ABS
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EC proposes 'serious' adjustments to the CRR and SecReg
Leaked drafts point towards 'consistent and predictable' SRT framework
This week, two draft documents from the European Commission (EC) regarding proposed adjustments to the CRR and Securitisation Regulation were leaked. The picture that has emerged thus far is largely positive. Nevertheless, market sources warn that the devil remains in the detail.
The prevailing regulatory atmosphere in Europe is one of simplifying and reducing the burden for both .......
News 29 May 2025
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Crayhill eyes expansion after closing US$1.3bn ABF fund
ABF platform to scale with fresh capital and a growing pipel...
Crayhill Capital Management is seeking to expand its horizons after closing its third ABF fund at US$1.31bn last month, including US$162m in co-invest commitments. The close marks a major milestone amid rising insurer demand for long-duration, yield-generating assets that is driving increased institutional interest across the ABF space.
"Achieving the milestone of raising over US$1bn with repeat investors .......
The Structured Credit Interview 29 May 2025
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Agency mortgage paper looks good, says new report
Asset manager spotlights unusually attractive risk profile for MBS
News Analysis 28 May 2025
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Reed Smith builds structured finance practice
New partner to spearhead push in esoterics and others
Market Moves 27 May 2025
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Fitch faces backlash from KBRA over use of retracted NAIC data
Dispute sparks debate over ratings credibility in booming private credit market
KBRA has publicly criticised rival agency Fitch Ratings for publishing a report on Monday that leaned on a dataset the National Association of Insurance Commissioners (NAIC) had discredited and withdrawn in August 2024. The NAIC’s Securities Valuation Office (SVO) pulled its report due to a flawed methodology as it was based on a sample of just 109 .......
News 23 May 2025
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'Strong comeback' for European ABS market
Managers highlight mezz demand amid Liberation Day volatility
The European and UK ABS/MBS market was last month dominated by volatility from the US Liberation Day tariff announcements, which significantly disrupted global trade and financial markets. Monthly fund factsheets monitored by SCI suggest that asset managers are repositioning to mitigate losses from anticipated macroeconomic impacts and identifying where demand is now concentrated.
The wider macroeconomic issues tested .......
News 23 May 2025
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Job swaps weekly: LGT names leadership team for European CLO platform
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees LGT Capital Partners making senior appointments to support the launch of dedicated European CLO management platform Legato. Elsewhere, Reed Smith has hired a new partner to serve as head of its Asia-Pacific corporate trust and agency practice, while Ogier has recruited a counsel in its Luxembourg-based banking and finance team.
Market Moves 23 May 2025
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Private credit eyes master trust potential
ABF convergence continues as securitisation tools tipped for evergreen funds
The lines between fund finance and structured credit are continuing to blur, with growing recognition of the potential for tools long used in securitisation markets to be incorporated within fund finance. The latest example is the potential of securitisation-style master trust frameworks to structure rated notes backed by evergreen private credit funds.
According to News Analysis 23 May 2025
Pawn loan ABS debuts
Malaysia's Ta Yoong behind innovative, revolving MTN programme
Malaysian pawnbroking group Ta Yoong is sponsoring the country’s debut pawn loan securitisation. The transaction consists of an initial RM200m tranche of senior MTNs and RM31m of junior MTNs (retained by the sponsor), issued under the RM500m TY Consolidated Capital MTN programme. RAM Ratings has assigned a preliminary triple-A rating to the senior notes.
Founded in 1947, Ta .......
News 20 May 2025
Key takeaways from SCI's esoteric ABS seminar
From data centres to IP royalties to aircraft ABS, NYC speak...
News Analysis 19 May 2025
Job swaps weekly: SAF Group hires md for new ABF strategy
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees SAF Group naming the md who will lead its new ABF strategy. Elsewhere, BCLP has appointed a London-based partner in its corporate and finance transactions department, while SMBC has hired a new head of FIG coverage and securitised products for the EMEA region.
SAF Group has recruited Nur Khan as .......
