https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85360&article=Job swaps weekly: SMBC, Axos and Deutsche Bank strengthen ABF teams STORM en Subscription 2026-11-06T00:00:00Z Job swaps weekly: SMBC, Axos and Deutsche Bank strengthen ABF teams This week’s securitisation job-swap roundup sees McDermott Will & Schulte strengthening its London structured finance practice with a new partner. At the same time, ABN AMRO has made a senior appointment in its securitisation lending department and named a new head of debt capital markets. Elsewhere, SMBC has expanded its EMEA securitised products team, GLAS has made two senior appointments following its recent strategic investment, and Axos Bank has bolstered its asset-based capabilities. In the legal sector, McDermott Will https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85359&article=Alder Grove bags €50m cornerstone for debut fund STORM en Subscription 2026-11-06T00:00:00Z Alder Grove bags €50m cornerstone for debut fund Alder Grove Capital has bagged €50m in cornerstone investments for its debut fund, SCI has learned. Alder Grove Capital I is in the early stages of fundraising and is anchored by tech investor Will Neale and Seb McDermott’s AIM Capital, sources told SCI. Total commitments are understood to amount to €50m, with the strategy targeting asset-backed finance and specialising in early-stage mezzanine investments in Europe. London-based Alder Grove was founded in August 2025 by former BCI Capital director Taylor Gwill https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85357&article=MDBs urged to raise visibility of securitisation market STORM en Subscription 2026-11-06T00:00:00Z MDBs urged to raise visibility of securitisation market Multilateral development banks (MDBs) need to do more to publicise their securitisation activities to attract a wider pool of investors, as the market remains dominated by specialist institutions, a study commissioned by the UK and Swiss governments has found. Ten securitisations, including one retap, have been completed since 2018, representing more than US$7.5bn in face value across five MDBs. However, the study found that market awareness remains concentrated around pioneering transactions, with some of the more innovative recent deals les https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85358&article=European CLO issuance in 2027 dependent on liability costs and loan supply STORM en Subscription 2026-11-06T00:00:00Z European CLO issuance in 2027 dependent on liability costs and loan supply CLO issuance could remain strong in 2027, supported by investor demand and regulatory changes expected to benefit insurers, although high liability costs and uncertainty over loan supply could constrain new issuance, according to Nikunj Gupta, head of CLO arranging at HSBC. Many CLO warehouses are open, creating a new issue pipeline. Several deals have been pushed from 4Q26 into 1Q27, Gupta tells SCI. Reset economics will depend on liability spreads. “If the liability spreads, for example, in the reset single Bs, remain above 1,00 https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85352&article=Turbine Finance plans push to bring NAV loans to venture capital STORM en Subscription 2026-11-06T00:00:00Z Turbine Finance plans push to bring NAV loans to venture capital Turbine Finance, a Santa Monica lender, is preparing to write about US$200m of loans against venture capital portfolios in 2027 and has other deals in the pipeline before year-end. The company, which has more than 200 funds contracted for its products, is betting that venture investors will adopt a tool private equity has used for years: NAV loans secured against a fund’s holdings. “Fewer than 5% of venture funds have used NAV facilities, and the true figure is probably nearer 2%. Many of the fund managers on Turbine& https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85356&article=Adams Street Partners anticipates further European CLO activity STORM en Subscription 2026-11-06T00:00:00Z Adams Street Partners anticipates further European CLO activity Adams Street Partners expects to pursue further activity in the European CLO market, following its inaugural US$350m public CLO earlier this year, as the firm continues to scale its private credit platform, SCI has learned. “This CLO was not a one-off and we anticipate having more activity in that space,” James Charalambides, partner and head of European private credit at Adams Street Partners, tells SCI. The firm's inaugural public CLO, ASP PIF CLO I, closed in January, raising US$350m to support the expansion of its pr https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85355&article=Loan weakness and currency split deepens secondary CLO tiering STORM en Subscription 2026-11-05T00:00:00Z Loan weakness and currency split deepens secondary CLO tiering US dollar-denominated CLOs were more frequently marked as traded than euro-denominated paper in the secondary market over the past 12 months, although industry participants caution that manager quality, collateral performance and seller intentions may explain more of the