Complete news archive
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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
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Ever closer
Norwegian SRT market gets further boost
Last week, the Norwegian government has submitted its proposal for SecReg implementation to the Parliament for formal approval.[1]
Coincidentally or not, such announcement matches quite closely the Centre Party's exit from the ruling coalition, leaving the Labour Party to rule alone eight months before parliamentary elections. To bring added context to such shift, Norway’s Centre .......
News 14 February 2025
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CLO success factors
Panellists at SCI and Reed Smith CLO event discuss sustainab...
Sustainability considerations, an accelerating influx of new managers and the CLO asset class’s long-term track record were at the core of discussions at a recent SCI CLO event hosted by Reed Smith. SCI spoke to a panel of experts for their views on the future of CLOs with particular reference to sustainability.
CLOs have been a successful financing .......
News Analysis 14 February 2025
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Regional views from New York
Conference roundup
SCI’s ninth annual risk transfer and synthetics seminar took place last week in New York, and the agenda covered a broad array of topics currently impacting the US CRT/SRT market. These ranged from regulatory reforms, the latest developments in the GSE market (including whether a release from conservatorship is on the table), new assets in the region, relative value, .......
News 13 February 2025
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Fools rush in...
GSE exit from conservatorship needs careful handling, says SFA
News 12 February 2025
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Tech to streamline funding solutions
AI meets ABF in new strategic partnership
Encina Lender Finance (ELF) and securitisation fintech Cardo AI have formed a strategic partnership aimed at improving efficiency, transparency and accessibility across the burgeoning ABF market. The two firms hope to “revolutionise” ABF transactions by combining Cardo AI’s expertise in AI analytics with ELF’s expertise in structuring and credit risk management.
The agreement highlights the increasing role .......
Market Moves 12 February 2025
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Real Madrid: future of football finance?
Wave of stadium financing deals set to modernise European sports investment
Real Madrid President Florentino Pérez is reportedly considering plans to restructure the football club’s ownership model with one that may resemble the German 50+1 approach, with the club introducing private investment while remaining under fan control. This model – which has boosted profitability and sustainability across Bundesliga clubs – could accelerate a broader trend of financial modernisation in .......
News Analysis 12 February 2025
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Record levels of US auto ABS to continue in 2025
Country could exceed last year's record issuance, but tariff-related uncertainty looms
The US auto ABS market is set to experience another strong year of issuance in 2025, based on strong investor demand for recent transactions and positive consumer sentiment surrounding lower interest rates. However, it will have to contend with geopolitical uncertainties if it is to surpass the record levels reached last year, with ongoing questions surrounding the impact of .......
News Analysis 11 February 2025
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SABL 'mutually beneficial' for private credit funds and banks
Cadwalader partner Jeffrey Nagle and special counsel Michael...
The rise of private credit has been one of the biggest stories in finance in the last decade, and some observers forecast that by 2028 the private credit market once again will double in size. This continued growth, as well as other market and regulatory forces affecting bank lenders, has promoted innovation in the space. Increasingly, and perhaps out .......
Talking Point 10 February 2025
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Potential new player identified for SRT issuance
SRT market update
Financial sector research firm Autonomous Research (Autonomous) has identified a major European bank as a prime candidate for future SRT issuance.
A well-known fact in the SRT market is that transactions referencing portfolios of large corporate loans comprise the majority bulk of issuance. For the leading investment banks, SRT has now become an integral part of their “originate .......
SRT Market Update 10 February 2025
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SCI in Focus: ABF key motivator in private credit consolidation
Acquisitions driven by opportunities beyond traditional corporate lending
The alternative credit sector saw a continued drive towards market consolidation in 2024, with asset-backed finance (ABF) emerging as a key motivator for such activity. Last year saw a near-record US$260bn in acquired AUM, according to Gapstow’s annual review of acquisitions among alternative credit managers, with direct lending dominating the space.
Direct lending firms accounted for 70% of .......
News Analysis 7 February 2025
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Job swaps weekly: Haynes Boone poaches asset securitisation team
Securitisation people moves and key promotions
This week’s round-up of securitisation job swaps sees Haynes Boone strengthen its fund finance and asset securitisation practices with the hiring of seven attorneys from Seward & Kissel in New York. Elsewhere, several other law firms have added partners in Australia and Japan, while ARC Ratings has recruited a new Hong Kong-based ceo to spearhead its expansion in the .......
Market Moves 7 February 2025
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MA reforms set to boost UK securitisation
PRA to deliberate on 'Matching Adjustment Investment Accelerator' in 1H25
The UK securitisation sector is poised to see a steady increase in activity, following the implementation of Matching Adjustment (MA) reforms introduced in late 2024. While the reforms offer more flexibility in asset-backed investments – shifting the requirement from a fixed to a highly predictable (HP) cashflow for part of insurers’ portfolios – the market can expect a gradual .......
News Analysis 7 February 2025
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Mid-market CLOs: Blurring the lines with BSL vehicles
Hybrid CLOs on horizon with convergence of MM and BSL CLOs
The CLO market is transforming with growing cross-pollination between middle-market (MM) CLOs and broadly syndicated loan (BSL) CLOs. Driven by investor confidence, tighter spreads, and increasing acceptance of private credit structures as viable alternatives to public markets, this convergence is raising questions about whether hybrid CLOs could be the next evolution of this product.
While terms like private .......
News Analysis 6 February 2025
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British Business Bank backs EV financing
New support for £100m+ EV lending facility amid market uncertainty
The British Business Bank has committed to support a structured lending facility from Paragon Bank geared at incentivising the adoption of EVs in the UK’s used auto market. The announcement comes amid ongoing regulatory uncertainty in the UK car financing market, which could impact auto finance providers and, in turn, the flow of auto ABS deals.
Through .......
News 6 February 2025
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Middle market CLO boom to continue
This year is expected to bring continued resilience, fewer defaults, and rising investor confidence
Last year saw record-breaking middle market (MM) CLO issuance, fuelling massive growth in credit estimates, according to S&P Global Ratings' latest Private Credit And Middle-Market CLO Quarterly report.
Over 3,500 credit estimates were issued in 2024 alone, S&P Global said in its report, mostly refreshing existing ones but also evaluating new issuers. This surge shows just how big .......
News Analysis 5 February 2025
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UK auto ABS outlook diverges from European peers
Recent court ruling weighs on 2025 expectations for some auto finance providers
Regulatory uncertainty in UK car financing is suppressing the outlook for auto ABS in the country. A decision taken last year by the Court of Appeal of England and Wales will likely impact some auto finance providers – and the auto ABS pipeline – in the country in 2025, according to a report by Morningstar DBRS, in contrast to .......
News Analysis 5 February 2025
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Best of frenemies
Bank-asset manager ABF partnerships set to accelerate
ABN AMRO and Ares Management this week forged a strategic collaboration on a €1.3bn infrastructure loan portfolio, marking the latest in a growing wave of partnerships between banks and alternative asset managers. The deal highlights the increasingly intertwined relationship between traditional lenders and private credit sponsors.
“This collaboration will not only strengthen our position in the infrastructure .......
News Analysis 31 January 2025