https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27814&SID=85311&article=Job swaps weekly: Lloyds reshuffles, Sound Point expands in Europe STORM en Subscription 2026-10-23T00:00:00Z Job swaps weekly: Lloyds reshuffles, Sound Point expands in Europe This week’s roundup of securitisation job swaps sees Lloyds Banking Group making senior appointments across its asset risk transfer and sales teams, while Standard Chartered has appointed a new global head of securities services and digital assets. Elsewhere, Sound Point Capital Management is expanding its European private credit capabilities with a new investment team from Ninety One, while State Street Corporation has added an AXA veteran to its board of directors. Lloyds Banking Group has made two senior appointments, with Nils N https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27814&SID=85310&article=Schonfeld hires BMO veteran Leclerc for Toronto expansion STORM en Subscription 2026-10-23T00:00:00Z Schonfeld hires BMO veteran Leclerc for Toronto expansion Schonfeld Strategic Advisors has hired Jean-Francois Leclerc as a credit portfolio manager, as the New York-based hedge fund opens its first office in Canada, in a move that comes amid renewed SRT activity in the country. Leclerc has yet to start at Schonfeld and the firm has not disclosed his start date. He joins from Polar Asset Management Partners, where he was an associate portfolio manager for three years. His LinkedIn profile indicates that he left Polar in August 2026. Before joining Polar, Leclerc spent 20 years at BMO Capital Marke https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27814&SID=85309&article=SCI In Focus: US middle-market private credit stress exceeds reported defaults STORM en Subscription 2026-10-23T00:00:00Z SCI In Focus: US middle-market private credit stress exceeds reported defaults Moody’s has warned that credit stress among US middle-market borrowers is more widespread than reported defaults suggest, with payment-in-kind (PIK) amendments and maturity extensions lifting its estimated default rate to 5.8% from 4%. The rating agency's US private credit report, published on 14 October, analysed 607 credit estimate (CE) issuers held by 47 Moody’s-rated middle-market CLOs over the 12 months to June 2026. It identified 24 reported defaults, rising to 35 default-equivalent events when six PIK amendments and https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27814&SID=85307&article=Italian consumer finance bank completes fourth cash SRT STORM en Subscription 2026-10-23T00:00:00Z Italian consumer finance bank completes fourth cash SRT Compass has completed a €900m consumer loan securitisation structured to meet significant risk transfer requirements, SCI has learned, marking the Italian lender’s fourth cash SRT transaction. The transaction follows a €950m consumer loan securitisation completed in April, which was Compass’s third cash SRT under its Quarzo securitisation platform. Mediobanca acted as arranger on the latest transaction, with BBVA, Bank of America, Crédit Agricole Corporate and Investment Bank, Soci&a https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27814&SID=85306&article=Frothy AI valuations could come to grief STORM en Subscription 2026-10-23T00:00:00Z Frothy AI valuations could come to grief The AI bubble is set to burst, with potentially seismic consequences for expected liquidity in the structured finance market, says a noted independent research firm. “People are starting to note the liquidity is tightening up, and that to me means that the correction is a question of when, not if,” says David Trainer, ceo of New Constructs, a 20-year old data-driven investment research firm. He calls the imminent IPO of Anthropic, likely to be valued at around US$2trn, “the most ridiculous IPO of 2026,&rdqu https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27814&SID=85303&article=MDBs in a changing SRT world - video STORM en Subscription 2026-10-22T00:00:00Z MDBs in a changing SRT world - video Flavio Cabas, senior investment manager of the European Investment Fund, talks to SCI's Simon Boughey about why the EIF likes SRT assets. He also discusses the contribution to the growth and development of global SRT an MDB like the EIF can make, and the likely imminent regulatory changes that will shape the market. Simon Boughey https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27814&SID=85305&article=Investor challenges conventional view of SRT as capital relief STORM en Subscription 2026-10-22T00:00:00Z Investor challenges conventional view of SRT as capital relief An investor has challenged the conventional view of SRT transactions as an instrument of regulatory capital relief, arguing that they should instead be viewed as “regulatory capital securities” that may enhance bank solvency. In a recent commentary published by Man Group, the author argues that a lack of clarity over the definition of bank capital stems from ambiguities within banking regulations. The article defines bank capital as resources that absorb losses