ABS

  • Zilch eyes zero-cost credit via ABS

    Zilch paves the way for financial inclusion with plans for public ABS and IPO

    In a bid to disrupt the revolving debt burden that impacts millions of consumers, London-based fintech Zilch is eyeing the next stage in its ambitious growth strategy with plans to expand its ABS facilities and eventually launch an IPO. The company, which says it has already saved customers £500m in interest fees since its inception four years ago, seeks .......

    News Analysis 14 November 2024

  • Job swaps weekly: Ogier snaps up Dublin-based partner

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Ogier hiring a structured finance veteran from Matheson as partner in its Dublin office and promoting a real estate managing associate to partner in its Jersey practice. Meanwhile, Sidley has hired two long standing senior capital markets partners from Latham & Watkins, while Latham & Watkins has made a number of .......

    Market Moves 8 November 2024

  • Election special

    As America goes to the polls and the world watches, US edito...

    News 5 November 2024

  • M&G unveils €200m ABS fund

    Firm launches vehicle aimed at unlocking daily liquidity in high-grade securitised assets

    M&G’s structured credit team has launched the M&G Investment Grade ABS Fund, a new daily liquidity fund with an initial €200m investment from pension schemes and family offices. The fund seeks to capture value in the global securitisation market, focusing on high-quality, investment-grade assets backed by residential mortgages, consumer, corporate, and automotive loans.

    The fund’s strategy aligns with .......

    News 5 November 2024

  • NAV in focus

    Growing market 'key' to fund finance toolkit

    Net asset value (NAV) lending volumes are poised to more than double over the next few years. Indeed, panellists at Invisso’s recent ABS East conference forecast that the market could grow from nearly US$150bn in 2024 to an estimated US$500bn by the end of the decade.

    NAV loans are becoming an increasingly relevant tool within the broader US$1.2trn .......

    News Analysis 5 November 2024

  • Pre-judgment day ABS rush in Europe

    October sees strong European and UK ABS issuance ahead of US presidential election

    October ended with a surge in European and UK ABS and MBS issuance, with €3.5bn placed from seven deals in the final week of the month. This included €2bn of publicly marketed deals, bringing the total level of issuance for the month to €12bn.

    JPMorgan strategists note: "October’s primary activity underscores the strong demand for securitised products across .......

    News 4 November 2024

  • Job swaps weekly: Linklaters lures four A&O Shearman partners

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Linklaters hiring four partners from A&O Shearman for its New York office. Elsewhere, the Prytania Solutions team has joined Houlihan Lokey’s structured products valuation advisory team as part of the latter’s acquisition of the former, while Danske Bank has snapped up a former senior Nordea executive as investment director.

    Linklaters .......

    Market Moves 1 November 2024

  • Blueprint for sustainable growth

    EIF's Jesper Skoglund and Georgi Stoev discuss EIB, EIF, and...

    EIB, EIF and BPCE have collaborated on a new €800m financing initiative aimed at driving innovation and sustainability for SMEs. Structured as an ABS transaction, this joint venture is crafted to encourage significant lending to support European SMEs while fostering advancements in the green transition.

    With €750m invested by the EIB and €50m by the EIF, the collaboration .......

    News Analysis 31 October 2024

  • C-PACE 'the winner'

    Growing institutional interest, new market frontiers and leg...

    With R-PACE uptake cooling across the US, industry leaders hailed C-PACE as “the winner” at Invisso’s ABS East conference in Miami last week. Panellists referenced a surge in deal volume, new market applications and a wave of institutional backing seen throughout 2024.

    “We're seeing increased traction in larger C-PACE deals ranging above US$100m, where institutional investors use C-PACE .......

    Talking Point 30 October 2024

  • SCI in focus: Hot water

    Thames Water, whole business securitisation and the challenge of debt financing

    Crisis on the balance sheets of the UK’s largest water utility, Thames Water, is exposing major failures of the political, regulatory and financial systems – not whole business securitisation (WBS).

    In late October, a court date was set for 17 December to discuss Thames Water's future. In the meantime, WBS remains centre stage in most conversations linked to .......

    News Analysis 29 October 2024

  • Yield-seekers' paradise

    Esoteric ABS set to shine amid stable rates and digital surge, say Miami speakers

    Esoteric ABS issuance has surged to represent nearly a third of the US securitisation market so far this year, reaching US$96bn of cumulative volume. At Invisso’s ABS East conference in Miami last week, panellists forecasted strong growth across niche asset classes through 2025 - with anticipated interest rate stability pushing investors towards the digital infrastructure, whole business securitisation (WBS), .......

