Capital Relief Trades
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ECB keeps eyes open
Regulator warns of risks
While recognizing that SRT transactions are now an important part of European banking capital management, increasing use of these structures “may create system-wide vulnerabilities if not properly managed, notably through leverage effects, rollover needs and the dependence on the resilience of protection providers,” notes Pedro Machado of the ECB supervisory .......
News 24 March 2026
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SRT market poised for growth amid shifting dynamics
SRT market shows resilience, evolving investor dynamics, and...
The SRT market is on track for another active year, supported by strong Q1 issuance, tight spreads and sustained investor demand, panellists said at the Financial Times SRT Symposium this week.
Early-year activity has reinforced confidence in the asset class, with steady deal flow and faster execution timelines reflecting continued appetite from a broadening investor base. However, momentum .......
News 20 March 2026
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CLNs the winner
Fed proposes ditching reservation of authority
The US SRT industry is a particular beneficiary of the proposed revisions to the regulatory capital framework announced today, as expected, by the Federal Reserve.
It has cleared the way for a removal of the need to secure a specific .......
News 19 March 2026
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CRT unlocks private capital for Chilean trade finance
SRT market update
SRT Market Update 18 March 2026
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SMEs drive SRT growth as lender base broadens
SME portfolios gain prominence in SRTs as lender diversification fuels growth and investor demand
SME portfolios are taking on a more prominent role in SRT transactions, as a broader range of lenders turns to synthetic securitisation to support lending growth.
The British Business Bank (BBB) tells SCI that this momentum is closely linked to the diversification of the UK lending landscape. SME bank lending rose 9% to £68bn, according to the latest .......
News 17 March 2026
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Job swaps weekly: Deutsche Pfandbriefbank targets SRT, Macquarie hires
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Deutsche Pfandbriefbank target SRT, while Australian bank Macquarie has hired a new asset finance and lending head from private credit.
Deutsche Pfandbriefbank has appointed Tanja Baran as a senior portfolio transactions manager within its capital .......
Market Moves 13 March 2026
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Will SRT spreads widen?
The debate over SRT pricing re-opens as CLOs cheapen
SRT Market Update 13 March 2026
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Latest SRTx fixings released
Spreads tighten despite geopolitical uncertainty
The latest SRTx fixings for February 2026 point to sustained investor demand for SRT exposure, with spreads tightening across all segments despite persistent geopolitical tensions and macro uncertainty.
The SRTx CORP EU spread index tightened by 1.7% to 744bps, while SRTx CORP US compressed more sharply by 6.7% to 630bps. SME portfolios followed a similar trajectory: SRTx SME .......
News 13 March 2026
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SRT naming debate exposes industry push for clearer terminology
Industry participants seek clearer terminology as multiple l...
Market participants are revisiting how the rapidly growing market for bank risk transfer transactions should describe itself, amid an industry initiative to clarify the meaning behind the acronym SRT.
The discussion, led by the International Association of Credit Portfolio Managers (IACPM), comes as a range of different terms are increasingly used across the market, including SRT, CRT, CRS .......
News 13 March 2026
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Fed's Bowman flags risk of capital rules driving credit beyond banks
Federal Reserve vice chair Michelle Bowman warns strict capi...
Federal Reserve vice chair for supervision Michelle Bowman has warned that excessive capital requirements risk pushing credit activity outside the regulated banking system, in remarks likely to resonate with markets involved in bank risk transfer and securitisation.
Speaking at a policy forum hosted by the Cato Institute in Washington, Bowman said capital rules must remain aligned with actual .......
News 13 March 2026
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Uruguay opens a new frontier for CRT in Latin America
SRT market update
SRT Market Update 12 March 2026
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SCI In Focus: Spain's CLN versus SPV debate revisited
Spain's CLN versus SPV debate resurfaces as practitioners ar...
As SRT volumes continue to expand across Europe, the debate over direct credit-linked notes (CLNs) versus SPV structures has resurfaced in Spain. But practitioners say the distinction is often overstated: the real dividing line is not capital treatment or supervisory preference, but investor comfort, insolvency mechanics and governance design.
Spain’s banks themselves reflect that divide. Santander has issued direct CLNs, while peers .......
News Analysis 11 March 2026
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More details on US lender RV loans deal
US Bank to sell six unretained CLN tranches
SRT Market Update 9 March 2026
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SCI In Focus: Insurance capital pushes deeper into Europe's SRT market
Insurers are expanding their role in Europe's SRT market, bu...
Insurance capital is moving more visibly into Europe’s SRT market, driving new funded structures, sharper pricing and a gradual rethinking of how credit risk is distributed, even as market participants remain divided over how far the shift can go. Insurers are increasingly engaging through securitisation vehicles that allow them to assume credit risk in funded form, offering banks capital relief .......
News Analysis 9 March 2026
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Job swaps weekly: CIFC names CLO heads and ABF run persists
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees CIFC Asset Management name its new global co-heads of CLO portfolio management. Meanwhile, DWS has hired Barbara Richter to lead its ABF business, and New York Life Investment Management and its European affiliate, Candriam, have increased their ownership stake in Kartesia to around 80%.
CIFC Asset Management has named Ira .......
Market Moves 6 March 2026
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Irish bank builds out SRT programme
AIB brings deal referencing PF loans
SRT Market Update 5 March 2026
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