CMBS

  • European ABS demand continues through quieter July

    Fund managers eye attractive carry and credit discipline in an uncertain macro environment

    The European securitisation market remained supported despite a slowdown in new issuance towards the end of the July, with monthly fund factsheets monitored by SCI highlighting tightening spreads and strong fundamentals. Demand for high-quality transactions in the RMBS, auto ABS and consumer ABS sectors continued to underpin performance, though asset managers noted that valuations currently leave limited room for further .......

    News Analysis 26 August 2025

  • Job swaps weekly: Fifth Third expands ABF group

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Fifth Third expand its asset-backed finance group. Elsewhere, Niam Credit has appointed a new cio in Stockholm, while BAWAG Group has hired a former Alantra executive as European head of partnerships. 

    Fifth Third has expanded its asset-backed finance group within the commercial bank, adding new capabilities to underwrite and distribute .......

    Market Moves 22 August 2025

  • Job swaps weekly: Castlelake launches Merit AirFinance

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Castlelake naming the leadership team for its new aviation lending business. Elsewhere, Railpen has awarded a securitised credit mandate to Neuberger Berman, while Wells Fargo has named a new head of CMBS large loans. 

    Castlelake has launched Merit AirFinance, an aviation lending business that will provide debt capital to airlines and .......

    Market Moves 15 August 2025

  • Risk in data centre securitisation

    Fitch assesses asset quality according to a range of factors

    News 13 August 2025

  • SCI in focus: German megadeal skews first-half ABS volumes

    SCI and AFME data reveals stability beneath headline surge i...

    The European securitisation market saw a strong first half to 2025, as publicly placed issuance volumes surged to €167.57bn, according to SCI primary issuance data - a 23% increase on 2H24. However, this headline figure is skewed by a single retained megadeal, masking an otherwise broadly consistent picture.  

  • Spread pattern shifts studied

    SCI data sheds light on international ABS spread movements a...

    The European and Australian ABS/MBS primary markets have seen notable shifts in volumes and pre-pricing spread behaviour, as investors momentarily pulled back from the sector, following President Trump’s 'Liberation Day' on 2 April. These changes have been driven by evolving perceptions of credit risk, trade policy and tariff developments, regulatory adjustments and anticipated central bank rate cuts. However, .......

    News Analysis 1 August 2025

  • Job swaps weekly: Ares snaps up new partner from AIMCo

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Ares Management Corporation naming a new partner and co-head of its global capital solutions team. Elsewhere, Colliers’ investment management division Harrison Street Asset Management has acquired RoundShield Partners, while BBVA has hired a Madrid-based securitisation industry veteran to lead its capital and active balance sheet management team. 

    Ares Management Corporation .......

    Market Moves 1 August 2025

  • Job swaps weekly: CalPERS lures industry veteran from PGGM

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees the California Public Employees’ Retirement System (CalPERS) appointing a PGGM stalwart as managing investment director for its private debt portfolio. Elsewhere, IQ-EQ has made a major acquisition in the APAC region as part of its global expansion strategy, which will bring a 77-person team under its umbrella, while Janus Henderson has .......

    Market Moves 25 July 2025

  • Securitisation risk factors targeted in Solvency 2 consultation

    Senior STS tranches expected to benefit the most

    The European Commission last week published for stakeholder feedback a draft delegated act reviewing the Solvency 2 Delegated Regulation, which – among other aspects – would modify the capital requirements for insurance companies holding securitisation positions as investors. In line with the securitisation package presented last month, the stated aim is to facilitate bank lending capacity, by allowing originating credit institutions .......

    News 22 July 2025

  • Solid performance

    European ABS funds remain resilient through volatile June

    Despite geopolitical tensions and mixed macro signals, the European ABS market demonstrated resilience in June, with monthly fund factsheets monitored by SCI reporting solid performance and continued investor appetite. Demand for high-quality ABS remained robust, particularly in the UK RMBS and auto sectors, though managers continued to take a selective approach amid tight valuations and lingering volatility.

    TwentyFour .......

    News Analysis 22 July 2025

  • New GW&K fund targets retail securitized buyers

    B3E still deters bank buyers of agency MBS

    Talking Point 18 July 2025

  • Regulatory reform set to 'begin delivering'

    European ABS on the cusp of a steady but meaningful evolution

    European public securitisation volumes are expected to start building steadily over the next five to seven years, as long-awaited regulatory reform finally begins delivering. The evolution of the market is also likely to receive a boost from the emerging intersection of green finance and ABS.

