Capital Relief Trades
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Third Coast Bank and EJF hit the tape again
Asset manager and Texas bank securitize CRE assets
News 4 June 2025
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EC proposes 'serious' adjustments to the CRR and SecReg
Leaked drafts point towards 'consistent and predictable' SRT framework
This week, two draft documents from the European Commission (EC) regarding proposed adjustments to the CRR and Securitisation Regulation were leaked. The picture that has emerged thus far is largely positive. Nevertheless, market sources warn that the devil remains in the detail.
The prevailing regulatory atmosphere in Europe is one of simplifying and reducing the burden for both .......
News 29 May 2025
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Setting the scene
Ahead of her panel appearance at FT Live Fixed Income Events...
Q: The Global ABS Conference is just around the corner – which SRT topics or panels are you most looking forward to?
A: We are always interested in asset classes experiencing significant growth, such as digital infrastructure and fund finance. We are also very focused on the geopolitical environment and the effects of tariffs and/or a .......
The Structured Credit Interview 28 May 2025
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JPM has brought auto loan private CRT
Prolific US CRT issuer appears on radar screen
News 23 May 2025
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Job swaps weekly: LGT names leadership team for European CLO platform
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees LGT Capital Partners making senior appointments to support the launch of dedicated European CLO management platform Legato. Elsewhere, Reed Smith has hired a new partner to serve as head of its Asia-Pacific corporate trust and agency practice, while Ogier has recruited a counsel in its Luxembourg-based banking and finance team.
Market Moves 23 May 2025
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Forced buyer
Increasingly crowded SRT market should experience natural rotation in investor base
With (consistently) increasing demand a shaping factor of the SRT market, investors could possibly revise their approach and trade selection process. In fact, hearsay suggests that the SRT market might be bifurcating, with on one side the (very) syndicated and programmatic processes and on the other, one where banks are looking to solve something other than regulatory capital relief .......
News 21 May 2025
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Job swaps weekly: SAF Group hires md for new ABF strategy
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees SAF Group naming the md who will lead its new ABF strategy. Elsewhere, BCLP has appointed a London-based partner in its corporate and finance transactions department, while SMBC has hired a new head of FIG coverage and securitised products for the EMEA region.
SAF Group has recruited Nur Khan as .......
Market Moves 16 May 2025
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SRT allocation
US pension backs Arrowmark with $225m as SRT strategies gain traction with LPs
The $42bn Iowa Public Employees’ Retirement System (IPERS) has backed the synthetic securitisation market at scale, with a $225m allocation to Arrowmark Partners' (Arrowmark) SRT strategy.
The risk-sharing mandate, which begun with a $100m allocation and grew by an additional $125m last year, gives a rare glimpse into how institutional allocators are thinking about SRTs as part of their .......
News 16 May 2025
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Growing opportunities
New SRT markets demand early regulatory dialogue Cadwalader states
Scandinavia, Greece and Eastern Europe are among the growing and emerging jurisdictions set to take the spotlight this year, with multiple new deals expected to come to market.
Issuing an SRT, however, doesn't go without challenges as banks must brace for extensive internal preparation and early engagement with regulators, notes Assia Damianova, special counsel at Cadwalader at .......
News 14 May 2025
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New academic paper supports unfunded SRT
Call to remove collateralisation obligation in synthetic STS for insurance protections
A new academic paper shows how highly regulated, well-capitalised and well-diversified (re)insurers increase the stability of the financial system through the mechanism of insurance-based credit risk transfer. Entitled 'Strengthening Financial Stability through Insurance-based Credit Risk Transfer', the report comes as the EU, the UK and the US review their historical positions on unfunded SRT.
Multiline non-life .......
Talking Point 13 May 2025
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MDB risk transfer gaining traction
ADB inks insurer agreement, while SST platform issues RFP
The Asian Development Bank (ADB) has signed an agreement with 10 global insurers to mobilise up to US$2.75bn of private capital to support the bank’s lending for sustainable growth in Asia and the Pacific. The move follows a request for proposals from the African Development Bank (AfDB) and Development Bank of Southern Africa (DBSA) for a consulting firm to .......
News 9 May 2025
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SRT debut and pipeline prospects
EBRD eyes debut SRT as CEE region presents attractive opportunities
The European Bank for Reconstruction and Development (EBRD) is preparing its first synthetic securitisation as an issuer, with a referenced portfolio of around €1bn and plans to bring the deal to market by early next year.
The EBRD will be tapping into the growing investor interest in deals from multilateral development banks (MDBs), as it aims to support .......
News 7 May 2025
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Latest SRTx fixings released
One-direction
The unpredictability triggered by president Trump’s now infamous ‘Liberation Day’ tariffs continues to drive a notable increase in spread levels and broader market sentiment values.
Credit spreads widened consistently during the last month of the first quarter and the latest SRTx fixings suggest that the SRT market is following suit (albeit as it as is typical, lagging traditional .......
News 7 May 2025
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Energy efficiency loan deal agreed
EIB Group and Cetelem partner on Spanish SRT
SRT Market Update 6 May 2025
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Job swaps weekly: Balbec names new ceo
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees Balbec Capital announcing a new ceo, as incumbent Charles Rusbasan transitions to executive chair. Elsewhere, Fides Holdings has appointed a managing partner and head of structured and alternative credit in its private credit and structured finance subsidiary Fides PM²T, while United Trust Bank has named a director of structured property solutions.
Market Moves 2 May 2025