ABS
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Best of frenemies
Bank-asset manager ABF partnerships set to accelerate
ABN AMRO and Ares Management this week forged a strategic collaboration on a €1.3bn infrastructure loan portfolio, marking the latest in a growing wave of partnerships between banks and alternative asset managers. The deal highlights the increasingly intertwined relationship between traditional lenders and private credit sponsors.
“This collaboration will not only strengthen our position in the infrastructure .......
News Analysis 31 January 2025
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Job swaps weekly: Oaktree puts the boosters on ABF team build-out
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Oaktree making a number of key appointments as it ramps up its asset-backed finance strategy. Elsewhere, Morgan Lewis has snapped up a structured finance partner from Akin Gump, while Blackstone has hired a former Atlas SP director as principal in its credit and insurance platform.
Oaktree Capital Management has hired .......
Market Moves 31 January 2025
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SCI in focus: ABF synergies or rivalries?
Insurer and asset manager private credit tie-ups proliferating
One key tailwind behind the acceleration and growth of asset-backed finance (ABF) this year is the increasing interest of insurance companies and alternative asset managers in this subsegment of private credit. Dynamics within this space are evolving and while many insurers are choosing to join forces with asset managers, some unaffiliated insurers might push back in 2025, seeking to .......
News Analysis 28 January 2025
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Shaping Aperture's structured credit strategy
Vladimir Lemin, global head of structured credit at Aperture Investors, answers SCI's questions
Q: You recently joined Aperture to lead the newly launched structured credit strategy. What attracted you to the firm and role?
A: Throughout my career, I’ve been fortunate to work with and learn from some of the best investors and risk managers at Magnetar Capital and One William Street Capital. My time at the Wharton School also sparked .......
The Structured Credit Interview 28 January 2025
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EMEA RMBS strengthens following resilience in 2024
Market forecast for stable to improving performance in 2025, supported by strong indicators
The overall RMBS market in EMEA is expected to exhibit stable to improving performance in 2025, bolstered by a resilient macroeconomic environment. GDP growth and moderating inflation rates across Europe are anticipated to contribute positively to asset performance.
Barbara Rismondo, associate md within Moody’s EMEA SF team notes: “In general, we do expect the overall ABS and RMBS .......
News Analysis 27 January 2025
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Job swaps weekly: Investcorp names successors to Ghose and Shandell
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Investcorp promoting two team members to lead its liquid credit investment strategies as part of a succession plan. Elsewhere, ARC Analytics has appointed a new ceo for its data business, while Ninety One has hired an RBC BlueBay Asset Management veteran as portfolio manager on its developed market specialist credit team.
Market Moves 24 January 2025
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Heat pump ABS faces headwinds in Europe
The heat pump ABS market faces scalability hurdles, includin...
The nascent market for heat pump ABS faces significant challenges despite its potential role in Europe’s energy transition. A lack of support from policymakers and a shortage of historic default data are proving to be hurdles for an asset class that has often been tipped to follow solar ABS’s ascent into everyday European securitisation discourse.
Declining heat pump .......
News Analysis 21 January 2025
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Strength prevails in European ABS
European and UK ABS and MBS markets closed 2024 strong, over...
European and UK ABS and MBS markets closed 2024 on a resilient note, weathering broader macroeconomic challenges, according to factsheets monitored by SCI. Insights from Aegon, Amundi and TwentyFour Asset Management provide a nuanced view of the market’s performance.
Aegon European ABS Fund’s managers paint a picture of strength in the European ABS market, with issuance totalling €143bn .......
News Analysis 20 January 2025
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Australian ABS issuance primed for continued momentum
Following record RMBS issuance and non-bank dominance in 202...
It’s no secret that Australian ABS is coming off the back of a banner year in 2024, with RMBS having led the charge. As the market kicks back into gear following the new year, the signals are that momentum is likely to continue throughout 2025.
RMBS issuance in Australia hit a record AUD61.1bn in 2024. According to Martin .......
News Analysis 17 January 2025
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Job swaps weekly: Axis hires structured credit lead
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Axis appointing a new SRT-focused structured credit lead in its capital risk solutions team. Elsewhere, Orrick has promoted two securitisation lawyers to partner in New York, while Ares Management has elevated a partner to co–head of alternative credit.
