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 https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85341&article=Greek lender considers next SRT steps STORM en Subscription 2026-11-03T00:00:00Z Greek lender considers next SRT steps Piraeus Bank has launched a €2bn synthetic securitisation backed by corporate and SME loans, SCI has learned, with the Greek lender targeting completion before year-end as investor demand for its risk transfer transactions remains strong. SCI reported in late September that the lender was considering a further SME and corporate SRT, although the timing of a potential transaction remained uncertain at the time. The transaction, named Ermis XI, is currently in the market, with the bank awaiting investor offers. Completion is targeted https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85339&article=DS2 Capital aims for quarterly CLO issuance after securing Scotiabank warehouse STORM en Subscription 2026-11-02T00:00:00Z DS2 Capital aims for quarterly CLO issuance after securing Scotiabank warehouse CLO credit investing firm, DS2 Capital is targeting a quarterly US CLO issuance cadence following the pricing of its inaugural US$510m transaction, with a warehouse facility in place with Scotiabank and a second deal expected in the coming weeks, SCI has learned. The firm plans to issue around four US CLOs a year on average, following the launch of its CLO strategy earlier this year. Its debut transaction DS2 CLO 1, which priced in September, is backed by broadly syndicated senior secured loans and has a five-year reinvestment period and two- https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85338&article=Singapore's financial watchdog proposes lower insurer capital charges for securitisation STORM en Subscription 2026-11-02T00:00:00Z Singapore's financial watchdog proposes lower insurer capital charges for securitisation The Monetary Authority of Singapore (MAS) is proposing to ease capital requirements and develop a more risk-sensitive insurance capital framework to provide differentiated capital treatment for infrastructure and securitisation investments. MAS is proposing lower capital charges on senior investment-grade securitisation tranches that meet relevant criteria on simplicity, transparency and comparability, or specified conditions such as portfolio diversification and liquidity safeguards. The proposals could have implications for insurers' broa https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85336&article=CFO structures evolve as general partners seek broader access to capital STORM en Subscription 2026-11-02T00:00:00Z CFO structures evolve as general partners seek broader access to capital CFOs are increasingly being used by general partners (GPs) to raise capital across multiple funds and investment strategies, while managers of secondaries funds are also adopting CFO and rated note fund (RNF) structures to finance their activities, according to market participants. The development reflects an evolution in the use of fund securitisation, with transactions moving beyond traditional single-fund financing towards structures that can accommodate different investment strategies and a wider range of investors. “ https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27816&SID=85335&article=Portuguese bank prepares corporate SRT for Q4 STORM en Subscription 2026-11-02T00:00:00Z Portuguese bank prepares corporate SRT for Q4 Millennium BCP is preparing a corporate loan SRT transaction for potential execution in the fourth quarter, with due diligence reportedly under way, SCI has learned. Additional details on the portfolio size, structure or potential protection providers are yet to be available. The pipeline information comes as Banco Comercial Português, Millennium BCP’s parent, has disclosed that it completed a synthetic securitisation of a corporate loan portfolio in September. The transaction generated an estimated 30bps benefit to the https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85333&article=Taking the temperature on hybrid CLOs in Europe STORM en Subscription 2026-10-30T00:00:00Z Taking the temperature on hybrid CLOs in Europe Hybrid CLOs are expected to become a prominent feature of the nascent European middle market CLO landscape, although the pioneering managers exploring these structures may have to convince some industry veterans. In the wake of the first ‘multi-strategy’ CLO from Sona Asset Management, which offered exposure to a blended collateral pool of broadly syndicated and middle market assets, a number of market participants active in the space have expressed confidence that this format could be a template for future issuance. Son https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85334&article=Job swaps weekly: Weil wind-down triggers major team move to Gibson Dunn STORM en Subscription 2026-10-30T00:00:00Z Job swaps weekly: Weil wind-down triggers major team move to Gibson Dunn This week’s roundup of securitisation job swaps sees Weil, Gotshal & Manges preparing to dissolve after nearly a century in practice, with its London private funds team set to join Gibson Dunn & Crutcher. Elsewhere, National Australia Bank has promoted a new head of securitisation and non-bank financial institutions, while Fasanara Capital has strengthened its Abu Dhabi presence with a senior portfolio management appointment. Paul Hastings has also bolstered its London fund finance platform with a new partner. https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85332&article=New frontiers, old questions: SRT market faces its next test STORM en Subscription 2026-10-30T00:00:00Z New frontiers, old questions: SRT market faces its next test October highlighted the growing breadth of the SRT market, with activity spanning new asset classes, jurisdictions and investor structures. Banks continued to bring transactions to market, while development finance institutions explored ways to mobilise private capital. At the same time, the EU’s securitisation reform negotiations, questions over insurer eligibility and concerns about rollover risk brought regulatory and structural challenges into sharper focus. EU agreement leaves questions over insurer participation The https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85327&article=EBRD, international investors back latest Turkish DPR securitisation STORM en Subscription 2026-10-29T00:00:00Z EBRD, international investors back latest Turkish DPR securitisation Istanbul-based bank Garanti BBVA has raised €400m under its existing diversified payment rights (DPR) programme, returning to the market after seven years with a private securitisation anchored by international investors and a multilateral development bank, the European Bank for Reconstruction and Development (EBRD). DPRs, also known as future flow financings, allow banks to raise funding against future payment flows, with the securitised receivables typically generated from hard-curren