SCI In Conversation

In this episode of SCI In Conversation, Simon Boughey, US editor, talks to Ujjaval Desai, head of structured products investing at Sound Point Capital. Ujjaval invests in the equity and mezz tranches of the CLO market, and here he talks about where he sees value currently, and what yield targets he aims to hit.

[Guest disclaimer]: This information is being provided for informational purposes only as of May 1, 2025 and is not intended to serve as an offer for, or to represent the performance of any Sound Point investment or investment product. There can be no assurance that any asset class return target will be achieved are or that any CLO investment strategy will be profitable in the future. Market forecasts and estimates are based on opinions, are subject to change, and may not necessarily come to pass due to changing market and/or economic conditions. All investing involves risk, including the risk of a total loss.

In this episode of the SCI In Conversation podcast, SCI associate editor Marta Canini speaks to Stephen Usher, md on the investment credit team at BC Partners, about the evolution of private credit. Usher discusses growing opportunities in specialty finance and asset-backed lending, and how these trends align with BC Partners' long-term growth strategy. He also shares his insights on the firm's strategic moves, including its recent partnership with Piper Sandler and the acquisition of Runway Growth Capital. Finally, Usher takes a closer look at the diversification and risk-reward potential of private credit investments, offering a forward-looking perspective on the sector's future.

In the second part of this episode of the SCI In Conversation podcast, SCI's Selvaggia Cataldi continues her discussion about Israel's securitisation market with Moty Citrin, head of financial institutions and structured finance at Moody's subsidiary Midroog, and independent senior securitisation consultant Jason Smilovitz. Citrin and Smilovitz discuss investor sentiment, market liquidity, sovereign risk and political uncertainty.

In this episode of the SCI In Conversation podcast, SCI's Selvaggia Cataldi speaks to Moty Citrin, Head of Financial Institutions and Structured Finance at Moody's subsidiary, Midroog, and independent senior securitisation consultant Jason Smilovitz about the evolution of Israel's securitisation market. In light of a new law aligning the country with global standards, Citrin and Smilovitz discuss how the legislative changes will impact banks, investors and issuers, as well as the broader implications for Israel's capital markets.

In this episode of the SCI In Conversation podcast, SCI's Selvaggia Cataldi speaks to Gregor Burkart, leader of the refinancing division at Enpal, about the company's recent milestone in Europe's renewable energy sector. Burkart shares insights into Enpal's first residential solar securitisation program, which raised €240m, and discusses the company's strategy, innovative financing methods, and their impact on investors, customers, and the climate.

In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Jeffrey Stevenson, managing partner of VSS Capital, about the continued growth of private lending. Stevenson discusses how the private lending market has evolved over the past decade, the role that remains for traditional lenders, where he has seen value over the past year, and more.

In this episode of the SCI In Conversation podcast, SCI head of content Kenny Wastell speaks to Volker Gulde, senior vice president at Moody's Ratings, about the European market for private credit CLOs. Gulde discusses why the asset class is yet to take off in the continent, when we might expect that situation to change, and more.

In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Mike Nowakowski, md and head of structured products at Conning, about esoteric ABS and both the agency and non-agency MBS markets. Nowakowski discusses what attracts him to the esoteric space; the type of esoterics that currently offer the most value; potential upcoming tailwinds in the mortgage markets; and more.

In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to Chris Hentemann, managing partner and chief investment officer of 400 Capital Management, about where he sees value today. Hentemann discusses the types of assets and regions of issuance that are of most interest; the attraction to France, Iberia, and northern Europe; the extent to which European regulators have been quicker than US counterparts to put banks into suitable capital regimes; and more.

In this episode of the SCI In Conversation podcast, SCI US editor Simon Boughey speaks to John Beacham, founder and CEO of Toorak Capital Partners, about residential transition loans (RTL) and securitisations. Beacham discusses the significance of being the first firm to close a rated RTL securitisation, which it achieved in February, the prospects for the year ahead, and more.