Capital Relief Trades
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Selwood ramps up capital solutions push as European SRT pipeline widens
Asset manager expands European SRT focus, with Italy remaini...
London-based Selwood Asset Management is increasing its focus on capital solutions strategies as it sees a growing pipeline of SRT opportunities across Europe, while continuing to view Italy as an attractive market supported by resilient investor demand and a steady flow of transactions.
Francesco Cuccovillo, Selwood’s cio for Structured Credit & Capital Solutions, says it has been reviewing .......
News 23 April 2026
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Private SRT listings rise as Vienna gains traction among European issuers
Banks increasingly use private listings to support SRT trans...
The market for SRT-linked listings is gaining momentum, with the Vienna Multilateral Trading Facility (MTF), operated by the Vienna Stock Exchange, increasingly positioning itself as a venue of choice for privately placed credit-linked notes tied to synthetic securitisations.
According to Matthias Szabo, head of debt listings at Vienna Stock Exchange, listing rationales vary, but the main driver is .......
News 23 April 2026
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Banks lean on SRTs as credit outlook darkens
Banks are increasingly using SRTs to manage rising defaults and worsening credit conditions
Deteriorating credit conditions, rising default expectations and a more challenging phase of the credit cycle have defined market sentiment in recent months. While the cycle itself is familiar, banks may be better equipped to navigate it, with SRTs playing a more prominent role, according to the latest Principles and Practices Survey and Credit Outlook Survey from the International Association of Credit Portfolio Managers (IACPM).
Mounting macroeconomic uncertainty and structural shifts in the credit .......
News 22 April 2026
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Austrian bank loads up its SRT arsenal as capital needs rise
SRT market update
SRT Market Update 22 April 2026
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Industry groups warn EU securitisation reforms could backfire
Brussels faces pressure to avoid securitisation reforms that could further weaken investor demand
A coalition of financial and investor associations has urged Members of the European Parliament’s ECON Committee to rethink parts of the EU’s securitisation reform package, warning that some proposals risk choking off market recovery rather than supporting it.
In two letters sent on 20 April, the groups argue that recent compromise texts under both the Capital Requirements Regulation .......
News 21 April 2026
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SCI In Focus: Cash SRTs move further into the mainstream
European auto lenders are increasingly using cash SRTs to combine funding and capital relief
Cash SRT deals are becoming an increasingly mainstream funding and capital tool for European banks, as regulators, investors and issuers grow more comfortable with the structure.
According to Martin Kaiser, partner and head of European securitisation at Ashurst, recent auto ABS transactions show how issuers are increasingly layering SRT features onto established true sale platforms .......
News Analysis 20 April 2026
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SCI In Focus: Brussels debates securitisation reform as insurer role sharpens
EU policymakers face growing pressure to ease constraints on...
The European Union’s latest attempt to revive its securitisation market is entering a decisive phase, with policymakers in Brussels weighing how far reforms should go to unlock capital and support lending to the real economy.
At stake is more than a technical recalibration of rules. For many market participants, the outcome will signal whether Europe is serious about .......
News Analysis 20 April 2026
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Kruzel heads to SMBC
Industry veteran to enhance SMBC SRT profile
Mark Kruzel, whose departure from Pimco was reported yesterday, is joining Sumitomo Mitsui Banking Corporation (SMBC), SCI has learned from well-placed market sources.
He will be reuniting with Morgan Miller, alongside whom he worked at Citi four years ago and is now an executive director at SMBC.
SMBC has already completed an SRT deal referencing BDC loans, .......
Market Moves 16 April 2026
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Cheyne Capital explores insurance side vehicle for SRT strategy
Insurance capital set to play notable role
Cheyne Capital is exploring a dedicated side vehicle targeting insurance capital to invest alongside its existing risk transfer strategy, SCI has learned. Sources familiar with the matter indicate that the process formally moved into investor discussions in February 2026.
The fundraising is understood to still be at an early stage, though market participants say structuring .......
News 16 April 2026
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Green SRT reveals inner workings of public-backed trades
SRT market update
SRT Market Update 16 April 2026
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Major US lender takes issue with new capital rules
JP Morgan sees rising charges while others enjoy savings
JP Morgan executives expressed their dissatisfaction with the re-proposed Basel III Endgame (B3E) capital framework during the bank’s Q1 earnings call yesterday (April 14), noting that under the new rules “our CET1 capital would increase around 4%, while the Fed's estimate for large banks is about a 5% reduction.”
News 15 April 2026
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Kruzel leaves Pimco
SRT industry veteran seeks pastures new
Mark Kruzel, a well-known figure in the US SRT industry, has left Pimco, SCI has learned.
His next berth is not known, but it is rumoured that his next role will be at a bank, to be announced shortly.
Market Moves 15 April 2026
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Latest SRTx fixings released
Spreads widen as investors begin repricing risk
The latest SRTx fixings for March 2026 suggest the start of a broader repricing across the SRT market, with spreads widening across all core segments as investors reassess risk against an uncertain geopolitical and macro backdrop.
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News 15 April 2026
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New clean-up call rules to help US SRT
B3E redux boosts market with clean-up calls and p factor
The reworked Basel Three Endgame (B3E) rules, released at the end of last month, represent the gift that keeps giving: in addition to reduced capital requirements, the new framework also relaxes the terms under which a bank is permitted to exit an SRT deal.
News 9 April 2026
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EU securitisation reform hinges on calibration
Calibration choices in EU securitisation increasingly seen a...
Securitisation reform is increasingly being framed as a strategic tool for supporting the financing of the EU economy, with questions around calibration and risk transfer capacity coming into sharper focus.
Speaking at the Belgian Financial Forum last week, Georges Duponcheele, senior credit portfolio manager at Great Lakes Insurance SE, outlined how current policy choices may influence .......
News 9 April 2026
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PAG hires KKR veteran for European buildout
Douglas Watt joins the APAC specialist as global co-head of sales
PAG has hired KKR veteran Douglas Watt as its new global co-head of sales, SCI has learned.
London-based Watt is due to start in the summer and will oversee sales across PAG’s three core verticals - credit, private equity and real estate - sources told SCI.
Watt joins the APAC specialist after 15 years with KRR, .......
News 8 April 2026
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Balancing SRT regulatory safeguards and market innovation - part two
In the second instalment of a two-part primer on the SRT mar...
SRT transactions are a key capital management tool for financial institutions worldwide and their utilisation is set to grow as banks seek to optimise their balance sheets further and mitigate risk. However, the regulatory environment continues to evolve, with the next 12 months likely to play an important role in the interplay between regulatory safeguards and market innovation. In .......
Talking Point 7 April 2026
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Hard test gets harder
SRT issuance perhaps boosted by EBA Q&A
The recent Q&A from the European Banking Authority (EBA) rejecting Federal Reserve Economic Data (FRED) as adequate for lower risk weights afforded to US commercial real estate (CRE) exposure could raise SRT issuance, say market experts.
The so-called “hard test” .......
News Analysis 2 April 2026