Complete news archive
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SCI In Conversation Podcast: Moty Citrin, Midroog, and Jason Smilovitz, independent consultant
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, SCI’s Selvaggia Cataldi speaks to Moty Citrin, head of financial institutions and structured finance at Moody’s subsidiary Midroog, and independent senior securitisation consultant Jason Smilovitz about the evolution of Israel’s securitisation market. In light of a new law aligning the country with global standards, Citrin and Smilovitz discuss how the legislative .......
News Analysis 21 March 2025
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Eldridge expands ETF offering providing European investors access to triple-A rated CLO tranches
Eldridge expands ETF offering in Europe with TAAA, targeting...
To offer non-US investors access to triple-A rated CLO tranches with tax advantages over US-registered ETFs, Eldridge has launched its first actively managed fixed income ETF in Europe, the AAA CLO UCITS ETF (TAAA).
Speaking to SCI, the firm highlights it anticipates that investor interest will continue to grow as they learn more about the asset .......
News Analysis 21 March 2025
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European and UK ABS robust in February amid diverging outlooks
European and UK ABS and MBS markets maintain their...
February proved to be a strong month for European and UK ABS and MBS markets, with spreads tightening and issuance levels exceeding the previous year, according to monthly fact-sheets monitored by SCI.
Aegon reports that European ABS markets performed strongly despite broader market volatility, noting that non-senior tranches saw higher demand than senior tranches. TwentyFour echoes this, stating that mezzanine ABS .......
News 20 March 2025
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SCI in Focus: Specialist RMBS set for robust 2025
Non-bank lenders to see continued growth amid strong investor appetite and ongoing innovation
The UK’s specialist lender RMBS market saw a year of strong activity in 2024, with new issuers entering the space, solid investor demand and attractive spreads – a trend that is expected to persist in 2025. In particular, niche lending to underserved borrower segments is expected to see growth.
Total European RMBS issuance reached €122.6bn last year, .......
News Analysis 20 March 2025
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New auto loan deal for Huntington
Midwest lender comes back to reg cap market after 2024 debut
News 19 March 2025
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UK structured credit hiring to soar in 2025
Investor appetite fuels hiring boom across ABF, consumer ABS, and esoteric ABS
The UK structured credit market is poised for a hiring boom in 2025, driven by rising demand across ABF, consumer ABS, and esoteric ABS. Investor appetite for yield and high compensation packages in these sectors are fuelling this growth, according to RCQ Associates’ latest report, which forecasts sustained hiring momentum throughout the year, following a sharp rebound in the .......
News 19 March 2025
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TwentyFour rides Aussie ABS wave to new highs
Australia's securitisation market soared to A$80.3bn in 2024...
A new report from TwentyFour Asset Management underscores the rapid transformation of the Australian securitisation market, which reached a record-high issuance of A$80.3bn (€46.6bn) in 2024. According to the firm, strong growth across all sectors, particularly in RMBS, has cemented Australia’s position as an increasingly attractive market for global investors.
"Non-bank lenders significantly increased RMBS issuance, benefiting .......
News 18 March 2025
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'Pioneering' Shari'ah-compliant securitisation marks major milestone for ABF
MUFG-structured deal sets precedent for Islamic ABF and ABS, paving way for future transactions
The UK’s second Shari’ah-compliant securitisation closed last week, marking a significant development in both the Islamic finance and ABF sectors.
The sukuk securitisation from Gatehouse Bank and ColCap Financial UK, structured and financed by MUFG, follows the recent formation of the pair’s Buy-to-Let Purchase Plan partnership.
By adhering to Islamic finance principles, the transaction is among the first .......
News 17 March 2025
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UAE securitisation market boost
Cross-border forward flow transaction could catalyse ABF growth in the Middle East
Gargash Group’s Deem Finance, a UAE-based financial services firm, has secured an up-to-US$400m forward flow securitisation deal with JPMorgan as senior lender and Daman Investments as financial advisor. Due to its cross-border nature, the transaction presented unique complexities.
“The underlying receivables are dirham-based, generated within the UAE, while the private ABS funding is cross-border and denominated in US dollars. .......
News Analysis 17 March 2025
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Accelerating synthetics simplification and standardisation
Mayer Brown lawyers outline the key points and eligibility c...
Following the start of development work on an accelerated procedure for the regulatory recognition of significant risk transfer (SRT) securitisations last year, the ECB last month published guidance addressed to significant institutions1 (SIs or SI) for certain simpler and more standardised traditional and synthetic securitisations. The new SRT Fast-Track process is currently being tested by the ECB .......
