Capital Relief Trades
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Milestone capital relief in Singapore
SRT market update
PGGM and Standard Chartered have closed an SRT referencing a US$1.5 billion portfolio of trade finance loans to companies across Asia, the Middle East, and Africa.
The transaction, the seventh iteration of Standard Chartered’s established Shangren programme, is the first of its kind to recognise capital relief in a Singapore banking subsidiary, marking a significant step in the .......
SRT Market Update 5 August 2025
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Job swaps weekly: Ares snaps up new partner from AIMCo
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Ares Management Corporation naming a new partner and co-head of its global capital solutions team. Elsewhere, Colliers’ investment management division Harrison Street Asset Management has acquired RoundShield Partners, while BBVA has hired a Madrid-based securitisation industry veteran to lead its capital and active balance sheet management team.
Ares Management Corporation .......
Market Moves 1 August 2025
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Job swaps weekly: CalPERS lures industry veteran from PGGM
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees the California Public Employees’ Retirement System (CalPERS) appointing a PGGM stalwart as managing investment director for its private debt portfolio. Elsewhere, IQ-EQ has made a major acquisition in the APAC region as part of its global expansion strategy, which will bring a 77-person team under its umbrella, while Janus Henderson has .......
Market Moves 25 July 2025
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French SRT market attracts broader investor base
H2 to see greater issuance
News Analysis 23 July 2025
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Italian SRT surge on course despite regulatory uncertainty
Investor base for Italian product widens
Italy is seeing a renewed wave of synthetic securitisation activity, with local and international investors increasingly willing to take risk on more granular portfolios – even in more junior parts of the capital structure, say lawyers familiar with the market.
News 23 July 2025
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Investor demand booms for SRT product
M&G navigates SRT market intricacies
M&G Investments is expecting a busy H2 in SRTs as although supply and demand remain partially out of sync there is now enough variety to allow investors to be picky.
News Analysis 23 July 2025
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SRT volumes up by nearly a third
IACPM survey underlines EU issuer dominance
SRT volumes increased by nearly a third in 2024, protecting €21.4bn of credit risk on €260bn of loans, according to the latest IACPM Global SRT Bank Survey. The survey shows that 51 financial institutions executed 127 SRT transactions last year, up from 96 and volumes of €18.7bn in 2023. A portion of the SRTs reference mortgage and retail loan .......
News 22 July 2025
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PRA update ushers in unfunded protection
Amended supervisory expectations clarify SRT oversight and notification
The PRA has updated its Supervisory Statement 9/13 - Securitisation: Significant Risk Transfer to include new supervisory expectations that are not dependent on the implementation of the Basel 3.1 standards, which have been delayed by 12 months to 1 January 2027. Notably, the amended SS – which is effective from 1 January 2026 – introduces Chapter 4A on the .......
News 21 July 2025
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Job swaps weekly: Man Group snaps up Bardin Hill
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Man Group acquiring US private debt manager Bardin Hill. Elsewhere, Moody's Ratings has appointed a global head of its financial institutions group, a global head of its structured finance group and a global co-head of insurance, while transitional leadership appointments have been announced ahead of the merger between two subsidiaries of .......
Market Moves 18 July 2025
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Latest SRTx fixings released
Risk indexes project improvement
As unusual as this year has seemed thus far, the credit markets continue to remain resilient.
Looking back at the month of June, market commentators highlight that SRT market dynamics were heavily influenced by technical factors and investor positioning. Investors are favouring fixed income over equities as credit yields remain higher than stock dividends amidst an uncertain economic outlook.
News 9 July 2025
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EIF builds SRT pipeline across Europe, eyes riskier tranches and new regions
EIF continues to drive SRT growth
News 8 July 2025
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UniCredit and PGGM join forces again
SRT market update
UniCredit Bulbank and PGGM have finalised €2.1bn SRT referencing a portfolio of corporate and SME loans granted to clients in Bulgaria.
In terms of structure, the issuer retains the first loss and senior tranches, while PGGM purchases the second loss tranche.
This is to date, the largest transaction executed in Bulgaria. Additionally, the transaction forms part of UniCredit .......
SRT Market Update 7 July 2025
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NatWest's expanding SRT activity
NatWest maintains SRT momentum with Nightingale programme
News 4 July 2025
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Reg cap market veterans Citi and JP Morgan in the market
Corporate loans and high yield loans feature in two deals
News 1 July 2025
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AXIS Capital targets SRTs emerging regions as Southeast Asia and CEE gain traction
MDBs pave the way for emerging market SRTs
News 1 July 2025
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EBA survey confirms growing SRT appetite
'Wide range' of CET1 capital relief reported
EU/EEA banks’ SRT issuance represents slightly more than half of their total outstanding securitisation volumes of around €1trn, according to EBA Supervisory Reporting data since 2017. Indeed, the authority’s latest Risk Assessment Questionnaire (RAQ) confirms the wide usage of SRTs by banks: more than half of the region’s banks have so far made use of SRTs and around three-quarters .......
News 30 June 2025
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