ABS
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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
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Bank-Alt partnerships surge but longevity risks flagged
UBS-General Atlantic deal underscores momentum, yet many par...
The private credit market is on track to double to US$3trn by 2028, Moody’s confirmed during a media briefing earlier today. The sector is undergoing a structural shift, marked by the proliferation of bank-alternative asset manager partnerships – such as the UBS-General Atlantic tie-up announced this week – along with new evergreen funds, expanding retailisation and evolving regulatory frameworks .......
Talking Point 8 May 2025
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Fitch opens consultation on physical climate risk in structured finance
Rating agency seeks market input on draft assessment framework
Fitch is calling for feedback on its new physical climate risk framework following publication of a discussion paper at the end of April. The proposed approach sets out how risks like flood, wildfire, wind, drought, storms and extreme temperatures could be incorporated into structured finance analysis in CMBS, RMBS and covered bonds.
The paper outlines a preliminary framework that .......
News 8 May 2025
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Private auto ABS fuels EV innovation
Investor appetite for auto ABS remains resilient in Europe,...
A recent discussion hosted by Scope Ratings on auto ABS underscored that private placements are booming, not just due to yield appetite, but because they provide a vital testing ground for new asset types that lack the track record required for public issuance. This is especially important as the European market faces macroeconomic uncertainty and shifting vehicle technologies.
Bernhard Zahel, senior .......
News Analysis 8 May 2025
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SCI in Focus: New frontiers emerging for European NPLs
As legacy guarantee schemes end, investors pivot to PPCs, RPLs and real estate
As legacy guarantee schemes such as Greece’s HAPS and Italy’s GACS reach their end, the European non-performing loan (NPL) securitisation market is entering a period of transition. With NPL ratios falling across key jurisdictions and the volume of traditional NPL portfolios declining, investors and originators alike are turning their attention to new corners of the credit market. Reperforming loans (RPLs), .......
News Analysis 7 May 2025
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Bayview's fund finance arm taps into growing institutional demand
New platform aims to capitalise on the synergies between ABF and insurance mandates
Bayview Asset Management recently launched a fund finance investment platform, marking a significant step in its strategy to expand its asset-backed finance (ABF) offerings and meet the growing liquidity needs of GPs, LPs and institutional investors. The move was accompanied by the hiring of seasoned fund finance professionals Michael Timms and Colin Doherty, who will co-lead .......
The Structured Credit Interview 7 May 2025
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Energy efficiency loan deal agreed
EIB Group and Cetelem partner on Spanish SRT
SRT Market Update 6 May 2025
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Job swaps weekly: Balbec names new ceo
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Balbec Capital announcing a new ceo, as incumbent Charles Rusbasan transitions to executive chair. Elsewhere, Fides Holdings has appointed a managing partner and head of structured and alternative credit in its private credit and structured finance subsidiary Fides PM²T, while United Trust Bank has named a director of structured property solutions.
Market Moves 2 May 2025
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European structured finance sees strongest Q1 since GFC, driven by record CLOs
Momentum from late 2024 carries into Q1, led by CLOs and SME deals amid steady investor demand
European securitisation markets began 2025 with robust momentum, according to Morningstar DBRS’s latest quarterly outlook, underpinned by record-breaking issuance volumes and significant growth in the CLO segment. Total securitisation issuance for Q1 2025 reached €67.5bn, a 5.0% increase from the €64.3bn recorded in Q4 2024. Notably, investor-placed issuance surged to €38.3bn—marking the highest Q1 volume since .......
News Analysis 30 April 2025
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Funding Circle deepens ABS market presence
London-based originator returns to the securitisation market...
Funding Circle has returned to the securitisation market with SBOLT 2025-1, continuing its strategy of connecting institutional investors with the UK's smallest businesses. The transaction highlights the lender’s commitment to helping fund the real economy through a consistent and transparent funding model.
The move follows Funding Circle’s recently renewed forward flow arrangement, which will take the .......
News Analysis 30 April 2025
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Job swaps weekly: Siepe follows international expansion with leadership team hires
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees structured debt and private credit fintech Siepe snapping up two senior executives from US Bank. Elsewhere, EF Hutton & Co has hired a structured finance veteran from Ziegler, while the EIF has named a new head of securitisation for south and west Europe.