    The European Commission’s proposed changes to the Capital Requirements Regulation (CRR) and the .......

    Talking Point 18 July 2025

  • Job swaps weekly: Man Group snaps up Bardin Hill

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Man Group acquiring US private debt manager Bardin Hill. Elsewhere, Moody's Ratings has appointed a global head of its financial institutions group, a global head of its structured finance group and a global co-head of insurance, while transitional leadership appointments have been announced ahead of the merger between two subsidiaries of .......

    Market Moves 18 July 2025

  • Balbec rapidly deploying Fund VI amid mortgage and consumer debt surge

    Asset-based credit firm leans into smaller, operationally co...

    Balbec Capital is ramping up activity across all corners of the residential loan market, CRE loans, consumer NPLs and secondary portfolios from struggling lenders, after having deployed over half of its sixth flagship fund. Despite a tough fundraising climate, the firm raised more than expected for Fund VI, as demand for niche, cash-flowing credit strategies continues to grow.

    The Structured Credit Interview 18 July 2025

  • Job swaps weekly: Akin appoints ABF-focused partner

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Akin Gump Strauss Hauer & Feld hiring a new partner to ramp up its ABF offering. Elsewhere, an industry veteran has left their role at Cadwalader Wickersham & Taft to take up a new challenge at Winston & Strawn, while Trustmoore has appointed a new ceo. 

    Akin Gump Strauss Hauer .......

    Market Moves 11 July 2025

  • Job swaps weekly: Sound Point names Gerlitz's successor as global cfo

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Sound Point Capital Management naming a new global chief financial officer. Elsewhere, EBRD’s first vp and head of client services group has retired, while the completion of BNP Paribas Cardif’s acquisition of AXA Investment Managers has been followed by the consolidated platform announcing its new leadership team. 

    Sound Point Capital .......

    Market Moves 4 July 2025

  • 'Keep calm, but keep cautious'

    Rob Ford, retired founding partner of TwentyFour Asset Manag...

    Q: How would you characterise the current state of the European securitisation market?
    A: Last year was fantastic for performance: spreads generally recovered throughout 2024 from a relatively wider level, having been through 2022-2023, where markets weren’t in such great shape because of inflation- and interest rate-led concerns. We didn’t have a boom, but a gradual tightening of spreads, which .......

    Talking Point 2 July 2025

  • Job swaps weekly: O'Melveny launches cross-disciplinary group with securitisation partners

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees O’Melveny launching a cross-disciplinary special credit and liability management group. Elsewhere, Investec has appointed a senior originator within its global fund solutions team, while Sona Asset Management has appointed a London-based md and head of credit strategy. 

    O’Melveny has formed a new cross-disciplinary special credit and liability management group, reflecting .......

    Market Moves 27 June 2025

  • EU securitisation reforms: a step forward, but is it enough?

    Investors still face 'significant hurdles' compared to other asset classes

    The European Commission’s recently proposed amendments to the EU securitisation framework aim to reduce the high operational costs for issuers and investors in EU securitisations and simplify certain due diligence and transparency requirements. While the changes have been welcomed as a positive step forward by many in the market, there is concern that the reforms may not go .......

    News 27 June 2025

  • Job swaps weekly: Blackstone hires CLO veteran from Jefferies

    People moves and key promotions in securitisation

    This week’s roundup of securitisation job swaps sees Blackstone snapping up Jefferies’ global head of CLOs. Elsewhere, Chorus Capital's head of origination resigns to take up a new challenge, while Värde Partners has launched a fund finance strategy. 

    Blackstone has hired Jefferies’ global head of CLOs and head of European securitised markets, Laura Coady. Coady confirmed the moved .......

    Market Moves 20 June 2025

  • Asset managers capitalising on strong demand

    European ABS funds have a good May

    May brought renewed strength to the European ABS market, as easing geopolitical tension and lower eurozone inflation improved risk sentiment. Monthly fund factsheets monitored by SCI suggest that asset managers responded by capitalising on strong demand and attractive carry opportunities particularly in UK and European consumer ABS.

    Amundi portfolio managers reported that “the primary market resumed its course in .......

    News Analysis 19 June 2025
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