ABS
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Job swaps weekly: Fitch succession plan kicks into action ahead of Duignan retirement
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Fitch Ratings making a wave of changes in its global analytical leadership team, as part of a succession plan surrounding the retirement of Kevin Duignan. Elsewhere, a widely revered industry veteran is to step down from her partnership at Reed Smith at the end of the year, while Mount Street Group has .......
Market Moves 5 December 2025
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Democratising structured capital solutions
Duncan McKay, partner and head of fund finance at Gibson Dunn in New York, answers SCI's questions
Q: You recently joined Gibson Dunn as the head of fund finance and a partner in New York. What attracted you to the firm at this point in your career and which opportunities do you see in leading its fund finance practice?
Provider Profile 5 December 2025
Duncan McKay: I was drawn to Gibson Dunn not only because it offered the opportunity to join an .......
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EU urged to recalibrate securitisation reforms
Council's technical compromise viewed as 'unduly conservative'
AFME and the European Banking Federation (EBF) have published an open letter to the European Council and Members of the European Parliament warning that the EU’s proposed CRR securitisation reforms - which are central to the Savings and Investment Union (SIU) strategy - risk being too conservative, limiting banks’ ability to free up funding for critical sectors such as clean .......
News 4 December 2025
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Newmark targets burgeoning European data centre pipeline
New co-heads prepare gigawatt of capacity as AI reshapes infrastructure demand
Newmark's newly appointed European co-heads of data centres are preparing to launch between €1bn and €2bn of powered land and investment opportunities in the new year. As the sector grapples with surging demand from AI workloads, the team is ready to dive in further in the central and eastern European market.
Hamish Smith and Oliver Weston, .......
News Analysis 4 December 2025
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Germany's enforcement shift: bypassing the estate to realise alpha
Dagmar Gold, managing partner at Deutsche Pfandverwertung, a...
Three years post-ruling, the operational reality of the German Federal Court of Justice (BGH) ruling IX ZR 145/21 is finally hitting home. For secured creditors, the delayed recognition of independent enforcement rights is creating a divergence between modeled LGDs and actual realised value.
For structured credit investors modeling exposure to German corporates, the insolvency process has long .......
Talking Point 4 December 2025
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ABF Deal Digest: erad breaks new ground with scalable funding facility
A weekly roundup of private asset-backed financing activity
This week’s roundup of private ABF activity sees Riyadh-headquartered SME financing platform erad secure US$125m from Jefferies, with co-investment from Channel Capital, to accelerate embedded finance solutions across the GCC. The transaction marks Jefferies' first GCC asset-backed financing transaction and will support the firm’s plans to grow its presence in the region.
Building on erad's strong 6x year-over-year .......
News 3 December 2025
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Inside Enpal's Golden Ray 2: A blueprint for resilient green ABS
Gregor Burkart, senior vp asset financing at Enpal, answers...
Q: Enpal’s second public ABS transaction, Golden Ray 2, began marketing in November, shortly after announcing a new warehouse with M&G, [and announced initial price talks this week]. The deal introduces a few structural differences compared with your inaugural public ABS. Can you walk us through what’s new?
The Structured Credit Interview 2 December 2025
A: On the asset side, the two main additions are the heat pumps and .......
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Active October brings heavy supply and strong demand
Despite strong issuance, volatility highlights diverging views on valuations
The European ABS market remained active in October, with substantial primary issuance, strong demand across most sectors and continued resilience in underlying performance, according to monthly fund fact sheets monitored by SCI. Asset managers are reporting healthy placement of both consumer- and mortgage-backed deals, despite spread volatility and a heavy supply backdrop.
However, views diverged on valuations, with .......
News Analysis 28 November 2025
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Job swaps weekly: IQ-EQ acquires Zenith
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees IQ-EQ acquiring Zenith Global, marking its entrance into the Italian market. Elsewhere, a former Fried Frank partner has joined Gibson Dunn as a partner and head of fund finance, while two former Macquarie fund finance specialists are to lead NLC Capital Partners’ new asset-backed lending strategy.
IQ-EQ is to enter .......
Market Moves 28 November 2025
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Australia eyes debut data centre securitisation
Issuance anticipated within next 12 months
Australia is to capitalise on growing demand for digital infrastructure with its first data centre securitisation within the next 6-12 months, according to market participants. The anticipated deal would position it ahead of several neighbours in the broader region.
Louise McCoach, partner at Dentons, says the market is in a "pre-launch phase" with substantial preparatory work underway. .......