Insurance and reinsurance business Axis has hired Bryan Niggli as structured credit lead .......
Market Moves 17 January 2025
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A volatile road ahead?
BofA's SF analysts discuss the state of structured finance markets in 2025
Bank of America’s structured finance research team, led by Alexander Batchvarov, head of international SF research, discussed the state of the structured finance market at a roundtable last week. Key analysts of the European SF research team, including Altynay Davletova, who specialises in RMBS, and Mark Nichol, focusing on credit, share insights on market trends, challenges and forecasts for the .......
News Analysis 16 January 2025
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Packed pipeline
Private credit riding a wave of optimism
US private credit is set for a strong year, buoyed by post-election stability and less stringent antitrust regulations expected under the new Trump administration. At the same time, investor appetite for ABF is increasing in Europe, with strategies becoming more clearly defined within the broader private credit landscape.
“We have a lot of deals coming to market in .......
News Analysis 15 January 2025
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Job swaps weekly: Aperture expands into structured credit
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Aperture Investors hiring a senior executive to lead its newly launched structured credit division. Elsewhere, JPMorgan is fleshing out its global CLO primary team with a number of senior promotions and new hires, while two industry veterans have co-founded capital markets service provider Altius Advisors.
Aperture Investors has hired Vladimir .......
Market Moves 10 January 2025
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Volume and velocity
Bullish outlook for forward-flow in 2025
Forward-flow transactions are set to gain further momentum this year, with activity expected to surge in the mortgage and consumer lending sectors, in particular. These agreements have become valuable tools for banks and investors looking to accelerate capital velocity, optimise net interest margin (NIM) and support strategic balance sheet management.
“My outlook for forward-flow is generally very positive,” .......
News Analysis 8 January 2025
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European SF to maintain 2024 levels
S&P forecasts €135bn issuance in 2025 with...
S&P Global Ratings forecasts a promising yet complex year ahead for European structured finance markets. With issuance projected to reach €135bn, matching the record set in 2024, the outlook reflects a mix of economic resilience and emerging sectoral challenges.
According to S&P, the ABS sector, which achieved €43.5bn in issuance in 2024, is poised for continued activity in .......
News Analysis 6 January 2025
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ABF pioneer
ATLAS brings 'holistic approach' to private credit opportunity
ATLAS SP Partners is emerging at the forefront of the rapidly growing private credit market. With a focus on warehouse and asset-backed lending, the firm is tapping into a market that could reach US$40trn.
“ATLAS is the only scaled non-bank lender focused on warehouse and asset-backed lending,” says Carey Lathrop, ceo of ATLAS. “Private credit has grown significantly .......
News Analysis 20 December 2024
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Job swaps weekly: Gibson Dunn poaches digital infra specialist
People moves and key promotions in securitisation
The final round-up of securitisation job swaps of the year sees Gibson Dunn recruit a digital infrastructure specialist as partner. Elsewhere, Cadwalader has promoted a number of lawyers with securitisation-related expertise, while Ares has added a principal to its alternative credit team.
Emily Naughton has joined Gibson Dunn’s Washington, DC office as a partner and member of the .......
Market Moves 20 December 2024
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Lending bridge
ATLAS powers Pivot Energy's solar expansion
ATLAS SP Partners recently partnered with Pivot Energy in a landmark US$450m financing deal for the construction of 300 megawatts of distributed generation solar projects across the US. The financing – one of the largest-ever raised for community solar – includes a warehouse facility led by ATLAS alongside First Citizens Bank, BankUnited, Comerica Bank and Cadence Bank, as well .......
News 19 December 2024
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Muted ABS reflects mixed sentiment
European ABS slowed in November, reflecting seasonal trends...
November marked a quieter month for the European ABS market compared to the preceding months of 2024, according to European and UK factsheets monitored by SCI. While consensus emerged on the slowdown in primary issuance and market activity, asset managers TwentyFour Asset Management, Aegon and Amundi presented nuanced perspectives on the sector’s outlook, risks and opportunities.
Across the .......
News Analysis 17 December 2024