difference than currency alone. SCI PriceABS data show that 62.9% of US dollar CLO records carrying an explicit traded or not-traded outcome were marked as traded in the 12 months to 3 November, compared with 50.7% of euro records. The gap became particularly pronounced dur https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85354&article=ABF Deal Digest: ABF funding scales up across AI and consumer lending STORM en Subscription 2026-11-05T00:00:00Z ABF Deal Digest: ABF funding scales up across AI and consumer lending This week’s asset-backed finance roundup sees major financing commitments for AI infrastructure, with Bank of America, Blackstone and Citi among the parties arranging a US$63bn transaction for Anthropic. Meanwhile, SpaceX has agreed a US$40bn GPU finance lease with an Apollo-managed entity, and Wingspire has closed a US$363m equipment financing for IREN. Cardo AI standardises data across 30 asset classes Cardo AI has introduced unified data standards for 30 asset classes, from consumer loans to aircraft and music royalties. The li https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85353&article=Risk sharing: Coming to an emerging market near you soon STORM en Subscription 2026-11-05T00:00:00Z Risk sharing: Coming to an emerging market near you soon When I first worked on a significant risk transfer (SRT) deal around 20 years ago, the market amounted to a handful of European banks and a small number of specialist buyers. How things have changed. According to the International Association of Credit Portfolio Managers (IACPM), loan portfolios referenced by bank SRTs reached €378bn in 2025, up 35% on the previous year, taking the total outstanding to €905bn, against which institutional investors provided €80bn of credit protection.1 Almost all of that activity sit https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85350&article=Canadian lender in the offing STORM en Subscription 2026-11-05T00:00:00Z Canadian lender in the offing Scotia Bank is said to be readying an SRT transaction referencing a US$2bn corporate loan portfolio. The Canadian lender is believed to be selling a first-loss position. No further details are yet available. Scotia has been unavailable for comment. Its corporate loan SRT platform is known as Granville, though it is not clear if the new deal will be sold under this aegis. Scotia sold its first SRT over three years ago. Bank of Montreal was the pioneer of the market among the Canadian lenders, but all now have their own programmes. The https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85349&article=SCI In Focus: Are SRTs private credit's next diversification play? STORM en Subscription 2026-11-05T00:00:00Z SCI In Focus: Are SRTs private credit's next diversification play? Significant risk transfer (SRT) trades are attracting interest as a way for institutional investors to access bank-originated credit portfolios, but their role as a diversification tool within private credit remains nuanced. While the strategy can provide exposure to a broad range of borrowers and asset classes, investors must weigh those benefits against structural risks and increasingly competitive pricing. The case for SRT as a complement to traditional private credit has been advanced by Milan Stupar, co-head of Bank Capital Solutions and https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85351&article=Orexx takes private credit into southern cone's neglected middle market STORM en Subscription 2026-11-05T00:00:00Z Orexx takes private credit into southern cone's neglected middle market A veteran emerging-markets investor has launched a financial advisory and merchant banking firm in Buenos Aires, betting that Latin American companies will need far more than local banks and the bond market to refinance. Orexx Partners is led by Daniel Lerner, who spent 15 years at Carval Investors running Latin American restructurings and liability management exercises on bilateral loans. Born in Argentina but with a career spent largely on Wall Street, Lerner moved back to Buenos Aires this year. Lerner launched Orexx last week alongside https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85348&article=LynxCap bags Bankinter's NPL book amid Spain's housing decree uncertainty STORM en Subscription 2026-11-04T00:00:00Z LynxCap bags Bankinter's NPL book amid Spain's housing decree uncertainty Swiss-based distressed debt investor LynxCap Investments has acquired a portfolio of non-performing loans (NPLs) from Spanish commercial lender Bankinter, SCI has learned. The mortgage book, dubbed Project Galapagos, had been on the market since before May, with the summer break delaying bidding and ultimately execution.  