Capital Relief Trades
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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
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Fern Ridge sets US$250m target for debut ABF fund
Led by ex-PAG pro Brandon Kufrin, will focus on specialty finance and SRTs
Fern Ridge Capital has set a US$250m target for its debut European asset-backed finance fund, SCI has learned.
Fern Ridge Fund I is set to launch in H2 and has a first close pencilled in for 1Q27, sources close to the matter told SCI.
The firm, launched in late 2023 by ex-PAG pro Brandon Kufrin, has .......
News 10 February 2026
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Job swaps weekly: Barclays snaps up new global head of securitised products
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Barclays appointing a New York-based global head of securitised products. Elsewhere, KBRA has named a global head for its newly formed corporate portfolio finance and direct lending business, while K2 Insurance Services has hired a former senior AIG executive to lead its new collateral protection insurance division.
Barclays has appointed Chetan .......
Market Moves 6 February 2026
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SRT surge is recalibrating banks' risk engines
IACPM's Leung highlights rigorous bank analytics and governa...
Banks are deploying significant analytical discipline and regulatory oversight when executing SRT transactions, even as the market expands into new investor segments and issuer types, according to Som-lok Leung, executive director at the International Association of Credit Portfolio Managers (IACPM).
Speaking to SCI, Leung emphasises that SRT should be viewed primarily as a risk and .......
News Analysis 6 February 2026
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SRT market walks regulatory tightrope
STS debates, capital reforms and leverage scrutiny are redefining the evolving SRT market landscape
Regulation is set to remain a defining force in the evolution of the SRT market, with capital reform implementation, heightened supervisory scrutiny and the ongoing STS eligibility debate shaping the next stage of growth.
Market participants do not anticipate sweeping rule changes in the near term. However, investors, insurers, advisers and structurers broadly agree that incremental regulatory adjustments .......
News Analysis 5 February 2026
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Launching into RMBS
Cynergy Bank director of group treasury and FRM Nicholas Fuller speaks to SCI
After the recent close of its first securitisation, Cynergy Bank director of group treasury and FRM Nicholas Fuller sits down with SCI’s Marina Torres to discuss investor processes, new mechanisms and synthetics on the roadmap.
Q: Cynergy Bank completed its first securitisation in December, Lovelace CBP 01, a cash-derecognition RMBS backed by buy-to-let mortgages. What prompted the firm to launch a .......
The Structured Credit Interview 4 February 2026
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Polish lender plans further SRT beyond plain-vanilla SME assets
SRT market update
SRT Market Update 2 February 2026
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EBRD closes in on inaugural SRT after record mobilisation year
SRT market update
SRT Market Update 2 February 2026
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Steady on the surface, shifting underneath
SRT Market Roundup
The SRT market is maintaining steady momentum at the end of January, though the month was shaped less by headline issuance and more by structural, geographic and liquidity themes likely to influence execution through the rest of 2026. Activity spans regions and asset classes, while questions around structure, credit quality and market functioning move increasingly to the foreground.
News Analysis 30 January 2026
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Job swaps weekly: CVC acquires Marathon
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees CVC wholly acquiring Marathon, with senior Marathon management continuing to spearhead existing strategies. Elsewhere, Franklin Templeton has consolidated its US and European alternative credit businesses – Benefit Street Partners and Alcentra – under one brand, while Eagle Point Credit Management has committed capital to Pasadena Private Lending as part of a .......
News 30 January 2026
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European SRT's next act is refinancing
European SRT issuance remains resilient as refinancing, fund...
As January draws to a close, market participants tell SCI that while European SRT issuance shows little sign of slowing in 2026, the market is entering a more mature phase. Activity is increasingly shaped by rollover trades, tighter financing conditions and a gradual shift towards more protective structures.
While issuance from new banks and jurisdictions is still expected, .......
News 30 January 2026
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Infrastructure moves to forefront of SRT investor focus
Infrastructure SRTs gaining attention globally, but investor...
Infrastructure is moving up the agenda for SRT investors, as banks grapple with growing exposure to capital-intensive lending and look for new ways to optimise balance sheets.
Investors across the US and Europe say banks globally are preparing infrastructure-linked SRTs, with expected issuance spanning digital infrastructure, equipment finance and broader infrastructure loan portfolios. The common thread across these assets is .......
News Analysis 28 January 2026
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From core Europe to the fringes, SRT tests new ground
SRT is spreading beyond Western Europe, with CEE and Nordic banks quietly preparing for adoption
Significant risk transfer is no longer the exclusive domain of a handful of large Western European banks. While Europe remains the market’s gravitational centre, participants across legal, regulatory and investor roles say activity is edging into new jurisdictions, quietly, selectively and often long before any transaction becomes visible to the outside world.
A European capital markets lawyer says .......
News Analysis 26 January 2026
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Job swaps weekly: Squarepoint appoints industry vet to lead CLO platform
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Squarepoint hiring an AXA Investment Managers veteran to spearhead its CLO management platform. Elsewhere, Varde Partners has made two senior promotions in its assed-based finance team, while Serone Capital Management has hired a portfolio manager within its global structured credit team.
AXA Investment Managers global head of loans and private .......
Market Moves 23 January 2026
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Latest SRTx fixings released
SRT spreads steady as liquidity fuels secondary activity
Improving liquidity conditions increasingly underpinned stability in SRT spreads, with December 2025 SRTx fixings pointing to a market where secondary trading, rather than primary deal flow, was driving price discovery at year-end. The data suggests that the risk repricing seen earlier in Q4 had largely run its course, with markets transitioning into a more balanced phase, a trend participants .......
News 22 January 2026
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German banks line up US CRE SRTs after Aareal and PBB deals
SRT Market Update
SRT Market Update 22 January 2026
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Pan-European lender's consumer SRT sparks credit concerns
SRT Market Update
SRT Market Update 22 January 2026