ABS

  • SRTs still offer a spread premium over ABS despite tightening

    Tristan Teoh, head of European secured finance at Insight Investment, answers SCI's questions

    As SRT transactions continue to gain traction among institutional investors, asset managers are increasingly positioning the asset class as a core component of structured credit allocations. Against a backdrop of tight spreads in public markets and growing bank issuance, Insight Investment is using SRTs to access diversified credit exposure while targeting incremental yield.

    Q: How is Insight positioning .......

    News 25 March 2026

  • Australia's regulator liquidity review could support RMBS demand

    APRA's review of HQLA rules may open the door for RMBS inclusion shifting bank investment demand.

    Proposed reforms to Australia’s bank liquidity framework could reshape demand for structured finance products with RMBS potentially benefiting if regulators broaden the range of assets eligible for bank liquidity buffers.

    The Australian Prudential Regulation Authority (APRA) earlier this week signalled it will consult on changes to its liquidity regime, including the possible inclusion of covered bonds as high-quality .......

    News 19 March 2026

  • European ABS and CMBS defaults remain contained

    Stable performance persists across EU securitisation markets as digital infrastructure fuels growth

    The European securitisation market continues to show stable credit performance this week, according to Bank of America’s International SF Weekly, with defaults remaining broadly contained across both ABS and CMBS.

    In consumer ABS, Iberian collateral performance remained resilient through 2025. Across Spanish and Portuguese transactions issued between 2019 and 2024, early arrears rose only marginally, with most deals reporting .......

    News 18 March 2026

  • Job swaps weekly: Deutsche Pfandbriefbank targets SRT, Macquarie hires

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Deutsche Pfandbriefbank target SRT, while Australian bank Macquarie has hired a new asset finance and lending head from private credit. 

    Deutsche Pfandbriefbank has appointed Tanja Baran as a senior portfolio transactions manager within its capital .......

    Market Moves 13 March 2026

  • MFS collapse draws questions on legal protection implications

    Private credit investors reel as allegations of 'double pledging' emerge

    The fall of Market Financial Solutions (MFS) has caused a significant stir in the private credit world, as it marks the latest in a string of institutionally backed firms to collapse. The London-based mortgage lender, which specialised in complex property-backed loans, entered administration in recent weeks following a court application citing serious mismanagement and a potential capital shortfall of .......

    News Analysis 13 March 2026

  • ABS spreads widen as Iran conflict tests market sentiment

    Despite softer spreads and labour market concerns, primary i...

    Geopolitical tensions and labour market uncertainty surrounded on the ABS market this week with spreads softening following the outbreak of the Iran conflict, according to the JP Morgan securitised products weekly.

    Investment-grade ABS spreads widened by around 0-5bp, while non-investment-grade subordinated tranches widened by 10–20bp, reflecting a modest deterioration in sentiment. Despite this, the primary market remained .......

    News 12 March 2026

  • Resilient borrowers and housing shortages shape EU mortgage market

    AFME seminar in London points to strong UK RMBS performance,...

    Speakers at the Association for Financial Markets (AFME) in Europe’s UK and Dutch residential mortgage finance seminar in London last week hosted by Simmons & Simmons highlighted the resilience of European mortgage markets despite macroeconomic uncertainty, regulatory changes and structural housing shortages.

    Opening remarks pointed to the scale and stability of the UK mortgage market. Outstanding mortgage .......

    News Analysis 11 March 2026

  • SCI In Focus: Middle East conflict clouds outlook for aviation ABS and global issuance

    Escalating tensions test investor confidence in aircraft and...

    Escalating military tensions in the Middle East are beginning to filter into the global credit markets, prompting structured finance investors and issuers to reassess risk. Some are already reportedly pressing pause on issuance plans as markets digest the implications.

    Several market participants declined to comment when contacted by SCI about the potential implications of the current geopolitical situation .......

    News Analysis 10 March 2026

  • International Women's Day: Finding my voice, one deal at a time

    Jinisha Patel, partner at Cadwalader, argues that this year'...

    When I entered the legal industry and started working in the structured finance space, there were very few women in the rooms where decisions were being made. I observed early on that in order to navigate these environments, I had to do so persistently through excellent performance, thereby building trust and earning credibility one deal at a time. I .......

    Talking Point 9 March 2026

  • Job swaps weekly: CIFC names CLO heads and ABF run persists

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees CIFC Asset Management name its new global co-heads of CLO portfolio management. Meanwhile, DWS has hired Barbara Richter to lead its ABF business, and New York Life Investment Management and its European affiliate, Candriam, have increased their ownership stake in Kartesia to around 80%.

    CIFC Asset Management has named Ira .......

    Market Moves 6 March 2026

  • CLO and ABS trends from SFVegas

    Panellists discuss the CLO & ABS market at the annua...

    In discussions held on the CLO market at SFVegas, one theme panellists agreed on is that liability costs and continued supply are compressing pricing. In an increasingly crowded market, the arb is increasingly tight for managers and the space is becoming dominated by manager-raised funds.

