ABS
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Vehis Finanse completes Poland's first warehouse-to-public securitisation
Leasing firm raises PLN1.35bn in landmark deal that could open doors for other mid-sized companies
Vehis Finanse last month completed Poland's first-ever warehouse-to-public securitisation, raising PLN1.35bn and transforming an existing auto lease portfolio into a public structure. The transaction, advised by DLA Piper and backed by EIB/EIF and Banco Santander, was executed through an Irish SPV dubbed Vehis Auto Leasing 2025.
"This is a quite unique deal, not only in Poland but also .......
News 14 August 2025
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Risk in data centre securitisation
Fitch assesses asset quality according to a range of factors
News 13 August 2025
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SCI in focus: FICO versus Vantage
GSEs make haste to incorporate Vantage4.0 scoring for mortgages
News Analysis 12 August 2025
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Pantheon taps ABF amid record growth in credit secondaries
Continuation funds, ABF portfolios gain momentum as liquidity crunch bites in private credit
As evergreen structures continue to proliferate across private credit, another trend is accelerating: secondary sales and continuation vehicles. These tools have become the go-to for managers racing to unlock capital trapped in portfolios stuck in exit gridlock. Pantheon, a leading global private markets investor and credit secondaries manager, is betting big on asset-backed finance (ABF) to .......
News 12 August 2025
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Job swaps weekly: Aperture names global head of ABF
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Generali Investments subsidiary Aperture appointing a new global head of asset-based finance. Elsewhere, Encina Private Credit has hired a chief commercial officer and head of originations, while Citi is bringing in a co-head of debt capital markets in Hong Kong later this year.
Nicholas Turgeon has joined alternative asset manager .......
Market Moves 8 August 2025
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SCI in focus: German megadeal skews first-half ABS volumes
SCI and AFME data reveals stability beneath headline surge i...
The European securitisation market saw a strong first half to 2025, as publicly placed issuance volumes surged to €167.57bn, according to SCI primary issuance data - a 23% increase on 2H24. However, this headline figure is skewed by a single retained megadeal, masking an otherwise broadly consistent picture.
Sun King closes US$156m securitisation to power over a million Kenyan homes
Largest commercial-bank-backed deal outside South Africa hig...
Sun King, the world's largest off-grid solar pay-as-you-go firm, has completed a US$156m (KES 20.1bn) commercial-bank-backed deal in Kenya, marking a key milestone in the country’s evolving securitisation market. The deal will provide electricity to almost one and a half million new households across Kenya, reflecting a broader trend toward development financing solutions.
The Kenyan-Shilling-denominated securitisation represents the .......
News 5 August 2025
Spread pattern shifts studied
SCI data sheds light on international ABS spread movements a...
The European and Australian ABS/MBS primary markets have seen notable shifts in volumes and pre-pricing spread behaviour, as investors momentarily pulled back from the sector, following President Trump’s 'Liberation Day' on 2 April. These changes have been driven by evolving perceptions of credit risk, trade policy and tariff developments, regulatory adjustments and anticipated central bank rate cuts. However, .......
News Analysis 1 August 2025
Job swaps weekly: Ares snaps up new partner from AIMCo
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Ares Management Corporation naming a new partner and co-head of its global capital solutions team. Elsewhere, Colliers’ investment management division Harrison Street Asset Management has acquired RoundShield Partners, while BBVA has hired a Madrid-based securitisation industry veteran to lead its capital and active balance sheet management team.
Ares Management Corporation .......
Market Moves 1 August 2025
Data centres love securitisation
Exploding US data centre development turns increasingly to structured finance
News Analysis 28 July 2025
Job swaps weekly: CalPERS lures industry veteran from PGGM
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees the California Public Employees’ Retirement System (CalPERS) appointing a PGGM stalwart as managing investment director for its private debt portfolio. Elsewhere, IQ-EQ has made a major acquisition in the APAC region as part of its global expansion strategy, which will bring a 77-person team under its umbrella, while Janus Henderson has .......
Market Moves 25 July 2025
Aviation ABS platform nears live rollout as issuance rebounds
Maples and Aerlytix aim to modernise post-Covid infrastructu...
As aviation ABS issuance picks up after two years of muted activity, Maples Group and Aerlytix are preparing to launch the first live version of a software platform that aims to digitise the aircraft ABS waterfall process – a space still dominated by Excel spreadsheets and manual reporting.
The new platform, developed jointly by Maples .......
News Analysis 25 July 2025
Italian SRT surge on course despite regulatory uncertainty
Investor base for Italian product widens
Italy is seeing a renewed wave of synthetic securitisation activity, with local and international investors increasingly willing to take risk on more granular portfolios – even in more junior parts of the capital structure, say lawyers familiar with the market.
News 23 July 2025
The irresistible lure of private markets
KBRA report notes rise and rise of structured finance private market
Talking Point 23 July 2025
Investor demand booms for SRT product
M&G navigates SRT market intricacies
M&G Investments is expecting a busy H2 in SRTs as although supply and demand remain partially out of sync there is now enough variety to allow investors to be picky.
News Analysis 23 July 2025
Securitisation risk factors targeted in Solvency 2 consultation
Senior STS tranches expected to benefit the most
The European Commission last week published for stakeholder feedback a draft delegated act reviewing the Solvency 2 Delegated Regulation, which – among other aspects – would modify the capital requirements for insurance companies holding securitisation positions as investors. In line with the securitisation package presented last month, the stated aim is to facilitate bank lending capacity, by allowing originating credit institutions .......
News 22 July 2025
SRT volumes up by nearly a third
IACPM survey underlines EU issuer dominance
SRT volumes increased by nearly a third in 2024, protecting €21.4bn of credit risk on €260bn of loans, according to the latest IACPM Global SRT Bank Survey. The survey shows that 51 financial institutions executed 127 SRT transactions last year, up from 96 and volumes of €18.7bn in 2023. A portion of the SRTs reference mortgage and retail loan .......
News 22 July 2025
Solid performance
European ABS funds remain resilient through volatile June
Despite geopolitical tensions and mixed macro signals, the European ABS market demonstrated resilience in June, with monthly fund factsheets monitored by SCI reporting solid performance and continued investor appetite. Demand for high-quality ABS remained robust, particularly in the UK RMBS and auto sectors, though managers continued to take a selective approach amid tight valuations and lingering volatility.
TwentyFour .......
News Analysis 22 July 2025
PRA update ushers in unfunded protection
Amended supervisory expectations clarify SRT oversight and notification
The PRA has updated its Supervisory Statement 9/13 - Securitisation: Significant Risk Transfer to include new supervisory expectations that are not dependent on the implementation of the Basel 3.1 standards, which have been delayed by 12 months to 1 January 2027. Notably, the amended SS – which is effective from 1 January 2026 – introduces Chapter 4A on the .......
News 21 July 2025
New GW&K fund targets retail securitized buyers
B3E still deters bank buyers of agency MBS
Talking Point 18 July 2025