    Talking Point 28 October 2024

  • Job swaps weekly: Kirkland names two new partners

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Kirkland & Ellis hiring two partners for its structured finance and structured private credit practice. Elsewhere, NPL Markets has made two senior appointments to its team, while Piper Sandler has named a new head of structured products trading.

    Kirkland & Ellis has hired Jared Axelrod and Suril Patel as partners .......

    Market Moves 25 October 2024

  • Teutonic tenacity

    German consumer ABS sees strong investor demand despite rising challenges

    Despite rising interest rates and escalating costs of living across Europe, the consumer ABS market shows little sign of distress. Issuance levels remain robust, with investors continuing to demonstrate confidence in this sector, even as economic conditions tighten. According to Sam Lee, portfolio manager at TwentyFour Asset Management, "there is no sign as yet of any impact on issuance .......

    News 24 October 2024

  • Optimisation optimism

    SRT activity set to soar as banks adjust to Basel 4

    Panellists at SCI’s 10th Annual Capital Relief Trades Seminar in London last week widely agreed that banks are set to ramp up their use of SRT transactions to optimise balance sheets and improve capital efficiency ahead of sweeping regulatory changes under Basel 4.

    "I expect further growth in SRTs as banks adjust to Basel 4, using these transactions .......

    Talking Point 24 October 2024

  • Here comes the sun

    Enpal passes €5bn ahead of Europe's debut public solar ABS deal

    Enpal has passed another milestone, as it surpassed €5bn in renewable energy financing commitments. The announcement comes ahead of the issuing of the much anticipated €240m Enpal-originated solar ABS transaction, ABS Golden Ray 1 (SCI 23 October) – a watershed moment as it represents the first ever publicly rated European solar ABS deal. 

    The German greentech firm, .......

    News 23 October 2024

  • Summer in the city

    European ABS and CLO markets defy summer lull with €34bn Q3 issuance

    The European securitisation market saw significant activity through the third quarter of 2024, defying the typical summer slowdown, according to a market update issued by TwentyFour Asset Management.

    Aza Teeuwen, partner and portfolio manager at TwentyFour, attributes this to increased funding needs, tighter pricing and a rush to secure funding ahead of the upcoming US elections.

    "Volumes .......

    News Analysis 22 October 2024

  • Job swaps weekly: MidOcean boosts capital formation capabilities

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees MidOcean Partners strengthen its ranks with the appointment of Jon Fox as global head of capital formation. He brings several decades of leadership and alternative asset management experience that will help to expand the firm’s investor relationships globally.

    Fox was formerly president of Värde, having joined that firm nearly 11 .......

    Market Moves 18 October 2024

  • Local network

    Jonas Hybinette, co-founder and co-head of business developm...

    Q: RoundShield, a private investment firm specialising in asset-backed credit across Western European markets, recently closed its fifth European special opportunities fund (Fund V) with over US$1bn in commitments - surpassing its fundraising target by nearly US$150m. Why does the firm focus on Western Europe and how do you identify opportunities in these jurisdictions?
    A: Driss Benkirane, our managing partner, and I .......

    The Structured Credit Interview 17 October 2024

  • Job swaps weekly: KBRA rings the changes

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees KBRA making multiple senior structured finance appointments including a new global head of ABS and RMBS. Elsewhere, a c-suite executive at PACE Funding Group has left the firm and transitioned away from structured credit with a move to Greenday Finance, while specialty finance company Encina Lender Finance has made two senior .......

    Market Moves 11 October 2024

  • Heating up

    Potential for heat-pump-backed ABS in Europe's energy transition

    The wait for Europe’s first public heat pump-backed ABS transaction may soon be over, as the demand for sustainable heating solutions grows amid Europe’s energy transition. Securitisation is proving to be an increasingly integral tool in the fight against climate change, with solar ABS and utility ABS in the US supporting the transition away from fossil fuels – heat .......

    News Analysis 10 October 2024

  • Capital call debut

    SFF securitisation could mark 'the beginning of a new market'

    Goldman Sachs is in the market with what is believed to be the first publicly-rated cash capital call securitisation - the US$475m Capital Street Master Trust Series 2024-1. Synthetic capital call securitisations have been more widely issued to date (see SCI’s CRT Deal Database), but the growing use of ratings in the fund finance market and increasing investor .......

    News Analysis 10 October 2024
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