CLO- and private-credit-focused software provider Siepe has hired .......
Market Moves 25 April 2025
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Northleaf and Ares back GoldState Music with US$500m facility
The new capital crescendo boosts GoldState's music rights ac...
GoldState Music, a leading music rights acquisition platform, has secured US$500m in strategic capital, including a structured capital facility co-led by Northleaf Capital Partners and Ares Management funds, alongside separately raised leverage. The private deal will support GoldState’s continued growth and the acquisition of traditional music assets, including catalogues by artists such as Alan Walker and Sheryl Crow.
“The transaction .......
News 24 April 2025
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Market participants give mixed response to ESAs' report on European securitisation regs
Risk retention changes among key concerns highlighted by industry insiders
As the European Commission prepares proposals on securitisation reform for its meeting in mid-June, industry experts have responded to the Joint Committee report on the functioning of the securitisation regulation with concern. The ESAs’ Article 44 Report, released in late March, is being welcomed with cautious optimism, with concerns around new risk retention .......
News 24 April 2025
European ABS stands firm amid volatility
European and UK ABS defy volatility with strong Q1 issuance,...
Despite growing geopolitical tensions, rate uncertainties and a spike in volatility toward the end of March, European and UK ABS have proven resilient, and in some areas, remarkably buoyant, according to monthly European and UK factsheets monitored by SCI.
TwentyFour AM Momentum Bond Fund’s managers report €11bn of issuance across ABS sectors during March, highlighting “a significant uptick” in consumer and auto .......
News 22 April 2025
Job swaps weekly: 400CM promotes five as investment strategy heads
Securitisation people moves and key promotions
This week’s round-up of job swaps sees 400 Capital Management (400CM) beef up its securitisation strategy team with a handful of promotions. Elsewhere, Ares Management Corporation has named a co-head of Europe for alternative credit, while Taylor Wessing has strengthened its banking and finance team.
400 Capital Management has announced five new heads of investment strategy. Portfolio manager Quinn .......
Market Moves 17 April 2025
Ratepay seals scalable BNPL securitisation
German white-label provider has closed its first STS-compliant ABS deal
Ratepay has completed its inaugural STS-compliant securitisation, raising €125m through a transaction backed by German and Austrian buy-now-pay-later (BNPL) receivables. The deal was arranged and financed by UniCredit Bank.
The transaction marks a strategic milestone for Ratepay, a Berlin-based white-label BNPL provider, as it seeks to scale its operations and diversify funding sources. The securitisation is backed by payment-on-invoice .......
News 16 April 2025
Third Coast and EJF show the way
Novel CRT true sale offers template for slimming CRE exposure
SRT Market Update 14 April 2025
Tariff tensions drive unease in European securitisation amid mounting volatility
CLOs, CMBS and SMEs flagged as first in line to feel the heat from Trump's trade war
Escalating trade tariffs from the second Trump administration are sending shockwaves through the global financial markets – and European structured finance is no exception. While immediate credit deterioration remains unlikely, the wheels of spread widening, shifting investor sentiment and heightened uncertainty are already in motion.
"It’s no secret that recent market turmoil has created quite a bit of .......
News 14 April 2025
ESG securitisation issuance regains momentum with illimity and Auxmoney transactions
Back-to-back deals point to growing sustainability-linked pipeline for 2025
European ESG securitisation appears to be regaining momentum, with illimity and Auxmoney finalising two transactions in as many days. The back-to-back deals reflect the renewed appetite for sustainability-linked ABS and suggest ESG-labelled issuance is firmly back on the agenda for 2025, following a rebound in activity through 2024 as macroeconomic stresses eased.
Italian .......
News 11 April 2025
Job swaps weekly: Bayview names co-heads for new fund finance investment business
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Bayview Asset Managementappointing two co-heads to lead its newly created fund finance investment business. Elsewhere, RiskSpan has appointed two to its advisory board as it ramps up its structured finance and private credit activity, while Mayer Brown has hired two former Kirkland & Ellis partners in its US structured finance .......
Market Moves 11 April 2025