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Issue 935 - 17th January

  • News Analysis

    • CLOs

      • CLO ETF momentum to continue in 2025

        Strong fundamentals and growing demand set stage for robust triple-A CLO returns in 2025

        The launch of Europe’s first CLO ETF by Fair Oaks Capital on Deutsche Boerse last year indicates that investor demand will likely drive ETF popularity in 2025. Speaking to SCI, Miguel Ramos Fuentenebro, co-founder and partner of Fair Oaks...

    • Capital Relief Trades

      • Latest SRTx fixings released

        Comprehensive consolidation

        Having moved into 2025, the US election result unsurprisingly remains a point of focus, with the Trump win expected to translate into less stringent antitrust regulations and lower interest rates, sparking more M&A transactions and driving de...

      • SCI in focus: Risk transfer at the ready

        CRT an invaluable tool in GSE march to privatization – and beyond

        Privatisation of the GSEs is back on the cards, but this time around CRT could play a crucial role not only in accelerating the route out of conservatorship but also in maintaining capital requirements once the exit has been made, say market experts....

    • Asset-Backed Finance

      • Packed pipeline

        Private credit riding a wave of optimism

        US private credit is set for a strong year, buoyed by post-election stability and less stringent antitrust regulations expected under the new Trump administration. At the same time, investor appetite for ABF is increasing in Europe, with strategies b...

    • ABS

      • A volatile road ahead?

        BofA's SF analysts discuss the state of structured finance markets in 2025

        Bank of America’s structured finance research team, led by Alexander Batchvarov, head of international SF research, discussed the state of the structured finance market at a roundtable last week. Key analysts of the European SF res...

      • Australian ABS issuance primed for continued momentum

        Following record RMBS issuance and non-bank dominance in 2024, Westpac's Martin Jacques forecasts st...

        It’s no secret that Australian ABS is coming off the back of a banner year in 2024, with RMBS having led the charge. As the market kicks back into gear following the new year, the signals are that momentum is likely to continue throughout 2...

  • SRT Market Update

    • Capital Relief Trades

      • Polish SRT

        SRT market update

        The European Bank for Reconstruction and Development (EBRD) and Poland-based commercial bank Bank Millennium have completed a synthetic securitisation. Structurally, the EBRD is providing credit protection of up to €66m (...

  • News

    • Capital Relief Trades

      • Another green light

        FASB says CRT doesn't need separate disclosures

        The US CRT market received another shot in the arm when the Financial Standards Accounting Board (FASB) yesterday (January 16) decided to reject calls for CRT transactions to receive specific and separate disclosures as part of the GAAP statement. ...

      • Assertive response

        ACC issues comment letter

        The Alternative Credit Council (ACC)[1] provided a response to the International Monetary Fund’s (IMF) Global Financial Stability Report (GFSR), opening a dialogue and challenging technical assumptions. Last October, the IMF disputedly ar...

  • Market Moves

    • Structured Finance

      • Job swaps weekly: Axis hires structured credit lead

        People moves and key promotions in securitisation

        This week’s roundup of securitisation job swaps sees Axis appointing a new SRT-focused structured credit lead in its capital risk solutions team. Elsewhere, Orrick has promoted two securitisation lawyers to partner in New York, while Ares ...

    • CLOs

      • Palmer Square launches ETFs for European investors

        New vehicles to address rising institutional demand for structured credit

        Asset manager Palmer Square Capital plans to launch three exchange-traded funds (ETFs) for European institutional investors in early 2025. Two of these ETFs will passively focus on euro- and US-dollar-denominated triple-A and double-A CLO debt. The...


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