Capital Relief Trades
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Job swaps weekly: Fitch promotions and ABF moves lead busy week for securitisation
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Fitch launching a new division in response to the evolving demands of institutional investors in private credit, which has acted as a catalyst for a number of senior promotions within the agency. Meanwhile, Scope Ratings has appointed a London-based senior director for structured finance ratings, and AB CarVal has hired an ABF-focused director from .......
Market Moves 27 February 2026
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Great rotation quietly redraws SRT landscape
Monthly roundup of SRT market activity
Improving liquidity and early signs of portfolio ageing are increasingly feeding into secondary SRT market activity, prompting greater capital rotation and renewed scrutiny of legacy exposures.
Secondary trading is gaining modest traction, as tighter spreads and stronger investor participation allow positions originated at wider levels to be monetised and redeployed into newer transactions offering stronger relative value. Early-year pricing indicators reinforce .......
News Analysis 27 February 2026
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SCI In Focus: AI disruption tests SRT resilience as hidden risks build
AI disruption is challenging borrower resilience, while SRT...
Artificial intelligence is emerging as both a source of structural credit risk and a powerful monitoring tool, forcing lenders and structured credit investors to rethink how deterioration is identified, priced and managed across portfolios. AI-driven disruption is beginning to challenge the durability of software and technology-enabled business models, while simultaneously enabling more advanced credit surveillance that could allow investors .......
News Analysis 26 February 2026
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Basel Endgame rewrite to ease capital, securitisation impact limited
Regulators are preparing a softer Basel Endgame rewrite, off...
US regulators are preparing a more industry-friendly rewrite of the Basel 3 Endgame capital framework, with modest mortgage relief expected but little change to securitisation rules, market participants say.
The proposal has been submitted to the Office of Management and Budget for review, a procedural step widely viewed as signalling that publication is approaching, although revisions remain possible.
News 25 February 2026
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Rising liquidity and PDs open door to secondary SRT plays
Early signs of stress in portfolios prompt investors to rotate capital
Early signs of stress in SRT portfolios appear to be prompting investors to rotate capital. Higher PDs in legacy buckets during periods of improving liquidity could create new opportunities for firms to tap into SRT secondary market trades.
“It makes sense that directionally liquidity is getting better. There is more capital in the market and geopolitics has not .......
News Analysis 23 February 2026
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Pure agri SRT yet to emerge
Despite growing investment needs, agriculture remains embedd...
As Europe looks to strengthen food security, climate resilience and rural investment, agriculture is rising up the policy agenda, but agricultural lending has yet to establish itself as a standalone theme in SRT. Instead, it sits at the intersection of policy priorities and portfolio construction constraints, rarely dominant in securitised back books, but increasingly relevant in new lending commitments.
News Analysis 20 February 2026
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Latest SRTx fixings released
European SRT market starts year on firm footing
The SRTx fixings for January 2026 point to a constructive start to the year, with spreads marginally firmer and liquidity conditions improving following an active January primary calendar.
European spreads edged tighter month-on-month, reflecting steady investor appetite and solid execution conditions across the SRT market. There was no evidence of the kind of widening typically associated with risk .......
News 18 February 2026
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Banking watchdog flags rapid growth in SRTs
Global banking regulator highlights surging SRT market and calls for enhanced oversight
The Basel Committee on Banking Supervision (BCBS) has published a detailed analysis of SRT transactions, underscoring their expanding role in contemporary banking and urging continued monitoring by supervisors.
SRTs are financial arrangements in which a bank transfers all or part of the credit risk on a pool of loans to an external counterparty while retaining ownership of .......
News 17 February 2026
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EU lender unlocks additional bank financing
EIB backs European banks with capital relief and green guarantees.
SRT Market Update 16 February 2026
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SRT goes mainstream as banks industrialise capital relief
Christophe Fritsch says the fast-growing SRT market is entering a structural phase
The SRT market has doubled in size since 2020, and its growth trajectory continues to accelerate rather than slow.
“The SRT market has doubled in size since 2020,” says Christophe Fritsch, global head of alternative credit at BNP Paribas Asset Management Alts. “We believe this growth is likely to continue as stricter regulations incentivise banks to .......
News Analysis 16 February 2026
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Iberian lender fires up SRT engine as pipeline expands
SRT market update
SRT Market Update 13 February 2026
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Job swaps weekly: Nuveen acquires Schroders
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Nuveen acquiring Schroders, which will initially operate as a standalone business led by its existing senior management team. Elsewhere, Gallatin Point Capital has partnered with former Redding Ridge Asset Management executives to launch CLO-focused firm DS2 Capital, while Achmea Mortgages has recruited an industry veteran as an Amsterdam-based capital markets manager.
Market Moves 13 February 2026
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Floors and p-factors stir European SRT activity
Refinancing pressures and regulatory recalibration are stead...
The European SRT market remains steady, with refinancing needs, output floors and regulatory recalibration driving selective but sustained activity.
Banks are revisiting transaction structures as capital frameworks evolve, particularly in light of output floor implementation and adjustments to key p-factors and risk-weighted asset (RWA) calculations. Market participants say structuring conversations are increasingly technical, focused on how these changes .......
News 13 February 2026
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EIB opens a new valve in Europe's mortgage capital engine
EIB-backed LIDO deal demonstrates how mortgage portfolios ca...
The European Investment Banking Group (EIBG), formed by the European Investment Fund (EIF) and European Investment Bank (EIB), has closed a fully STS-compliant synthetic mortgage securitisation that sheds light on how residential loan portfolios can be engineered to deliver meaningful capital relief despite structurally low risk weights.
The LIDO transaction, executed with Italian lender BNL, part of .......
News Analysis 13 February 2026
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MDB closes series of CRTs and SRTs across emerging markets
SRT market update
SRT Market Update 12 February 2026
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SRT: Fourth-quarter data shows rising cross-border appetite
SRT quarterly report points to increasing relevance of North America
The SRT market continues to diversify geographically as new jurisdictions gradually emerge. While Europe remained the clear centre of activity in 4Q25, data compiled in the latest SCI Analytics quarterly SRT report suggests that North America and Latin America are increasingly attracting attention, even if overall issuance volumes remain comparatively modest.
SCI Analytics data shows that 80% of .......
News Analysis 11 February 2026