reed Smith. “The market .......
News Analysis 1 November 2024
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Blueprint for sustainable growth
EIF's Jesper Skoglund and Georgi Stoev discuss EIB, EIF, and...
EIB, EIF and BPCE have collaborated on a new €800m financing initiative aimed at driving innovation and sustainability for SMEs. Structured as an ABS transaction, this joint venture is crafted to encourage significant lending to support European SMEs while fostering advancements in the green transition.
With €750m invested by the EIB and €50m by the EIF, the collaboration .......
News Analysis 31 October 2024
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C-PACE 'the winner'
Growing institutional interest, new market frontiers and leg...
With R-PACE uptake cooling across the US, industry leaders hailed C-PACE as “the winner” at Invisso’s ABS East conference in Miami last week. Panellists referenced a surge in deal volume, new market applications and a wave of institutional backing seen throughout 2024.
“We're seeing increased traction in larger C-PACE deals ranging above US$100m, where institutional investors use C-PACE .......
Talking Point 30 October 2024
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SCI in focus: Hot water
Thames Water, whole business securitisation and the challenge of debt financing
Crisis on the balance sheets of the UK’s largest water utility, Thames Water, is exposing major failures of the political, regulatory and financial systems – not whole business securitisation (WBS).
In late October, a court date was set for 17 December to discuss Thames Water's future. In the meantime, WBS remains centre stage in most conversations linked to .......
News Analysis 29 October 2024
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SCI CRT Awards: Newcomer of the Year
Winner: EMX Partners
(Re)insurer participation in SRT deals has historically been limited to unfunded and non-STS transactions. EMX Partners is SCI’s pick for Newcomer of the Year in this year’s CRT Awards for establishing a platform that combines (re)insurer risk appetite with third-party funding to create rated repacks of SRT notes.
Since its launch in June 2023, EMX closed its debut .......
News 29 October 2024
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SCI CRT Awards: Outstanding Contribution to SRT
Winner: International Association of Credit Portfolio Managers (IACPM)
The IACPM is SCI’s pick for the Outstanding Contribution to SRT award this year, for being uniquely the voice of the SRT industry. Not only does the association espouse a collaborative and consensus-driven approach to advocacy, its initiatives also provide much-needed transparency into what remains an opaque market.
The IACPM was established in 2001 by 11 founding bank .......
News 29 October 2024
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Significant piece of regulation
The PRA's latest consultation paper introduces consequential developments for the SRT market
While the Prudential Regulation Authority’s (PRA) latest consultation paper (CP13/24 – Remainder of CRR: Restatement of assimilated law) focuses more broadly on capital requirements, three significant developments for the SRT community have clearly emerged.
The meaningful proposals include a new formula based p factor, (still) no STS for synthetics and a widely softened stance for unfunded SRTs.
News Analysis 29 October 2024