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 https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85331&article=SCI In Focus: Operational pressures in European LMEs STORM en Subscription 2026-10-29T00:00:00Z SCI In Focus: Operational pressures in European LMEs The growth of liability management exercises (LMEs) in Europe has precipitated increased scrutiny on both the strategic and operational aspects of these transactions from borrowers and creditors alike.  The shape and tenor of these transactions has differed slightly from the typical patterns established in the US market, with credit professionals pointing to a number of structural frictions that have led the European LME market to remain more conservative than the US so far.  For European CLO managers, this conservatism is https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85330&article=ABF Deal Digest: Pollen Street inks £250m deal with Lovey, while Felicitas invests US$15m in a rated note feeder STORM en Subscription 2026-10-29T00:00:00Z ABF Deal Digest: Pollen Street inks £250m deal with Lovey, while Felicitas invests US$15m in a rated note feeder This week’s asset-backed finance roundup sees Lovey secure a £250m facility from Pollen Street Capital to expand its SME lending. Meanwhile, CrowdProperty agrees a £100m forward flow partnership with ColCap Financial UK, and Felicitas, a specialist NAV lender, invests US$15m in credit fund rated note feeder. Felicitas invests US$15m in credit fund rated note feeder Felicitas Global Partners, a specialist NAV lender, has invested US$15m in the mezzanine tranche of a rated note feeder for a credit fund, https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85328&article=Australian ABS hits turbulence as record supply pushes spreads wider STORM en Subscription 2026-10-29T00:00:00Z Australian ABS hits turbulence as record supply pushes spreads wider Australia's public securitisation issuance has broken previous annual records in 2026, hitting about A$95bn so far, according to data collected by Westpac (one of the country's Big Four banks), but primary market oversupply is weighing on investor demand, widening spreads and weakening coverage ratios.  Excluding the staggering A$15.38bn Cashmere 2026-1 transaction, which securitised the legacy RAMS mortgage portfolio Westpac sold to Pepper Money, KKR and PIMCO in early August, issuance has exceeded A$80bn, surpassi https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85326&article=Goldman's restructured Irish RMBS prices at steep discount amid ABS market indigestion STORM en Subscription 2026-10-28T00:00:00Z Goldman's restructured Irish RMBS prices at steep discount amid ABS market indigestion Goldman Sachs' Irish prime RMBS deal, GSMBS 2026-IRPM1, saw its €337.3m triple-A-rated class A notes price below par at 60bps over three-month Euribor on Tuesday, equivalent to a 90bps discount margin. The €402.6m transaction is the second attempt to bring the deal to market. Goldman initially launched the RMBS in July (the deal was larger then, totalling €550m), but marketing stalled, and the deal was ultimately pulled, as SCI reported. After a substantial restructuring of the https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85324&article=Smallest SRTs on record defy market myths STORM en Subscription 2026-10-28T00:00:00Z Smallest SRTs on record defy market myths Smaller SRT issuance could become a more established part of the market by 2030, with challenger banks accessing investors through private placements and bilateral structures rather than the large-scale issuance programmes associated with significant banks, according to Robert Bradbury, md and head of structured credit at advisory firm Alvarez & Marsal. Speaking at SCI's World Risk Sharing Summit in London earlier this month, Bradbury said the market should not assume that SRTs need to reference portfolios worth hundreds of m https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85325&article=Forward flow: funding tool and M&A route - video STORM en Subscription 2026-10-28T00:00:00Z Forward flow: funding tool and M&A route - video Stuart Mogg, md and head of financial services debt and capital advisory at Interpath, talks to SCI's Marta Canini about how forward flow partnerships have evolved since the pioneering deals inked after the GFC. He also discusses how forward flow fits in the wider toolkit alongside public ABS and SRTs, and where he expects the market to go next.  Marta Canini https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85321&article=Felicitas invests US$15m in credit fund rated note feeder STORM en Subscription 2026-10-28T00:00:00Z Felicitas invests US$15m in credit fund rated note feeder Felicitas Global Partners, a specialist NAV lender, has invested US$15m in the mezzanine tranche of a rated note feeder for a credit fund, SCI has learned. The investment, which closed last week, sits in the double-B+ rated tranche, just senior to the equity. Felicitas took US$15m of a tranche of US$20m, sources close to the matter told SCI. The overall feeder is understood to be US$300m in size. Felicitas has completed at least five rated note feeders and collateralised fund obligations this year. It invests only in horizontal structures https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85323&article=Sound Point partners with Ninety-One for European ABF arm STORM en Subscription 2026-10-28T00:00:00Z Sound Point partners with Ninety-One for European ABF arm Sound Point Capital Management has partnered with Ninety One to pursue the asset manager’s European fund opportunities and build its own European asset-backed lending business, hiring the three-person team behind the strategy. Sound Point will act as sub-adviser to the fund, with Chris Rust and Lei Lei, who co-led Ninety One’s European secured lending strategy, joining as portfolio managers and co-heads of European secured lending. Lachlan Viney, a director and senior analyst, also moves across. All three are London-base https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85320&article=CLO managers urged to assess loan eligibility before committing capital STORM en Subscription 2026-10-27T00:00:00Z CLO managers urged to assess loan eligibility before committing capital CLO managers need to account for increasingly complex eligibility and compliance requirements before committing capital to new loans, as bespoke facilities and transaction-specific constraints complicate asset-sourcing decisions, according to Siepe. Some recent CLOs require managers to select combinations of rating factors, recovery rates and spreads across almost 50 separate matrix tables, illustrating the complexity of determining whether a prospective loan meets a transaction’s requirements, Don Nilsson chief product officer at S https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85322&article=UK