when things go wrong. Under this interpret https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27814&SID=85304&article=SCI In Conversation Podcast: Elaine Furnari, Citco STORM en Subscription 2026-10-22T00:00:00Z SCI In Conversation Podcast: Elaine Furnari, Citco In the latest episode of SCI In Conversation, ABF Editor Jacob Chilvers speaks with Citco’s Elaine Furnari about the increasing expectations of loan level data, advancements in collateral monitoring, and the role loan servicers are playing in an increasingly timing-driven market. This episode can be accessed here, as well as wherever you usually get your podcasts, including Apple Podcasts and Spotify (just search for SCI In Conversation). Jacob Chilvers https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27814&SID=85302&article=ICG prepares CLO equity fund to support further issuance STORM en Subscription 2026-10-22T00:00:00Z ICG prepares CLO equity fund to support further issuance Asset manager ICG is preparing to raise a CLO equity fund to support additional European CLO issuance, SCI has learned. The fund is intended to finance further issuance rather than expand the firm’s existing CLO management platform, a spokesperson from the firm tells SCI.  The fundraising plans come amid separate market speculation about the ownership of ICG’s European CLO business amid poor performance, according to market sources. Rumours that the business could be put up for sale have circulated, alt https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27814&SID=85301&article=ABF Deal Digest: KKR expands solar JV with TotalEnergies, while MidOcean and Idea Financial form new lending venture STORM en Subscription 2026-10-22T00:00:00Z ABF Deal Digest: KKR expands solar JV with TotalEnergies, while MidOcean and Idea Financial form new lending venture This week’s ABF roundup sees KKR expand its US solar joint venture with TotalEnergies. Meanwhile, MidOcean Partners and Idea Financial have formed a US$225m lending venture, and Victory Park Capital has launched a tokenised feeder fund. KKR expands US solar JV with TotalEnergies KKR has agreed to expand its US solar joint venture with TotalEnergies, adding a 700MW portfolio of three utility-scale projects in Texas and Ohio at an enterprise value of US$1.2bn. The deal lifts the 50/50 venture’s total capacity from https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27814&SID=85300&article=Irish lender targets 25-30bps capital benefit from project finance SRT STORM en Subscription 2026-10-21T00:00:00Z Irish lender targets 25-30bps capital benefit from project finance SRT Allied Irish Banks (AIB) plans to execute a further SRT transaction in 2026, including project finance loans, with an anticipated benefit of around 25-30bps to its CET1 capital ratio, SCI has learned. Several market sources have indicated that the transaction references a portfolio of approximately €2.5bn of project finance exposures, with Banco Santander and Howden Group involved. Sources say the transaction remains ongoing, with completion expected later this year.  The planned transaction would be the third under AIB&am https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27814&SID=85298&article=SCI Risk Sharing Awards: Outstanding Contribution to SRT STORM en Subscription 2026-10-21T00:00:00Z SCI Risk Sharing Awards: Outstanding Contribution to SRT SCI’s Outstanding Contribution to SRT Award for 2026 recognises Clifford Chance partner Timothy Cleary for a career spanning the emergence, near-disappearance and eventual rehabilitation of the synthetic securitisation market. Cleary began working in synthetic securitisation in the early 2000s, before the financial crisis, when the market was still in its formative stages. While many of the leading practitioners from that first era of synthetic securitisation exited the market following 2008-2009, Cleary - along with fellow Clifford https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27814&SID=85296&article=Italian bank prepares €3.3bn corporate loan SRT STORM en Subscription 2026-10-21T00:00:00Z Italian bank prepares €3.3bn corporate loan SRT Intesa Sanpaolo is preparing an SRT transaction referencing approximately €3.3bn of corporate loans, SCI has learned, with potential investors having submitted non-binding offers, according to market sources. The portfolio comprises loans to large corporates and SMEs. The transaction is understood to fall under the Italian bank’s GARC (Gestione Attiva Rischio di Credito) programme. The submission of non-binding offers indicates that the transaction has progressed to the investor bidding stage, although it remains unfinali https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27814&SID=85295&article=Spanish lender breaks new ground with first leasing-backed synthetic SRT STORM en Subscription 2026-10-21T00:00:00Z Spanish lender breaks new ground with first leasing-backed synthetic SRT BBVA has secured €259m of investment from the European Investment Fund (EIF) and the European Investment Bank (EIB) across two synthetic SRT