Weekly Issue Archive
News Analysis
ABS
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Muted ABS reflects mixed sentiment
European ABS slowed in November, reflecting seasonal trends and ongoing macroeconomic uncertainty ac...
November marked a quieter month for the European ABS market compared to the preceding months of 2024, according to European and UK factsheets monitored by SCI. While consensus emerged on the slowdown in primary issuance and market activity, asset man...
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Bank bid back
Agency MBS enjoy renewed bank demand, boding well for 2025
As rate vol has fallen and there is every likelihood that a more bank-friendly capital regime will be installed in DC, the bank bid has returned to the agency MBS market, says Brendan Doucette, a portfolio manager at GW&K in Boston. Doucett...
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Fund finance: NAV boom - video
Dechert partner Anthony Lombardi speaks to SCI about fund finance and the rise of NAV facilities
Anthony Lombardi, partner at Dechert, speaks with SCI's Marta Canini about emerging opportunities in fund finance. He highlights the rapid growth of NAV facilities, driven by rising liquidity demands in the US and UK, the expansion of private capital...
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ABF pioneer
ATLAS brings 'holistic approach' to private credit opportunity
ATLAS SP Partners is emerging at the forefront of the rapidly growing private credit market. With a focus on warehouse and asset-backed lending, the firm is tapping into a market that could reach US$40trn. “ATLAS is the only scaled non-ba...
SRT Market Update
Capital Relief Trades
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Couple of firsts
SRT market update
BBVA has completed its first synthetic securitisation using a Spanish securitisation fund over a protected portfolio of €3bn and on the issuance of credit linked notes for an amount of €190m. BBVA suggested that...
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Moving onwards
SRT market update
Lloyds has reportedly scrapped its initial Q4 plans for a follow-up to its Fontwell programme, with investors close to the deal now expecting the deferred agricultural transaction to close as early as Q1 2025 (SCI 20 September). New details reveal...
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Spanish double
SRT market update
Details have emerged on Santander’s latest Magdalena (backed by €2.7bn portfolio of corporate and SME loans) and Tayrona (backed by €2.1bn portfolio of corporate loans) SRT deals. Regarding the 11th iteration of the Magd...
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Rabo returns
SRT market update
Rabobank has executed a synthetic securitisation referencing a €750m portfolio of large corporate exposures in Europe and North America. The Dutch Bank placed the first loss tranche with specialised SRT investor PGGM. The trade extends Rab...
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Fresh meat
SRT market update
As is customary in the SRT market, issuers are hurrying to get in deals before the close of the year. Rabobank has completed a synthetic securitization of a €750m corporate loan portfolio, Santander has brought another Magdalena dea...
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End of term CRT
Bank of America with last reg cap deal of 2024
Bank of America is in the market with a synthetic securitization of a US$1bn portfolio of investment grade corporate loans and is hoping to close the deal before the end of the year, say sources. The US bank is selling a 0%-9% loss position and pri...
News
Asset-Backed Finance
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Lending bridge
ATLAS powers Pivot Energy's solar expansion
ATLAS SP Partners recently partnered with Pivot Energy in a landmark US$450m financing deal for the construction of 300 megawatts of distributed generation solar projects across the US. The financing – one of the largest-ever raised for com...
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Fed says yes
Citi, HSBC allowed to treat old ABS as synthetic
Citigroup has been given permission by the Federal Reserve to treat two CLN issues as synthetic securitizations in a letter dated October 22, 2024, but only recently released onto the Fed site. The original overture from Citi was made in January 20...
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MidOcean Partners closes inaugural CLO equity fund
The US$304m fund will invest in the equity tranches of the firm's managed CLOs
MidOcean Partners has closed its inaugural CLO equity fund with US$304m in capital commitments and support from a diverse base of institutional investors including existing clients. The alternative asset manager said MidOcean CLO Equity Fund I aims...
The Structured Credit Interview
Asset-Backed Finance
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Sustainability first
Ryan Jaskiewicz, president of structured finance at Climate First Bank, answers SCI's questions
Q: Climate First Bank, the world’s first FDIC-insured bank dedicated to the environment and sustainability, recently announced its structured finance expansion, with you leading the effort. What motivated this move, and why now?A: From the...
Market Moves
Structured Finance
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Job swaps weekly: Gibson Dunn poaches digital infra specialist
People moves and key promotions in securitisation
The final round-up of securitisation job swaps of the year sees Gibson Dunn recruit a digital infrastructure specialist as partner. Elsewhere, Cadwalader has promoted a number of lawyers with securitisation-related expertise, while Ares has added a p...
