S&P Global Ratings' structured finance podcast and the credit events of your day. Tune in as your hosts Jim Manzi and Tom Schopflocher explore hot topics across the structured finance and global markets.
European Structured Finance Mid-Year Update: Issuance Is Strong, But Performance Concerns Remain
While European Structured Finance issuance has been strong in the first half of the year, some investors believe that deteriorating macro fundamentals and geopolitical risks are not being sufficiently priced in. We touch on the evolving European investor sentiment over the last few months, the growth of private credit markets (and increasing focus on asset-based finance), and our expectations for the second half of 2025 (in overall issuance, regional growth, regulations, etc.).
Related:
S&P Global Ratings' European Structured Finance Conference 2025
18 Jul 2025
Airline Loyalty ABS Have Lift Off
Loyalty programs have turned out to be highly profitable for airlines, as for some, they generate more cash flow than flight operations. Indeed, we believe that without a loyalty program, certain major U.S. airlines' earnings would be decidedly weaker in the current economic environment. We discuss how these loyalty programs work, their resiliency in tough times while other airline assets remain idle, how airlines generate financing from these programs by securitizing future loyalty revenue streams (and by proxy, the different types of ABS securitizations), and just how they’ve become core financial assets in general.
Related Article:
ABS Frontiers: Airline Loyaly ABS Have Lift Off
2 Jul 2025
How ETFs Are Enabling The Transformation Of Capital Markets
Exchange traded funds (ETFs)--in particular, CLO ETFs--are providing a vehicle for retail investors to adapt to new financial innovations in capital markets, such as private credit (lending directly between a lender and a borrower) and tokenization (taking a real world asset and representing it as a “token” on a blockchain). While they offer access to parts of the capital markets that might have been previously inaccessible, there are risks, such as mismatched liquidity. We also look at the potential investor landscape from an Indices point of view.
Related Article:
ABS Frontiers: How The Burgeoning CLO ETF Sector Could Impact The Broader CLO Market
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