Capital Relief Trades
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Arizona pension doubles down on SRT
SRT market update
BNP Paribas Asset Management Alts has secured an additional US$600m SRT mandate from the Arizona State Retirement System (ASRS), taking the US pension fund’s total commitment to the strategy to US$1bn.
The latest allocation follows ASRS’s initial US$400m investment in April 2024 and reinforces the growing appetite among US institutional investors for SRT as an alternative to more .......
SRT Market Update 3 September 2026
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Job swaps weekly: NatWest and Moody's lead structured finance reshuffle
People moves and key promotions in structured credit
This week’s roundup of securitisation job swaps sees NatWest reshaping its SRT business, with three staff understood to be leaving while the bank appoints a new head of its Securitised Products and Alternatives Syndicate team. Elsewhere, Moody’s and Fitch have made several senior structured finance appointments, while BBVA, ARC Ratings and DWS have strengthened their structured finance teams.
Market Moves 28 August 2026
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SRT's borders keep moving
Monthly roundup of SRT market activity
The significant risk transfer market continued to broaden in August, as banks pushed into new asset classes and geographies, while investors, insurers and financing providers developed increasingly sophisticated ways to access and support the market. From private credit, CRE and data centres to Singapore, Canada and emerging markets, the month's developments showed SRT becoming a more established component of .......
News Analysis 28 August 2026
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NatWest SRT team hit by senior departures amid hiring push
NatWest's SRT franchise is undergoing a shake-up as senior s...
NatWest is reshaping its SRT business, with three key staff understood to be leaving while the bank brings in a new syndicate head and continues to recruit and move staff internally, according to market sources.
The personnel changes come as the UK lender steps up its use of SRTs as a capital management tool, with the bank pursuing .......
Market Moves 26 August 2026
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SCI in Focus: Are forward flows launchpads for public ABS?
Two debut ABS deals this year show how private funding is cr...
Two debut European ABS deals this year – Velocity 2026-1 and Alps Partners Germany 2026-1 – have shown how private funding arrangements can feed into the public securitisation market through different routes.
UK SME asset finance lender Propel Finance came to market with Velocity in March, after years of building scale via bank-funded warehouses, forward flows .......
News Analysis 26 August 2026
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Regulation key to next phase of SRT insurance growth
SRT insurer growth hinges on regulatory capital treatment, says IACPM
The continued expansion of insurers in the SRT market will depend heavily on how regulators treat unfunded protection under the evolving European securitisation framework, according to Som-lok Leung, executive director at the International Association of Credit Portfolio Managers (IACPM).
Leung says the outcome of the EU trilogue negotiations will be particularly important for the future growth of .......
News Analysis 26 August 2026
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MDB reveals details of first-of-its-kind Mexico SRT
SRT market update
SRT Market Update 24 August 2026
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US SRTs fail to pile in as structure and economics bite
US SRT growth is lagging expectations as structural hurdles temper rising private credit demand
The US synthetic risk transfer market is gaining momentum as banks look to use SRTs to manage concentrated credit exposures, but regulatory uncertainty, transaction structures and relatively unattractive economics have so far held issuance below some earlier expectations.
At the same time, the growing role of private credit investors is raising questions over how far credit risk is .......
News Analysis 21 August 2026
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SCI In Focus: SRT back leverage grows as margin-call risk comes into focus
As SRT issuance volumes rise, PRA scrutiny of repo is drivin...
Back leverage in the significant risk transfer market is becoming increasingly more common, as the growth in SRT issuance drives demand for financing, while investors are placing greater emphasis on the resilience of those financing arrangements.
The market has traditionally relied on repo to finance individual SRT positions. But the economics of that model have changed as PRA scrutiny has .......
News Analysis 18 August 2026
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SCI webinar: B3E more half full than half empty
Re-proposed capital rules please more than dissatisfy
The recognition of pre-paid credit protection arrangements as valid risk mitigants without a derivative or guarantee is the biggest single win in the re-proposed Basel III Endgame (B3E), agreed participants in this week’s SCI webinar, “Regulatory Flux: What Basel Uncertainty Means for US Bank SRT.”
News Analysis 14 August 2026
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Job swaps weekly: Lazard expands senior team, while Churchill launches capital solutions unit
People moves and key promotions in securitisation
This week's roundup of securitisation job swaps sees Churchill Asset Management launch a new capital solutions unit. Meanwhile, Lazard has expanded its senior team with three new hires and Simmons & Simmons is building out its fund finance practice.
Natalie Sharkey has joined Simmons & Simmons in the fund finance team as a partner. She joins from spending .......
Market Moves 14 August 2026
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SRT: Market broadens as new issuers and assets drive Q2 momentum
SCI's Q2 SRT report points to further market expansion, driv...
The European significant risk transfer market broadened further in the second quarter of 2026, the latest SCI Analytics Quarterly SRT Report reveals, with expanding issuer participation, sustained investor demand and greater diversification across asset classes reinforcing its evolution into an increasingly mainstream capital management tool.
Jonas Bäcklund, co-founder and ceo at Revel Partners, says the market "continues to show .......
News Analysis 14 August 2026
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SCI In Conversation Podcast: William Perraudin, Risk Control
We discuss the hottest topics in securitisation today...
In this episode of SCI In Conversation, Kenny Wastell speaks to Risk Control managing director, William Perraudin, about the emergence of securitisations backed by multilateral development bank (MDB) loans. Perraudin discusses the launch of a recent consultation on the subject, which is being undertaken on behalf of the UK and Swiss governments. He also outlines the motivations and obstacles .......
Market Moves 12 August 2026
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