Market Moves 16 May 2025
Moody's flags risks to stable SME ABS outlook amid trade and climate pressures
German and French SME ABS collateral outlook turns negative, but sector seen as resilient for now
Moody’s has reaffirmed its broadly stable credit outlook for European SME ABS, although persistent trade frictions, shrinking agricultural subsidies and climate-related risks could challenge the sector’s performance in the longer term. In its latest sector report, the agency highlights mounting challenges for agri-linked SMEs across core securitisation markets, including Spain, Italy, France, Germany and .......
News 16 May 2025
2025 shaping up as big year in storm recovery ABS
Numerous deals and utilities line up
In excess of US$4bn of storm recovery ABS bonds will be sold in the second half of 2025 from five or more different utilities, say well-placed market sources.
The ravages of 2024’s Hurricane Helene has sent utilities in both North .......
News 16 May 2025
MSP rides back-leverage wave in £350m funding line from JP Morgan and Pollen Street
Deal comprises £200m securitisation facility and &a...
JP Morgan and private capital manager Pollen Street provided a combined £350m funding line for UK property development and bridging finance business MSP Capital in early May. The transaction is the latest example of private debt’s growing role in the securitisation market.
The deal is comprised of a £200m private securitisation facility from JP Morgan, while private capital .......
News Analysis 15 May 2025
New academic paper supports unfunded SRT
Call to remove collateralisation obligation in synthetic STS for insurance protections
A new academic paper shows how highly regulated, well-capitalised and well-diversified (re)insurers increase the stability of the financial system through the mechanism of insurance-based credit risk transfer. Entitled 'Strengthening Financial Stability through Insurance-based Credit Risk Transfer', the report comes as the EU, the UK and the US review their historical positions on unfunded SRT.
Multiline non-life .......
Talking Point 13 May 2025
SCI In Conversation Podcast: Darrell Purcell, S&P Global Ratings
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, we explore how securitisation is emerging as a key funding tool for digital infrastructure assets, including data centres and fibre networks. SCI ABS Markets editor Selvaggia Cataldi speaks with Darrell Purcell, director, EMEA structured finance at S&P Global Ratings, about the distinct characteristics of these transactions and how they are .......
News Analysis 12 May 2025
MPOWER prices second ABS as demand for international student loans rises
US-based student loan provider completes second ABS deal, ex...
MPOWER Financing, a US-based provider of loans to international university students, has completed its second securitisation: MPOWER Education Trust 2025-A, a $313.2m transaction backed by U.S. dollar-denominated, fixed-rate loans to international students attending universities in the United States and Canada.
The deal is part of a plan of developing a regular stream of issuance, as News 9 May 2025
Job swaps weekly: MUFG snaps up Barclays head of CLO primary
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees MUFG hiring Barclays’ head of CLO primary as md and head of CLO. Elsewhere, Starwood Capital Group has appointed a cio for its newly launched Starwood Insurance Strategies platform, while Obra Capital has promoted from within, as it also names a new cio.
MUFG has appointed Barclays’ John Clements as .......
Market Moves 9 May 2025
Rethinking fixed income: strategic role of ABS in modern portfolios
Simplify Asset Management's md explains how ABS enhances inc...
As investors recalibrate portfolios amid persistent rate volatility and shifting macroeconomic conditions, ABS is gaining renewed attention – not just as a niche product but as a strategic tool for modern portfolio construction.
Paisley Nardini, md and asset allocation strategist at Simplify Asset Management, sees structured products playing an increasingly important role in how investors think about risk, .......
News Analysis 9 May 2025
MDB risk transfer gaining traction
ADB inks insurer agreement, while SST platform issues RFP
The Asian Development Bank (ADB) has signed an agreement with 10 global insurers to mobilise up to US$2.75bn of private capital to support the bank’s lending for sustainable growth in Asia and the Pacific. The move follows a request for proposals from the African Development Bank (AfDB) and Development Bank of Southern Africa (DBSA) for a consulting firm to .......
News 9 May 2025