News Analysis 28 November 2025
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Breaking new ground with Europe's first multi-country public auto deal
AUTO1's FinanceHero 2 points to potential for more multi-country issuance
AUTO1 Group’s Q3 completion of Financehero 2, the first European public securitisation to pool auto instalment purchase receivables from multiple jurisdictions, points to the potential for further multi-country issuance. The €249m transaction, backed by German and Austrian receivables, is a step forward from last year’s debut Financehero 2024-1, according to Linklaters, which advised on both deals.
News Analysis 27 November 2025
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ABF Deal Digest: LendingClub expands into home improvement financing
A weekly roundup of private asset-backed financing activity
This week’s roundup of private ABF activity sees LendingClub Corporation partner with Wisetack to enter the US$500bn home improvement financing market. Elsewhere, Cornerstone Financing has inked a strategic asset purchase commitment with Fortress, while Klarna is set to sell up to U$6.5bn worth of its US Fair Financing loans.
LendingClub’s partnership with Wisetack is expected to jumpstart LendingClub's .......
News 26 November 2025
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Ex-BZ duo eye ABF fund launch
Eden Rock Credit seeking family offices for European-focused strategy
Former BZ duo Robert Wakeford and Kevin Yates have teamed up to launch a new asset-backed finance fund, SCI has learned. The pair have launched Eden Rock Credit in London and will begin fundraising for a €500m vehicle in 1Q26.
The firm is set to target mid-market asset-backed and corporate lending and is in the process of .......
News 26 November 2025
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BciCapital closes hybrid aftercare facility while expanding into CLOs
BciCapital pairs hybrid aftercare innovation with rising demand for mid-market CLO solutions
BciCapital has closed a U$75m hybrid aftercare structured credit facility for a major alternative asset manager with more than U$50bn in assets under management, SCI has learned. At the same time, the firm continues to scale its mid-market CLO financing platform, recently closing a U$50m borrowing-base facility for a manager.
The hybrid financing will provide end-of-fund-life working capital to .......
News Analysis 26 November 2025
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Job swaps weekly: Amundi and ICG ink long-term partnership
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Amundi and ICG launch a long-term partnership that will see the former acquire a minority stake in the latter. Elsewhere, a former Emso Asset Management portfolio manager is to launch a new ABF fund, while Norton Rose Fulbright has hired a new partner in its Amsterdam office.
Amundi and ICG have announced a long-term .......
Market Moves 21 November 2025
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Inside EDW UK's strategy: bringing transparency to private credit
Nigel Batley, executive director of EDW UK, answers SCI's questions
Q: You were named executive director of European DataWarehouse UK in September, taking over from Markus Schaber. What made this the right time - and the right role - for you?
Provider Profile 21 November 2025
A: Honestly, I was sceptical at first - because if you think about the origins of a securitisation repository, they only exist because regulation forced them into existence. .......
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Enpal debuts first public solar and heat pump ABS
Golden Ray 2 marks the next stage in funding Europe's renewable energy transition
Enpal is in the market with its highly-anticipated second consumer ABS, Golden Ray 2, marking the first public securitisation to include both residential solar and heat pump loans. The €302.9m transaction is backed by receivables originated by Enpal and Enpal Heat, and represents the next phase of the company’s financing strategy, following the success of Golden Ray 1 .......
News Analysis 20 November 2025
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Chenavari eyes new evergreen ABF fund
Preparing for early 2026 launch, strategy incorporates SRT transactions
Chenavari Investment Managers is eyeing the launch of a new evergreen asset-backed finance fund. Called Chenavari European Debt Opportunities Fund, it is set to launch in early 2026, with the firm seeking to raise €500m in its first year.
The vehicle will incorporate a .......
News 19 November 2025
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ABF Deal Digest: Shentel launches inaugural fibre network ABS
A weekly roundup of private asset-backed financing activity
Editor's note: updated on 25/11/25 to name one of the lenders in the ASOS refinancing.
News 19 November 2025
This week’s roundup of ABF activity sees Shenandoah Telecommunications Company debut a secured fibre network revenue term notes offering, with an anticipated repayment date in December 2030. Elsewhere, ASOS has refinanced its asset-backed loan facility, while .......
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Cutting through the complexity
Thomas Picton, partner at Paul Hastings, answers SCI's questions on the evolution of the ABF market
Q: You joined Paul Hastings earlier this month, at a time of expansion in the asset-backed finance market. What drew you to the firm's platform specifically?
The Structured Credit Interview 19 November 2025
A: Paul Hastings is preeminent in CLOs in Europe and in the US, and has been for some time. It's also very strong on the other part of the market – such as .......