Complete news archive
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Thames Water WBS extended
'Significant' write-downs expected under liquidity extension transaction
The maturities of all class A and class B debt issued by the Thames Water Utilities Finance (TWUF) whole business securitisation have been extended by two years. The move follows the High Court’s approval of the restructuring plan proposed by Thames Water Utilities Holdings in connection with implementing a liquidity extension transaction.
The liquidity extension transaction will .......
News 27 February 2025
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AlbaCore sees CLO refi, reset opportunities
AlbaCore monitors market for CLO refinancing opportunities as M&A activity picks up
AlbaCore Capital Group may explore opportunities related to its current portfolio, such as potential resets and refinancing of some structures, says Deborah Cohen Malka, partner and portfolio manager at the firm.
AlbaCore always considers potential resets and refinancing, and is monitoring the market closely for those opportunities.
Speaking to SCI, Malka states: "We take an opportunistic approach .......
News Analysis 27 February 2025
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Alcentra secures US$1bn for CLO strategies
New capital will boost Alcentra's European CLO AUM to US$4bn over the next three years
Alcentra recently secured US$1bn in equity capital commitments for its CLO-focused strategies, driven by Inflows from pension funds, endowments, family offices, and SWFs in the US, Asia, and Europe, the firm tells SCI.
The majority of the new capital will be invested in CLO mezz and equity through the firm's third-party CLO tranche investing platform, with a portion .......
News 27 February 2025
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US CRT: Brave new world - video
Cadwalader Wickersham & Taft partner Jed Miller speaks to SCI
....... News Analysis 26 February 2025
Europe's solar ABS market plays catch-up
Continent's solar ABS market trails the US, though potential Italian deal may spark growth
The European solar ABS market is exploring innovative routes to accelerate issuance, with market insiders anticipating increased activity following last year’s debut public transaction for the continent. Yet, while the European market shares similarities with its glowing US counterpart, key structural differences and macroeconomic volatility continue to cast shade on its emergence.
The solar ABS market is still .......
News Analysis 26 February 2025
SCI in Focus: Broader and deeper
SRT supply and demand dynamics set to stabilise
A recurring theme within the SRT market last year was its characterisation as ‘bank-friendly’, with a deluge of new capital altering supply and demand dynamics. While issuance volumes continue to grow, the sector is also gaining depth due to increasing standardisation.
“The last year has been characterised by new or newer entrants ramping up. Some, particularly US .......
News Analysis 25 February 2025
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
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
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
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
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
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
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
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
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
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