Capital Relief Trades
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New player
EIB Group and ABN AMRO sign synthetic securitisation
The transaction is the first synthetic securitisation entered into between Dutch lender ABN AMRO (ABN) and the EIB Group. It references a portfolio of over €1bn in existing Dutch SME and corporate exposures and enables ABN to free up capital (€1.2bn) for new lending to Dutch SMEs and Mid-Caps, of which at least 30% will be allocated to projects .......
SRT Market Update 10 April 2025
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Latest SRTx fixings released
Faring worse
This month, policy uncertainty and its associated market volatility have taken a clear position of prominence within the global financial markets.
The current scenario of across-the-board tariffs accompanied by retaliatory tariffs, has the potential to weigh on corporates’ input costs and profit margins, beyond a ‘one time’ upward price level shock. Against this evolving and intense backdrop, leading .......
News 9 April 2025
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ABF key pillar in AXA IM Alts' new evergreen private credit strategy
Christophe Fritsch, global head of alternative credit at AXA IM Alts, answers SCI's questions
Global alternative investment firm AXA IM Alts has made ABF a cornerstone of its newly launched diversified evergreen private credit strategy. Designed for the private wealth segment, the strategy will invest across the credit spectrum, from ABF to direct lending, aiming to generate long-term recurring income.
Christophe Fritsch, global head of alternative credit at AXA IM .......
The Structured Credit Interview 9 April 2025
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Romanian SRT
SRT market update
The European Bank for Reconstruction and Development (EBRD) and UniCredit have closed a synthetic securitisation.
Structurally, the EBRD is providing credit protection of up to €77.5m on the mezzanine tranche of a synthetic securitisation in the form of an unfunded guarantee. The underlying portfolio is a granular portfolio of both SME and corporate loans originated by UniCredit. The transaction .......
SRT Market Update 8 April 2025
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US CRT: Shoring up regionals – video
Heliostat Capital founder and president Charles Callahan speaks to SCI
....... News Analysis 7 April 2025
Job swaps weekly: KBRA head of CMBS surveillance and research retires
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees KBRA naming a successor to outgoing head of CMBS surveillance and research Roy Chun, who is to retire. Elsewhere, Jefferies has named a new fixed income chief risk officer, while and MDPG Advisory director and an S&C Capital founder have formed a new London-based litigation finance and advisory .......
Market Moves 4 April 2025
Green SRTs
EIB Group and BBVA sign new SRT
The EIB Group has completed a new synthetic securitisation transaction with BBVA, allowing for 100% green projects.
The securitisation is on a portfolio of over €1.4bn in loans to SMEs. BBVA will retain the senior and junior tranches, while the EIB Group will guarantee the mezzanine tranche of €93m. This investment will allow BBVA to mobilise around €185m to finance the construction .......
SRT Market Update 3 April 2025
PAG concludes fundraising
Asia-focused investment firm plans further expansion in Japan, signalling growing deal pipeline
PAG has concluded fundraising for its third SRT vehicle - PAG BRS Fund III, securing US$1.25bn in total commitments, including co-investments.
The fund received strong support from institutional allocators, with commitments from sovereign wealth, pension funds and endowments across North America, Europe, Middle East, and the Asia Pacific.
The firm, which manages over US$4bn of SRT investments, remains .......
News 3 April 2025
SRT disclosures reviewed (UPDATED)
Pillar 3 survey underlines Santander's dominance
News 28 March 2025
Insurer appetite for SRTs on the rise
IACPM survey shows substantial growth of unfunded protection
Insurer provision of unfunded protection on tranches of SRT transactions has increased significantly year-on-year. The number of protections sold rose to 82 new subscriptions in 2024, versus 45 the previous year, according to the IACPM’s latest Global SRT Insurance Survey.
Respondents insured €2.8bn of European SRT transactions last year, compared to €1.2bn in 2023. The average insured amount .......
News 27 March 2025
SCI In Conversation Podcast: Jason Smilovitz and Midroog's Moty Citrin (part 2)
We discuss the hottest topics in securitisation today...
In the second part of this episode of the SCI In Conversation podcast, SCI’s Selvaggia Cataldi continues her discussion about Israel’s securitisation market with Moty Citrin, head of financial institutions and structured finance at Moody’s subsidiary Midroog, and independent senior securitisation consultant Jason Smilovitz.
Citrin and Smilovitz discuss the impact of the country's recent legislative changes, investor sentiment, market liquidity, .......
News Analysis 27 March 2025
Job swaps weekly: Gandy returns to the SRT fold
People moves and key promotions in securitisation
This week’s roundup of securitisation job swaps sees SRT veteran Steve Gandy return to the industry as a board member at an SRT-focused fintech business. Elsewhere, Simpson Thacher & Bartlett has appointed a New-York-based securitisation-focused partner, while Trafigura Group has named a new global head of structured finance.
Iconicchain, a Finnish fintech specialising in SRT services for issuers, .......
Market Moves 21 March 2025
SCI In Conversation Podcast: Moty Citrin, Midroog, and Jason Smilovitz, independent consultant
We discuss the hottest topics in securitisation today...
In this episode of the SCI In Conversation podcast, SCI’s Selvaggia Cataldi speaks to Moty Citrin, head of financial institutions and structured finance at Moody’s subsidiary Midroog, and independent senior securitisation consultant Jason Smilovitz about the evolution of Israel’s securitisation market. In light of a new law aligning the country with global standards, Citrin and Smilovitz discuss how the legislative .......
News Analysis 21 March 2025
New auto loan deal for Huntington
Midwest lender comes back to reg cap market after 2024 debut
News 19 March 2025
Accelerating synthetics simplification and standardisation
Mayer Brown lawyers outline the key points and eligibility c...
Following the start of development work on an accelerated procedure for the regulatory recognition of significant risk transfer (SRT) securitisations last year, the ECB last month published guidance addressed to significant institutions1 (SIs or SI) for certain simpler and more standardised traditional and synthetic securitisations. The new SRT Fast-Track process is currently being tested by the ECB .......
Talking Point 17 March 2025