transactions, SCI has learned, including its first synthetic securitisation backed by leasing exposures, as the Spanish lender expands its risk-transfer activity into a new asset class. The transactions are expected to mobilise approximately €1.3bn in financing for SMEs, entrepreneurs and mid-cap companies in Spain. The two transactions reference separate portfolios: one comprising lo https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27814&SID=85294&article=SCI Risk Sharing Awards: SRT Team of the Year STORM en Subscription 2026-10-21T00:00:00Z SCI Risk Sharing Awards: SRT Team of the Year IFC does not simply execute deals. Given its MDB status, it also builds risk-transfer pathways for emerging market banks, insurers and institutional investors to undertake capital-efficient, profitable and developmentally impactful transactions. For its pioneering role in creating structures where formal SRT might not yet be fully feasible, undertaking both debut and follow-on SRTs to deepen risk transfer in emerging markets where SRT is already actionable, now facilitating enhanced participation by investors in emerging markets SRT transaction https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27814&SID=85289&article=King Street bolsters capital formation team with VWH hire STORM en Subscription 2026-10-21T00:00:00Z King Street bolsters capital formation team with VWH hire King Street Capital Management has hired Chris Jackson as a managing director (md) on the capital formation and investor relations team, based in New York. Prior to joining King Street, Jackson was md and head of investor relations at VWH Capital, a Dallas-based private credit firm that focuses on “opportunistic strategies” across a spectrum of credit products primarily in the US distressed residential mortgage space. Before joining VWH Capital in June last year, he held other credit-specific roles as md for pri https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27814&SID=85299&article=Private credit must fix its plumbing problems before scaling further, speakers warn STORM en Subscription 2026-10-21T00:00:00Z Private credit must fix its plumbing problems before scaling further, speakers warn Private credit’s rapid growth has outpaced the operational machinery needed to police it, industry experts warn, as the sector faces heightened scrutiny after the collapses of Tricolour and First Brands in the US and MFS in the UK.  Speaking on a recent SCI webinar titled “Private Credit’s Next Challenge: Scaling Growth Without Scaling Complexity,” three panellists said the failures exposed gaps in collateral verification, data quality and portfolio oversight. David O’Connell, found https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27814&SID=85284&article=Views from Miami: Esoterics, digital infra and SRTs set to lead 2027 STORM en Subscription 2026-10-20T00:00:00Z Views from Miami: Esoterics, digital infra and SRTs set to lead 2027 Esoteric assets, digital infrastructure and SRTs are at the forefront of the market for 2027 according to discussions at the 32nd annual ABS East conference in Miami, attended by SCI. One panellist said assets such as music, sports and legal credit are next for capital growth, and expects permanent capital requirements to push more opportunity into structured credit vehicles. While positive conversations dominated, macro concerns also cropped up, tied to a higher-for-longer rate environment, oil pricing, and an escalation of political worri https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27814&SID=85293&article=SCI Risk Sharing Awards: Service Provider of the Year STORM en Subscription 2026-10-20T00:00:00Z SCI Risk Sharing Awards: Service Provider of the Year iconicchain boasts over US$250bn in processed transaction volume, 20% global SRT issuance coverage, 100% client retention and 150%-plus year-on-year growth during the awards qualifying period. In recognition of the platform’s credentials as a widely adopted tool that improves efficiency, supports complex execution and accelerates market standards, it is Service Provider of the Year in SCI’s 2026 Risk Sharing Awards. The qualifying period has been one of the most productive in iconicchain’s history, including a tr https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27814&SID=85292&article=SCI In Focus: EBA mandate sought as EU weighs safeguards for insurer-backed SRT STORM en Subscription 2026-10-20T00:00:00Z SCI In Focus: EBA mandate sought as EU weighs safeguards for insurer-backed SRT The SRT industry is calling for a transitional framework and an impact assessment by the European Banking Authority (EBA) as EU negotiators consider safeguards for insurer-provided unfunded credit protection (UFCP). The proposed review would assess how STS safeguards under the Securitisation Regulation (SECR) interact with resilience requirements under the Capital Requirements Regulation (CRR), including whether the rules duplicate existing requirements or restrict the pool of eligible insurers. A technical note prepared by the European Commi