Capital Relief Trades
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SCI In Focus: Second trilogue puts UFCP to the test
Second trilogue shifts securitisation negotiations from posi...
The second political trilogue on the EU's securitisation reform package has shifted negotiations from procedural positioning to substantive bargaining, with lawmakers beginning to explore concrete compromises while exposing what market participants increasingly view as the central question of the reform: how to make unfunded credit protection (UFCP) work in practice.
Documents seen by SCI show that representatives of .......
News Analysis 14 July 2026
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Job swaps weekly: Alvarez & Marsal raid KPMG talent, Man Group shake-up
People moves and key promotions in structured credit
There have been some significant shifts in personnel across structured finance this week, but leading the pack is the news that Alvarez & Marsal has augmented its financial services practice by securing the services of Alec Innes, former md at KPMG, as reported by SCI this week.
Market Moves 10 July 2026
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Latest SRTx fixings released
SRT market enters second half of year on firmer footing, with June reinforcing improving sentiment
The latest SRTx fixings for June paint a picture of an SRT market entering the second half of the year on a firmer footing, with investors reporting lower volatility expectations, sharp improvement in perceived credit risk and stronger liquidity conditions.
While spread performance was mixed across regions and asset classes, the broader message from market participants is one .......
News 10 July 2026
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Market details emerge on Spanish consumer loan SRT backed by public guarantee
SRT market update
SRT Market Update 9 July 2026
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Repeat SRT issuer completes record project finance synthetic securitisation
SRT market update
SRT Market Update 9 July 2026
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BBB sees hybrid ENABLE model as bridge to mature UK SRT market
The British Business Bank sees hybrid guarantees as a bridge...
The British Business Bank (BBB) expects its hybrid ENABLE Guarantee structure to help develop a broader UK market for significant risk transfer by encouraging greater participation from institutional investors while preparing challenger banks for future standalone transactions.
Speaking to SCI, Reinald de Monchy, chief banking officer at the British Business Bank, says the organisation ultimately wants private .......
News 9 July 2026
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US regional teams up with 400CM
OceanFirst debuts in SRT with home loan deal
OceanFirst, a US$23bn New Jersey-based lender, has completed a debut capital relief trade referencing a US$1.5bn portfolio of residential loans in collaboration with alternative asset manager 400 Capital Management (400CM).
SRT Market Update 8 July 2026
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KPMG loses balance sheet optimisation leader to Alvarez & Marsal
Alvarez & Marsal has bolstered its financial service...
Alec Innes, the former KPMG UK partner specialising in balance sheet optimisation and restructuring, is set to join Alvarez & Marsal (A&M) as head of risk, regulatory and finance consulting, SCI has learned.
The appointment follows SCI's report that Innes had entered garden leave after leaving KPMG. At the time, market sources told SCI he had been considering a move for .......
News 7 July 2026
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Canadian asset manager expands risk transfer ambitions with multi-strategy platform
SRT Market update
SRT Market Update 7 July 2026
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Senior securitisation industry figure to leave KPMG
Firm is yet to confirm succession plan for outgoing industry veteran
Alec Innes, a partner in KPMG UK's financial services consulting practice focused on balance sheet optimisation and restructuring, has gone on gardening leave, SCI has learned.
A spokesperson for KPMG confirmed the development. However, at the time of publication KPMG was yet to reply to a request for additional confirmation surrounding Innes's status, whether a successor has .......
News 6 July 2026
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Market sources reinforce speculation over landmark UK unfunded RMBS SRT
SRT market update
SRT Market Update 6 July 2026
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Job swaps weekly: Citi hires trading head, while Hogan Lovells Cadwalader adds global head of SRT
People moves and key promotions in structured credit
This week's roundup of structured credit job swaps is led by the newly combined Hogan Lovells Cadwalader naming New York-based partner Jed Miller as global head of SRT. Elsewhere, Lakemore and Aegon have expanded their strategic partnership to support the growth of their CLO platforms.
The newly combined Hogan Lovells Cadwalader has named New York-based partner Jed Miller global .......
Market Moves 3 July 2026
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Asian SRT market held back by pricing mismatch, not just regulation
A pricing gap between banks and investors may be holding bac...
The SRT market in South and Southeast Asia (SSEA) is often viewed through a regulatory lens. But according to S&P Global Ratings, the bigger obstacle may be pricing, with a disconnect between what banks are willing to pay and what investors demand limiting wider adoption.
"The disconnect in pricing stems from information asymmetry and the inherent complexity .......
News Analysis 3 July 2026
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Italian auto finance lender completes its public STS SRT auto ABS
SRT market update
SRT Market Update 3 July 2026
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French bank adds inaugural CRE deal to multi-transaction SRT programme
SRT market update
SRT Market Update 2 July 2026
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SCI In Focus: Cash SRT finds its niche in revolving consumer credit
The debate is shifting from cash versus synthetic SRT to which structure best suits each asset class
For years, synthetic structures have dominated the significant risk transfer market, becoming the default tool for mortgage, SME loan and corporate loan portfolios. But as banks seek to optimise a broader range of assets, the debate is shifting from whether cash or synthetic SRT is superior for each portfolio.
That evolution is bringing cash SRT back into focus, .......
News Analysis 1 July 2026
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Capital rules redraw the SRT map
Regulation, repeat issuance and new markets defined June
June marked an important turning point for the SRT market. Regulatory reform continued to reshape the capital landscape, while repeat issuance, expanding investor participation and geographic diversification showed that the market is maturing well beyond its European roots.
On both sides of the Atlantic, policymakers continued to reshape the economics of bank capital. In Europe, negotiations over .......
News Analysis 30 June 2026
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Italian lender completes SRT deal after delaying mezz sale for calmer markets
SRT market update
SRT Market Update 29 June 2026
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European bank points to low-cost capital benefits after second SRT deal
SRT market update
SRT Market Update 29 June 2026