ABS
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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 .......
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Former Emso credit head begins fundraising
Marco Lukesch is working with IQ-EQ on a multi-currency credit strategy
Former Emso Asset Management veteran Marco Lukesch is launching a new asset-backed finance fund. Lukesch, who left Emso in March after eight years as portfolio manager and head of private credit, is actively seeking investors for the new multi-currency private credit fund.
The new .......
Market Moves 19 November 2025
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EIB eyes Baltics as next SRT frontier
Bank scaling up activity amid push to open emerging markets
The European Investment Bank (EIB) is seeking to scale up its synthetic securitisation activity across the Baltics, as the region emerges as a prominent frontier for structured credit in Europe. The bank sees attractive opportunities across Lithuania, Latvia and Estonia, and is already actively working to bring new originators into the fold.
Damyan Popovski, a .......
News Analysis 18 November 2025
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BciCapital targets CRE NAV gap in US market
Structured products platform deploys US$2bn as it carves a niche in bespoke ABF
BciCapital is rapidly gaining traction in the US asset-backed finance market, after deploying nearly US$2bn since launching in mid-2024. Bolstered by 16 recently recruited practitioners from various global and foreign investment banks, the platform has identified and exploited gaps in commercial real estate NAV lending that larger competitors have overlooked.
"We're building relationships. We're looking to be here .......
News Analysis 17 November 2025
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ABF Deal Digest: Nexamp ramps up innovative clean energy financings
A weekly roundup of private asset-backed financing activity
This week’s roundup of private ABF activity sees clean energy firm Nexamp close a US$600m aggregation facility, hot on the heels of completing a construction warehouse facility (CWF) last month. Elsewhere, Sallie Mae has signed a multi-year strategic partnership with KKR, while Turning Rock Partners has closed a new ABF deal with the acquisition of three Airbus airframes.
News 14 November 2025
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Job swaps weekly: Newmark adds two London-based mds
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Newmark making two senior appointments to its European debt, equity and structured finance team. Elsewhere, an ex-Goldman Sachs structuring pro is targeting the launch of an asset-backed finance vehicle, while Paul Hastings has snapped up a former Cadwalader Wickersham & Taft lawyer as a tax partner.
Newmark has hired two .......
Market Moves 14 November 2025
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Ashland Place eyes European expansion as aviation finance rebounds
Alternative lender capitalises on milestone securitisation and new hire as it targets growth
Ashland Place, the aviation finance platform backed by Davidson Kempner Capital Management (DK), is seeking to capitalise on a recovering market following its recent ABS transaction that delivered record pricing. Indeed, the firm is bolstering its European presence under newly hired director Sarah Conway.
“I have been familiar with Ashland Place since its early days in .......
News Analysis 14 November 2025
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SCI In Focus: Redefining the boundaries of ABF
Structured asset sales gain traction in the race to fund the tech revolution
Private credit’s rapid expansion is rewriting the rules of financial markets, as the race to fund what many are calling ‘the fourth industrial revolution’ continues at pace. Securitisation has long been recognised for its utility in funding the real economy, but the rise of asset-backed finance is proving its value in financing the technological one via structured asset sales.
News Analysis 14 November 2025
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SRT: Third-quarter data suggests 'flight to quality'
Inaugural SCI Analytics quarterly report underlines SRT inve...
The SRT market is demonstrating resilience, despite a high-pressure, end-of-year rush, with credit quality and investor bandwidth dominating conversations. Data compiled in the inaugural SCI Analytics quarterly SRT report supports this view of resilience, with most reference assets showing strong credit performance last quarter, albeit with a flight-to-quality dynamic emerging among investors.
Current projections for total SRT issuance in .......
News Analysis 14 November 2025
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IFC expands SRT programme with trade finance deal
SRT market update
SRT Market Update 11 November 2025
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BXCI targets complex corporate solutions
Private credit giant bolsters European ABF push with new hire
Blackstone is seeking to capture the growing demand for large, complex corporate solutions, as the ABF market continues to evolve. The firm anticipates much of that growth to emerge in the European transportation, multifamily housing and life sciences sectors.
Nick Menzies, who leads Blackstone Credit & Insurance (BXCI)’s consumer and residential real estate credit investments for its .......