Talking Point 17 March 2025
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Acer Tree JV to expand CLO platform
Partnership driven by the vision to grow AUM to €2.5bn-€3bn
The run into difficult markets in 2023 has led to Acer Tree Investment Management’s decision to expand its CLO platform by partnering with alternative credit fund, Ymer SC, last month. The European CLO manager that debuted in 2022 says under the new plan, its CLO platform - the Logic Lane series – will target gradual CLO issuance, .......
News Analysis 17 March 2025
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Deep dive
Basel Committee launches SRT investigation
In a press release published yesterday, the Basil Committee on Banking Supervision (BCBS) announced its intention to launch an investigation assessing the benefits and risks posed by SRTs.
As part of its ongoing work to assess banks' interconnections with non-bank financial intermediation, BCBS agreed to conduct over the coming year a deep-dive investigation on SRTs.
Commenting on .......
News 14 March 2025
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Job swaps weekly: Wellington launches private real estate credit platform
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Wellington Management make a number of appointments to its newly launched private real estate credit platform. Elsewhere, KBRA Analytics has named a new chief strategy officer, while Marsh has appointed a head of political risk and structured credit.
Wellington Management has expanded its private investing capabilities with the formation of .......
Market Moves 14 March 2025
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Paragon's covered bond revives BTL RMBS HQLA debate
JP Morgan questions regulatory inconsistencies as covered bo...
Paragon Bank’s recent foray into the covered bond market has reignited the debate over High-Quality Liquid Asset (HQLA) eligibility for BTL RMBS. While Paragon’s new covered bond enjoys HQLA Level 1 status under the Liquidity Coverage Ratio (LCR), senior BTL RMBS bonds remain ineligible, even if they meet STS criteria.
The UK lender, historically a major issuer of .......
News 14 March 2025
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Aircraft ABS to return to pre-covid cruising altitudes
Four deals in quick succession suggest 2025 will significantly outpace last year's activity
Aircraft ABS is on track to return to pre-Covid levels following some quieter years. Issuance is predicted to reach US$10bn this year – almost twice the levels of 2024 – with secondary trading and aviation loan markets expected to be highly active throughout the rest of 2025.
Bullish sentiment is taking over the market, according to Rich .......
News 13 March 2025
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Reflections on the recent CLO equity BWIC of 11 March
Poh-Heng Tan from CLO Research provides insights on a recent CLO equity list
Based on SCI BWIC data, between 17 July 2024 and 8 March 2025, approximately 66 US CLO equity tranches from the 2021 vintage appeared on BWIC lists, where list owners provided colour on the equity tranches. Based on this colour, US CLO equity tranches from the 2021 vintage recorded a median IRR of 7.8%, with the 75th percentile .......
Talking Point 13 March 2025
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Latest SRTx fixings released
Slight retreat from last month's widening
As the prospect of a barrage of trade tariffs increases significantly, policy rates are very likely to remain restrictive. In fact, such macro-political environment strongly supports the view of policy rates staying higher versus pre-pandemic levels. In this context, the illiquidity premium found and associated with private credit means buy-and-hold SRT investors can potentially find additional return opportunities.
News 13 March 2025
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US CLO fintech expands presence whilst navigating regulation, loan scarcity
Siepe's US$30M investment fuels innovation in CLO optimisati...
With the recent expansion of Siepe’s operations to Europe and Malaysia, the US-based fintech providing solutions for CLO and private credit managers highlights regulation hurdles and supply scarcity as the main challenges it has encountered.
Speaking to SCI, Siepe CEO Michael Pusateri, says despite the challenges interplay between client needs and regulatory influences creates a compelling narrative .......
News Analysis 12 March 2025
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EIB inks SRT with Czech lender
SRT to support Czech SMEs and mid-caps
The EIB Group has completed a new synthetic securitisation with Czech bank Ceska Sporitelna (CSAS).
Under the transaction, the EIF will provide a €55m unfunded guarantee in a mezzanine tranche with the objective of enabling CSAS to expand to expand lending to SMEs and mid-caps in the Czech Republic. The junior and senior tranches are retained by CSAS. The .......
SRT Market Update 12 March 2025
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CLO secondary trades show appetite for equity tranches
CLO Research Group's Poh-Heng Tan provides insights on recent CLO equity BWIC activity
Timing is always crucial in trading, and it is no surprise that selling CLO equity tranches in today’s strong market can be rewarding, says Poh-Heng Tan, founder of CLO Research Group.
Recent BWIC colour on CLO equity tranches indicates that many have traded very well. Looking at trades that took place between 27 February and .......
Talking Point 11 March 2025