ABS
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SCI In Conversation Podcast: Moty Citrin, Midroog, and Jason Smilovitz, independent consultant
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, SCI’s Selvaggia Cataldi speaks to Moty Citrin, head of financial institutions and structured finance at Moody’s subsidiary Midroog, and independent senior securitisation consultant Jason Smilovitz about the evolution of Israel’s securitisation market. In light of a new law aligning the country with global standards, Citrin and Smilovitz discuss how the legislative .......
News Analysis 21 March 2025
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European and UK ABS robust in February amid diverging outlooks
European and UK ABS and MBS markets maintain their...
February proved to be a strong month for European and UK ABS and MBS markets, with spreads tightening and issuance levels exceeding the previous year, according to monthly fact-sheets monitored by SCI.
Aegon reports that European ABS markets performed strongly despite broader market volatility, noting that non-senior tranches saw higher demand than senior tranches. TwentyFour echoes this, stating that mezzanine ABS .......
News 20 March 2025
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New auto loan deal for Huntington
Midwest lender comes back to reg cap market after 2024 debut
News 19 March 2025
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UK structured credit hiring to soar in 2025
Investor appetite fuels hiring boom across ABF, consumer ABS, and esoteric ABS
The UK structured credit market is poised for a hiring boom in 2025, driven by rising demand across ABF, consumer ABS, and esoteric ABS. Investor appetite for yield and high compensation packages in these sectors are fuelling this growth, according to RCQ Associates’ latest report, which forecasts sustained hiring momentum throughout the year, following a sharp rebound in the .......
News 19 March 2025
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TwentyFour rides Aussie ABS wave to new highs
Australia's securitisation market soared to A$80.3bn in 2024...
A new report from TwentyFour Asset Management underscores the rapid transformation of the Australian securitisation market, which reached a record-high issuance of A$80.3bn (€46.6bn) in 2024. According to the firm, strong growth across all sectors, particularly in RMBS, has cemented Australia’s position as an increasingly attractive market for global investors.
"Non-bank lenders significantly increased RMBS issuance, benefiting .......
News 18 March 2025
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UAE securitisation market boost
Cross-border forward flow transaction could catalyse ABF growth in the Middle East
Gargash Group’s Deem Finance, a UAE-based financial services firm, has secured an up-to-US$400m forward flow securitisation deal with JPMorgan as senior lender and Daman Investments as financial advisor. Due to its cross-border nature, the transaction presented unique complexities.
“The underlying receivables are dirham-based, generated within the UAE, while the private ABS funding is cross-border and denominated in US dollars. .......
News Analysis 17 March 2025
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Accelerating synthetics simplification and standardisation
Mayer Brown lawyers outline the key points and eligibility c...
Following the start of development work on an accelerated procedure for the regulatory recognition of significant risk transfer (SRT) securitisations last year, the ECB last month published guidance addressed to significant institutions1 (SIs or SI) for certain simpler and more standardised traditional and synthetic securitisations. The new SRT Fast-Track process is currently being tested by the ECB .......
Talking Point 17 March 2025
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Job swaps weekly: Wellington launches private real estate credit platform
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Wellington Management make a number of appointments to its newly launched private real estate credit platform. Elsewhere, KBRA Analytics has named a new chief strategy officer, while Marsh has appointed a head of political risk and structured credit.
Wellington Management has expanded its private investing capabilities with the formation of .......
Market Moves 14 March 2025
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Aircraft ABS to return to pre-covid cruising altitudes
Four deals in quick succession suggest 2025 will significantly outpace last year's activity
Aircraft ABS is on track to return to pre-Covid levels following some quieter years. Issuance is predicted to reach US$10bn this year – almost twice the levels of 2024 – with secondary trading and aviation loan markets expected to be highly active throughout the rest of 2025.
Bullish sentiment is taking over the market, according to Rich .......
News 13 March 2025
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Bridging finance business set to scale amid market demand
Faes & Co ceo Christian Faes outlines his strategy to expand the firm's footprint in the US
Faes & Co, the investment firm led by former LendInvest founder Christian Faes, plans to expand its US real estate bridging finance business following a funding boost from OakNorth Bank last month. The firm launched its lending arm, F2 Finance, in early 2023 and is currently providing short-term RE loans across 14 states, including California, Texas and .......
