Complete news archive
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SCI in focus: Risk transfer at the ready
CRT an invaluable tool in GSE march to privatization – and beyond
Privatisation of the GSEs is back on the cards, but this time around CRT could play a crucial role not only in accelerating the route out of conservatorship but also in maintaining capital requirements once the exit has been made, say market experts.
News Analysis 14 January 2025
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Latest SRTx fixings released
Comprehensive consolidation
Having moved into 2025, the US election result unsurprisingly remains a point of focus, with the Trump win expected to translate into less stringent antitrust regulations and lower interest rates, sparking more M&A transactions and driving dealmaking in private credit. Nevertheless, varying views across the globe with respect to political ideology, and differentiating views on the levels of interest .......
News Analysis 14 January 2025
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CLO ETF momentum to continue in 2025
Strong fundamentals and growing demand set stage for robust triple-A CLO returns in 2025
The launch of Europe’s first CLO ETF by Fair Oaks Capital on Deutsche Boerse last year indicates that investor demand will likely drive ETF popularity in 2025.
Speaking to SCI, Miguel Ramos Fuentenebro, co-founder and partner of Fair Oaks, explained that the motivation behind launching AAA CLO UCITS ETF (FAAA) back in September was to address the lack .......
News Analysis 14 January 2025
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Palmer Square launches ETFs for European investors
New vehicles to address rising institutional demand for structured credit
Asset manager Palmer Square Capital plans to launch three exchange-traded funds (ETFs) for European institutional investors in early 2025.
Two of these ETFs will passively focus on euro- and US-dollar-denominated triple-A and double-A CLO debt. The third fund is to be an active multi-strategy ETF, offering similar exposure to the actively managed ETF currently offered in the US .......
Market Moves 14 January 2025
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Job swaps weekly: Aperture expands into structured credit
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Aperture Investors hiring a senior executive to lead its newly launched structured credit division. Elsewhere, JPMorgan is fleshing out its global CLO primary team with a number of senior promotions and new hires, while two industry veterans have co-founded capital markets service provider Altius Advisors.
Aperture Investors has hired Vladimir .......
Market Moves 10 January 2025
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Janus Henderson bets on Europe
Global asset manager launches first active fixed income CLO ETF in the region
Global asset management firm Janus Henderson Investors has launched its first active fixed income CLO ETF in Europe.
The vehicle, named Janus Henderson Tabula EUR AAA CLO UCITS ETF (JCL0), follows the recent introduction of the Janus Henderson Tabula Japan High Conviction Equity UCITS ETF (JCPN) in October 2024 and the Janus Henderson Tabula Pan European High Conviction .......
News 9 January 2025
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Volume and velocity
Bullish outlook for forward-flow in 2025
Forward-flow transactions are set to gain further momentum this year, with activity expected to surge in the mortgage and consumer lending sectors, in particular. These agreements have become valuable tools for banks and investors looking to accelerate capital velocity, optimise net interest margin (NIM) and support strategic balance sheet management.
“My outlook for forward-flow is generally very positive,” .......
News Analysis 8 January 2025
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European SF to maintain 2024 levels
S&P forecasts €135bn issuance in 2025 with...
S&P Global Ratings forecasts a promising yet complex year ahead for European structured finance markets. With issuance projected to reach €135bn, matching the record set in 2024, the outlook reflects a mix of economic resilience and emerging sectoral challenges.
According to S&P, the ABS sector, which achieved €43.5bn in issuance in 2024, is poised for continued activity in .......
News Analysis 6 January 2025
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JP Morgan sticks to European CLO forecast
Rising demand for carry trades and floating-rate assets bols...
The absence of new loan supply next year could impact JP Morgan's €45bn forecast for CLO new issuance and €50bn for refi/reset in Europe in 2025, the company said during its recent EMEA CLO Media Roundtable in London.
However, Rishad Ahluwalia, head of CLO research at JP Morgan, pointed out that despite issuance not picking up throughout this year, the .......
News Analysis 23 December 2024
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ABF pioneer
ATLAS brings 'holistic approach' to private credit opportunity
ATLAS SP Partners is emerging at the forefront of the rapidly growing private credit market. With a focus on warehouse and asset-backed lending, the firm is tapping into a market that could reach US$40trn.
“ATLAS is the only scaled non-bank lender focused on warehouse and asset-backed lending,” says Carey Lathrop, ceo of ATLAS. “Private credit has grown significantly .......
News Analysis 20 December 2024
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Job swaps weekly: Gibson Dunn poaches digital infra specialist
People moves and key promotions in securitisation
The final round-up of securitisation job swaps of the year sees Gibson Dunn recruit a digital infrastructure specialist as partner. Elsewhere, Cadwalader has promoted a number of lawyers with securitisation-related expertise, while Ares has added a principal to its alternative credit team.
Emily Naughton has joined Gibson Dunn’s Washington, DC office as a partner and member of the .......
Market Moves 20 December 2024
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Lending bridge
ATLAS powers Pivot Energy's solar expansion
ATLAS SP Partners recently partnered with Pivot Energy in a landmark US$450m financing deal for the construction of 300 megawatts of distributed generation solar projects across the US. The financing – one of the largest-ever raised for community solar – includes a warehouse facility led by ATLAS alongside First Citizens Bank, BankUnited, Comerica Bank and Cadence Bank, as well .......
News 19 December 2024
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Fund finance: NAV boom - video
Dechert partner Anthony Lombardi speaks to SCI about fund finance and the rise of NAV facilities
Anthony Lombardi, partner at Dechert, speaks with SCI's Marta Canini about emerging opportunities in fund finance. He highlights the rapid growth of NAV facilities, driven by rising liquidity demands in the US and UK, the expansion of private capital funds, market maturation, and cyclical challenges. Lombardi also shares his outlook on the future trajectory of the fund finance market.
....... News Analysis 18 December 2024