lender prepares a leveraged finance SRT STORM en Subscription 2026-10-27T00:00:00Z UK lender prepares a leveraged finance SRT Lloyds Banking Group is preparing a potential SRT transaction referencing a portfolio of approximately £1bn, SCI has learned, with due diligence ongoing, according to market sources. The transaction is understood to potentially involve leveraged finance exposures, with a tranche reportedly covering the 0-12% loss range. The asset class and precise structure have not been independently confirmed and the timing of the transaction remains unclear. The potential deal would add to Lloyds’ established use of synthetic securiti https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85319&article=Higher rates turn into headwind for European CLOs STORM en Subscription 2026-10-27T00:00:00Z Higher rates turn into headwind for European CLOs European CLO investors are facing growing credit risks as higher interest rates put pressure on leveraged borrowers, raising refinancing concerns and threatening to reverse the spread tightening that supported the market earlier this year. The Bank of England held Bank Rate at 3.75% in September, although three members of the Monetary Policy Committee favoured a 25-basis point increase to 4%. Persistent energy price pressures could keep inflation elevated, adding to uncertainty over the interest-rate outlook. While higher rates initially at https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85318&article=SCI In Focus: EU deal leaves questions over insurer eligibility as UFCP faces uncertain outlook STORM en Subscription 2026-10-27T00:00:00Z SCI In Focus: EU deal leaves questions over insurer eligibility as UFCP faces uncertain outlook The EU’s provisional political agreement to reform its securitisation framework opens the door to more favourable treatment of insurer-provided unfunded credit protection (UFCP), but questions remain over how many insurers will qualify and whether the changes will be sufficient to expand the market. The European Council and European Parliament reached a provisional political agreement on 21 October on a package intended to revitalise the EU securitisation market. The deal aims to lower capital requirements for certain lower https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85316&article=NorthWall gears towards first CLO with AI-driven credit analysis STORM en Subscription 2026-10-27T00:00:00Z NorthWall gears towards first CLO with AI-driven credit analysis NorthWall Capital is building its CLO business around selective credit underwriting, continuous portfolio reassessment and measured growth, as the firm scales its portfolio towards its first CLO issuance and prepares to establish a long-term presence in the market. The strategy will draw on NorthWall’s established expertise in sub-investment grade credit and relationships across the private equity and banking communities, according to Andrew Lawson, head of capital markets and CLO business at NorthWall Capital. Speaking t https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85317&article=October CLO mezzanine widening reverses September's gains STORM en Subscription 2026-10-27T00:00:00Z October CLO mezzanine widening reverses September's gains The analysis covers new-issue EU BSL CLOs priced between 19 January 2026 and 23 October 2026 with a reported discount margin (DM), sourced from SCI data. Deals with reinvestment periods of less than 3.9 years are excluded, as are a selected group of deals that were not competitively priced. Deals are grouped by rating and pricing week (Monday to Friday). For each rating from triple-A to single-B, the weekly print represents the tightest eligible DM. Where a deal has multiple tranches within the same rating category, their DMs are weighted by https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85314&article='Horizontal' rated note feeders set to gain ground in Europe STORM en Subscription 2026-10-26T00:00:00Z 'Horizontal' rated note feeders set to gain ground in Europe European insurers’ growing appetite for private credit is likely to spur a different rated note feeder (RNF) model than the one that has taken off in the US, according to industry experts. Speaking at Opal’s recent European Private Credit & ABF Summit, a panellist said that the US rated feeder market, when it started, aimed to give fund managers access to insurance capital by essentially repacking LP interests into rated instruments. The European market, however, faces a different regulatory lands https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85313&article=European CLO equity cash flows hit six-year low as repricing squeezes margins STORM en Subscription 2026-10-26T00:00:00Z European CLO equity cash flows hit six-year low as repricing squeezes margins European CLO equity cash distributions have fallen to their lowest level since the Covid-19 pandemic as sustained loan repricing activity and deteriorating collateral valuations squeeze returns, prompting investors to demand higher risk premiums. Median cash-on-cash distributions from European CLOs within their reinvestment period fell to 2.6% in October, down from 2.7% in the third quarter, according to Bank of America (BofA) Global Research. That was the weakest reading since Q2 2020, when distributions reached 2.5%. Of https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85312&article=SCI in Focus: Telecoms trouble tests European CLOs STORM en Subscription 2026-10-26T00:00:00Z SCI in Focus: Telecoms trouble tests European CLOs Trouble among the big names in the telecommunications sector has haunted the European loan market over recent weeks, with a number of CLOs exposed to struggling loans and distressed bonds. Debt issued by high-profile firms - including Virgin Media O2, VodafoneZiggo and Altice International - is widely held by European CLOs and has seen significant downward repricing activity this year, contributing to broader softening in the European loan market. Indeed, the loan secondary market has weakened considerably over the last two months, https://www.structuredcreditinvestor.com/Article.asp?PUB=254&ISS=27815&SID=85315&article=US SRT market on upward trajectory STORM en Subscription 2026-10-26T00:00:00Z US SRT market on upward trajectory The US significant risk transfer market is on an upward trajectory, with regulatory clarity and new demand from the data centre sector driving growth, panellists said at SCI’s World Risk Sharing Summit in London earlier this month. The data centre market is currently driving the US economy and is “a great avenue for the SRT market”, a panellist explained, as the sector is primarily funded by bank debt. The speaker also added that data centre-linked SRT trades are coming to market in the US. SCI recently reporte 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