The Structured Credit Interview 11 March 2025
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Job swaps weekly: Accunia bolsters Copenhagen team
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Accunia Credit Management adding two structured finance pros to its Copenhagen office. Elsewhere, Pallas Partners has snapped up two partners from Kasowitz Benson Torres, while fintech firm Inbank has elected a senior structured finance executive from Spectrum Principal Asset Management to its supervisory board.
Accunia Credit Management has hired two .......
Market Moves 7 March 2025
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FT snaps up Global ABS and ABS East
Sale of Invisso by Delinian sees structured finance conferences come under FT Live banner
The Financial Times has acquired Invisso, parent company of structured credit conferences Global ABS and ABS East, from Delinian. The deal will see the transfer of Invisso’s full portfolio – also including the Central & Eastern European Forum, the Covered Bond Congress and the Global Borrowers and Bond Investors Forum – to the FT Group.
The transaction comes .......
News 5 March 2025
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Number four for 400CM
Market updates and sector developments
400 Capital Management (400CM), a New York-based alternative credit asset manager, today (March 4) announced that its fourth private credit fund – Asset Based Term Fund IV – has closed with over US$1.39bn in commitments. The initial target was US$1bn.
Market Moves 4 March 2025
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Expanding horizons for renewable ABS
As investor interest and regulatory support surge, the Europ...
The European renewable ABS market is poised for significant growth, driven by increasing investor interest, regulatory tailwinds and evolving financing needs. In a recent discussion hosted by KBRA, Gregor Burkart, head of structured finance at Enpal, Erik Welin, loan officer at the EIB, and Barclays’ Gordon Beck, md of securitised products solutions, shared their perspectives on the market's evolution .......
News Analysis 4 March 2025
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Music ABS: the loudest topic in IP securitisation
SFVegas speakers hailed music as a 'non-correlated asset with infrastructure-like stability'
Discussions around the next frontier of intellectual property (IP) securitisation at the SFVegas conference last week spanned from film and TV financing to drug and pharmaceutical royalties. However, one topic kept stealing the spotlight: music ABS. With its rapid growth since the Bowie bonds era and rising investor confidence, music royalties have solidified their place as a core, .......
News Analysis 4 March 2025
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Israel prepares for market growth
Recently proposed law to provide certainty for securitisation
Israel is laying the groundwork for an increase in securitisation transactions, with the recent publication of a proposed law in the Official Gazette to regulate deals. The intention is to bring legal, regulatory and tax certainty to the asset class and follows a ministerial report explicitly aimed at the promotion of securitisation in the country.
As a new .......
News Analysis 3 March 2025
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SEC-OCRA: simplifying the prudential framework
New approach aims to address supervisory formula distortions
A new paper presents a methodology for simplifying the prudential framework for synthetic securitisations while maintaining the current level of required capital and ensuring a consistent level of non-neutrality, regardless of transaction structure. By proposing the SEC-Overall Capital Requirement Approach (SEC-OCRA), the paper introduces a simplified and risk-sensitive framework tailored for synthetic securitisations.
The authors of the .......
Talking Point 3 March 2025
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Plenti leads Australian ABS revival
Plenti's A$509.3m auto ABS 2025-1 attracted record global de...
Plenti recently reopened the Australian securitisation market with Plenti Auto ABS 2025-1 Trust, a A$509.3m transaction that attracted a record number of investors with strong international interest, especially from European investors.
The mix of investors in this transaction was similar to that seen in deals issued in 2024 with offshore investors outnumbering their domestic counterparts. “We’ve definitely .......
News Analysis 28 February 2025
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Surging demand, power challenges to define data centre ABS growth
Investors weighing energy security and AI volatility, among other risks
Data centres emerged as one of the hottest topics at the Structured Finance Association’s SFVegas conference earlier this week, reflecting their rising prominence within digital infrastructure ABS. As AI, cloud computing and enterprise workloads continue to drive demand, power availability remains a critical bottleneck, however.
“Power is the biggest constraining factor in the industry when you are looking .......
News Analysis 28 February 2025
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Thames Water WBS extended
'Significant' write-downs expected under liquidity extension transaction
The maturities of all class A and class B debt issued by the Thames Water Utilities Finance (TWUF) whole business securitisation have been extended by two years. The move follows the High Court’s approval of the restructuring plan proposed by Thames Water Utilities Holdings in connection with implementing a liquidity extension transaction.
The liquidity extension transaction will .......
News 27 February 2025