The portfolio's gross book value (GBV) is estimated at roughly €110m, according to initial conversations with market sources. Its gross collection value is over €40m, while the underlying colla https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85346&article=Hybrid CLOs expected to outnumber middle market vehicles in Europe, say market sources STORM en Subscription 2026-11-04T00:00:00Z Hybrid CLOs expected to outnumber middle market vehicles in Europe, say market sources Issuance of hybrid CLOs is expected to outstrip that of pure-play private credit CLOs in Europe over the next year, according to market participants, as new managers work around collateral supply challenges. A senior CLO executive speaking on a panel at KBRA’s European Structured Finance Symposium held at The May Fair Hotel in London on 3rd November noted that the European private credit CLO market will likely see a spike in hybrid deals as managers contend with challenges linked to asset availability and diversification. &ldq https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85347&article=Gibson Dunn to snap up 120 lawyers from Weil across US and UK STORM en Subscription 2026-11-04T00:00:00Z Gibson Dunn to snap up 120 lawyers from Weil across US and UK International law firm Gibson Dunn & Crutcher is in advanced talks to hire Weil's private funds team across the US and the UK, in one of the largest moves to emerge after the latter's planned dissolution, SCI has learned.  The talent exodus on both sides of the Atlantic so far includes 120 lawyers, including more than 20 partners, sources familiar with the matter say. The US departures include around a dozen partners, among them New York-based Andrew Chizzik, who was co-head of Weil’s private funds https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85345&article=Relative value shifts heading into fourth quarter STORM en Subscription 2026-11-04T00:00:00Z Relative value shifts heading into fourth quarter The latest October fixings from the SCI Composite Index (SCIx) show strong demand for CLO paper, particularly in the mezzanine tranches, while RMBS and Consumer ABS back up from the historic tights reached earlier this year CLOs were the standout mover in October as the only asset class to demonstrate broad-based tightening across the capital structure. While September saw CLO new issue spreads drift out slightly and RMBS spreads rally, this picture has now inverted. CLOs have tightened across the board, with one notable exception, suggesting https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85340&article=Apollo launches €10bn European lending platform STORM en Subscription 2026-11-03T00:00:00Z Apollo launches €10bn European lending platform Apollo has announced the launch of European Credit Company (ECC), a European lending platform with more than €10bn of capacity. ECC is a standalone business with its own long-term balance sheet and will invest exclusively in European performing credit, including direct lending to mid-market and large companies and sponsors, as well as asset-backed finance deals secured by infrastructure and real estate. ECC is backed by Apollo funds and affiliates alongside the Abu Dhabi Investment Council, Athora, Norinchukin Bank, Standard Charte https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85343&article=Zopa's debut consumer ABS printed below par amid softer market conditions STORM en Subscription 2026-11-03T00:00:00Z Zopa's debut consumer ABS printed below par amid softer market conditions UK digital challenger lender Zopa Bank's debut consumer ABS, Morton Funding 2026-1, saw its £338.2m triple-A tranche price on 16 October at a discount margin of 89bps over SONIA, against a coupon of 84bps and an issue price of 99.929. Lloyds arranged and led the bookrunning process for the deal. The deal's derecognition structure coincided with softening conditions in the European public ABS market, creating a mismatch between the coupons fixed ahead of marketing and the returns investors required by the time the rated no https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85344&article=Austrian lender targets 10bps CET1 boost from new SRT STORM en Subscription 2026-11-03T00:00:00Z Austrian lender targets 10bps CET1 boost from new SRT Erste Group is preparing a new SRT transaction in Austria in the fourth quarter, expected to generate around 10bps of additional CET1 benefit, as the bank expands its use of synthetic securitisations across its geographical footprint. The transaction is expected to reference a portfolio of approximately €1.2bn-€1.3bn, cfo Stefan Dörfler told analysts during the bank's third-quarter 2026 earnings call. Erste expects to complete the transaction with a high degree of certainty before year-end, subject to regulatory req https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85342&article=Three Spanish banks market RPL portfolios as NPL supply dwindles STORM en Subscription 2026-11-03T00:00:00Z Three Spanish banks market RPL portfolios as NPL supply dwindles Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA) and CaixaBank are each in the market with three different re-performing loan (RPL) portfolios worth over €750m in total, SCI has learned. The sales come amid a more mature phase of bank balance sheet clean-up after the GFC, as lenders shift to cured and restructured exposures.  Banco Santander has launched the sale of Project Liverpool, a re-performing mortgage portfolio of roughly €300m of gross book value (GBV), the sources say. BBVA is marketing Project