    Those managers that can raise capital to satisfy risk retention requirements via .......

    News Analysis 5 March 2026

  • Structural protections, prime mortgages and residential ABS

    Adam Rizkalla, managing director at Canyon Partners answers SCI's questions

    Q: Within residential mortgages today, where does Canyon see the highest risk-adjusted return, and how are factors like conservative underwriting and housing undersupply shaping your expectations for credit performance and prepayment risk?

    A: I would say where we see the best opportunity today is in non-agency sectors such as non-qualified mortgages or non-QM, or home equity sectors such .......

    The Structured Credit Interview 4 March 2026

  • January European ABS sees strong technicals and carry-led performance

    Resilient demand, tightening spreads and robust carry underp...

    The European ABS market opened 2026 against a backdrop of geopolitical tension, yet January delivered stable technicals, consistent spread tightening and positive performance across portfolios.

    According to, TwentyFour Asset Management ABS issuance began gradually in January, although the month finished with a “respectable” €8bn of new issuance,” highlighting that supply was concentrated in UK RMBS. Prime transactions .......

    News Analysis 3 March 2026

  • Job swaps weekly: Fitch promotions and ABF moves lead busy week for securitisation

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Fitch launching a new division in response to the evolving demands of institutional investors in private credit, which has acted as a catalyst for a number of senior promotions within the agency. Meanwhile, Scope Ratings has appointed a London-based senior director for structured finance ratings, and AB CarVal has hired an ABF-focused director from .......

    Market Moves 27 February 2026

  • ABF Deal Digest: Upstart enters US$200m forward flow with Wafra

    A weekly roundup of private asset-backed financing activity

    This week’s roundup of private ABF activity sees Upstart enter into a 12-month forward flow agreement with Wafra. Elsewhere, Crestline Investors facilitated a US$225m NAV loan to a US family office, while Barings and Homestead Capital have closed a US$300m ABF programme targeting the funding of US agricultural loan originations.

    Upstart enters into forward flow with Wafra

    News 26 February 2026

  • Job swaps weekly: Saluda Grade appoints industry veteran to expand ABF

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees an ABF veteran joining Saluda Grade and a senior departure at UBS. Elsewhere, First Abu Dhabi Bank makes a head of structured finance and risk distribution appointment, while a partner at Prytania Asset Management prepares to leave the firm.

    Patrick Lo has joined Saluda Grade, an alternative investment firm specialising .......

    Market Moves 20 February 2026

  • ABS market sees busiest week of 2026 with €4.4bn priced

    J.P. Morgan cites tightening spreads across European RMBS, Spanish consumer ABS and UK auto deals

    The international ABS primary market recorded its busiest week of 2026 to date, with €4.4bn priced across six transactions in Europe and Australia, according to J.P. Morgan.

    Described as a “promising start to the year”, the bank says European issuance reached €11.5bn YTD making it the largest YTD total in the post-crisis period. In Australia, issuance climbed to €3.7bn .......

    News 19 February 2026

  • Orderbook elasticity reveals changing ABS pricing conditions in 2025

    Investor demand drives pricing power across European ABS last year

    The European ABS market experienced fluctuations in tone and momentum over the course of 2025, largely driven by shifts in demand levels, according to SCI’s International ABS/MBS primary issuance data.

    By modelling spread compression and elasticity across each quarter, investor behaviour can be mapped to gain a clearer view of how sentiment evolved as market .......

    News Analysis 18 February 2026

  • UK consultations call for streamlined securitisation rules

    FCA and PRA focus on proportionality and flexibility

    The UK FCA and PRA have published parallel consultation papers (CPs) on reforming the securitisation rules, building on earlier consultations and subsequent policy statements. The proposals aim to make the existing requirements more proportionate and less prescriptive, while maintaining appropriate prudential and general safeguards.

    The PRA considers that the proposals would facilitate lower compliance costs and align .......

    News 17 February 2026

  • Job swaps weekly: Nuveen acquires Schroders

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Nuveen acquiring Schroders, which will initially operate as a standalone business led by its existing senior management team. Elsewhere, Gallatin Point Capital has partnered with former Redding Ridge Asset Management executives to launch CLO-focused firm DS2 Capital, while Achmea Mortgages has recruited an industry veteran as an Amsterdam-based capital markets manager.

    Market Moves 13 February 2026

  • Europe's expanding BNPL market could unlock new ABS issuance opportunity

    Rapid e-commerce-driven growth supports long-term ABS potent...

    Buy-now-pay-later (BNPL) adoption is growing across Europe setting the stage for future securitisation growth, though credit and regulatory risks remain key considerations, according to Moody’s Ratings.

    In its ‘Consumer Loan ABS’ report released earlier this week, the ratings agency notes that the “BNPL sector growth is accelerating with e-commerce expansion,” with BNPL loans accounting for 8% of total .......

    Talking Point 13 February 2026
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