News 11 November 2025
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SCI In Focus: Vanishing borrowers the 'unpriced risk' in securitisation
Mass deportations and due diligence gaps are exposing cracks in the US consumer ABS market
The US consumer ABS market is facing a new kind of crisis – not of defaulting borrowers, but of disappearing ones. As more lender bankruptcies emerge, mass deportations and tightening immigration enforcement under the Trump administration have become a material factor for securitisation performance in the US, particularly in subprime consumer and auto loan pools.
News Analysis 10 November 2025
Job swaps weekly: Arcmont makes trio of senior hires
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Arcmont making three senior appointments spanning structured credit, NAV financing, real estate, asset-backed investing and impact lending. Elsewhere, BSL and CLO electronic trading platform Octaura has named a new chief financial officer, while Rockstead has named a successor to outgoing ceo and co-founder Brian Pitt.
Arcmont Asset Management has made .......
Market Moves 7 November 2025
ABF Deal Digest: SBI Group to access private credit via Carlyle partnership
A weekly roundup of private asset-backed financing activity
This week’s roundup of private ABF activity sees Carlyle and SBI Group team up to provide private credit opportunities to Japanese institutional investors. Elsewhere, a Mexican NBFI has tapped its first term ABS, while Pagaya has inked an auto forward flow deal.
Carlyle has formed a partnership with SBI PE Holdings, the private equity business of Japanese financial .......
News 5 November 2025
Job swaps weekly: Barclays names New York ABS and RMBS co-heads
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Barclays elevate a pair of mds to lead its New York ABS and RMBS efforts. Elsewhere, Morningstar DBRS has opened a new regional hub in Sydney, while Chapman and Cutler has poached an asset securitisation partner in San Francisco.
Barclays has named mds Benjamin Fernandez and Jonathan Wu as co-heads .......
Market Moves 31 October 2025
Siepe builds for scale as the lines between private credit and structured finance blur
New hires and fresh investment driving global expansion and...
Siepe is gearing up for its next growth phase following a recent WestCap investment and a wave of new client wins. The firm sees itself as sitting at the centre of a convergence between private credit, asset-based financing and broadly syndicated debt.
“We raised US$30m in capital to go out and grow. .......
News Analysis 30 October 2025
ABF Deal Digest: Barclays expands US consumer finance footprint with Best Egg acquisition
A weekly roundup of private asset-backed financing activity
This week’s roundup of private ABF activity sees Barclays US Consumer Bank strengthen its consumer loan origination platform with the acquisition of direct-to-consumer lender Best Egg. Elsewhere, Wafra has seeded a newly formed specialty finance company, while Together has refinanced its property development lending facility.
Barclays acquires Best Egg in ABF origination play
Barclays Bank Delaware (operating .......
News 29 October 2025
Santander leading uptick in European ABS volumes
Demand for paper trumps selective risk assessment amid robust investor appetite
The European securitisation market is undergoing a period of significant expansion, following the end of quantitative easing in 2023. This year is already on track to overtake the post-2008 issuance record set in 2024, with over €115bn of new deals year-to-date, €38bn of which stem from consumer credit sectors. Leading this uptick in volume is Santander, which has placed .......
News 29 October 2025
Monthly international ABS activity reaches 2025 peak in September
Monthly European ABS issuance reaches annual high as portfol...
The European ABS market picked up pace in September, following a quiet August, with high levels of issuance and strong investor appetite. The total of 42 international ABS deals recorded by SCI during the month is the highest number since October 2024, when 43 deals were completed.
Asset managers are seeing broad-based strength across consumer and mortgage-backed sectors, .......
News Analysis 29 October 2025
SCI Risk Sharing Awards: Outstanding Contribution to SRT
Winners: Georges Duponcheele and William Perraudin
SCI’s 2025 Outstanding Contribution to SRT Award celebrates Great Lakes Insurance senior credit portfolio manager Georges Duponcheele and Risk Control md William Perraudin, and their longstanding efforts and contribution to the industry’s regulatory debate.
Notably, their 2024 paper - Rethinking the Securitisation Risk Weight Floor - in which they and their other co-authors linked risk .......
News 28 October 2025
SCI Risk Sharing Awards: SRT Team of the Year
Winner: Seer Capital
Seer Capital’s regular and accessible research publications are widely viewed as the gold standard for intelligence on SRTs, showcasing a high level of market knowledge and often addressing misconceptions about the product or other advocacy issues. For facilitating transparency and debate across the SRT market, the firm is SCI’s pick for Team of the Year in the 2025 .......
News 28 October 2025