Home » Insights » Significant Risk Transfer (SRT) Chronicles 2025

Significant Risk Transfer (SRT) Chronicles 2025

  • Strategy Deep Dives

The bank balance sheet securitisation market has enjoyed significant growth over the past five years and looks set to continue apace on the back of clearer regulation, an increasing number of banks having established an issuance programme and economic incentives for banks to free up risk-weighted assets (‘RWA’) rather than raising capital. 2024 saw record issuance in terms of volumes, number of bank issuers and number of transactions. In this article, we will use significant risk transfer (‘SRT’) – which is the EU regulatory terminology – to denote these securitisations, which are also referred to as balance sheet CLOs, bank risk-sharing transactions or ‘reg cap’ trades.

To request the article, click here.

Olivier Renault

Managing Director, Head of Risk Sharing Strategy

Olivier is a Portfolio Manager and Head of the Risk Sharing Strategy at Pemberton, which invests in first-loss or mezzanine tranches of bank loan portfolios (large corporates, SMEs and other core assets) and provides investors access to pools of untraded loans in a diversified format. Olivier has over 20 years of experience in structured credit, securitisation and bank capital finance.

More about Olivier Renault

Other Insights Within the Same Category

  • SRT Volumes: The Road to $200bn

    SRT Volumes: The Road to $200bn

    In SRT Volumes: The Road to $200bn, Olivier Renault, Pemberton’s Head of Risk Sharing Strategy, explores key drivers behind the market’s expansion and its path to a potential $200 billion milestone.

  • Risk Sharing Transactions: A Relative Value Perspective

    Risk Sharing Transactions: A Relative Value Perspective

    In a previous research piece1 we discussed the resilience of the Risk Sharing (SRT2) asset class to credit stress. The majority of investors we speak to acknowledge the attractiveness of Risk Sharing in terms of headline return and stability. One of the most pervasive questions we encounter, however, relates to the relative value of SRTs vis […]

  • Significant Risk Transfer (SRT) Chronicles 2023

    Significant Risk Transfer (SRT) Chronicles 2023

    The bank balance sheet securitisation market has enjoyed significant growth over the past five years and looks set to continue apace on the back of clearer regulation, an increasing number of banks having acquired the technology and economic incentives for banks to free up risk-weighted assets (‘RWA’) rather than raising capital. In this article, we […]

  • The Resilience of Risk Sharing Transactions to Stressed Credit Environment

    The Resilience of Risk Sharing Transactions to Stressed Credit Environment

    In Pemberton’s most recently published article, Pemberton’s Risk Sharing Team, Olivier Renault and Anna Neri introduce how bank risk sharing transactions have become an increasingly popular tool for banks to hedge their loan portfolios and release capital, while aiming to illustrate the strong resilience of risk sharing transactions to credit stresses. The article further addresses: […]

  • Extracting Investor Value From Banks’ Core Loan Portfolios

    Extracting Investor Value From Banks’ Core Loan Portfolios

    In his most recently published article, Olivier Renault provides an informative introduction to risk sharing transactions (SRT’s), in which the motivations behind these transactions and their structures are revealed, and a clear outline of their growing market created.

  • Significant Risk Transfer (SRT) Chronicles 2022

    Significant Risk Transfer (SRT) Chronicles 2022

    The bank balance sheet securitisation market has enjoyed significant growth over the past five years and looks set to continue apace on the back of clearer regulation, an increasing number of banks having acquired the technology and economic incentives for banks to free up risk-weighted assets (‘RWA’) rather than raising capital. In this article, we […]

お問い合わせ

詳細情報をご希望の場合やご質問はお気軽にお問い合わせ下さい。

連絡先

By accessing this website, you acknowledge and agree to the following terms:

The information, materials, products and/or services available on or through this website are not intended to and do not constitute an offer to sell, or a solicitation of an offer to buy any securities, including  interests in any fund or the services of any company, in any jurisdictions where such offer, solicitation or sale would be unlawful, or to any person to whom it would be unlawful to make such an offer, solicitation or sale.  In particular, securities or investment services may only be offered or sold, and transactions effected, in certain jurisdictions in accordance with applicable law and as disclosed in the relevant private placement memorandum or offering document to eligible investors or otherwise in compliance with our Terms and Conditions of Use.

Pemberton Capital Advisors LLP, together with its affiliates and/or subsidiaries (collectively, “Pemberton”) may not be licensed or registered in all jurisdictions and may be unable to provide investment advisory services in certain jurisdictions  or to certain t categories of investors, whether through separately managed accounts or via  private funds.

This website is directed only at persons who are (i)investment professionals (ii) professional clients(iii) persons having professional experience of investing in unregulated schemes(iv) high net worth companies, partnerships, associations or trusts and personnel of any of the foregoing having professional experience of investing in unregulated schemes (each within the meaning of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 and the UK FCA Handbook, as applicable). 

Persons accessing this website from outside of the United Kingdom do so at their own initiative and are responsible for compliance with applicable local laws and regulations. Access is permitted only to persons who may lawfully access it without Pemberton being required to be licensed, registered, or approved in any other jurisdiction. 

No person who is not an intended recipient should access or rely on any information contained in this website. Pemberton will not make any investment or investment activity referred to on this website available to any person who is not an eligible investor under applicable law.

This website and all materials on it or available via it do not and are not intended to offer for sale or promote the offer for sale of the securities, including fund interests of any fund or private fund in the United States or to a U.S. person as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the services of any Pemberton company.

Access to the information contained in this website is restricted under applicable U.S. federal and state securities laws. The securities of any fund or compartment of a fund managed and/or advised by Pemberton have not been and will not be registered with the U.S. Securities and Exchange Commission under the Securities Act or any state securities laws in the United States, and may not be offered or sold into, within the United States or to or for the account of any U.S. person except pursuant to an exemption from or in a transaction that is not subject to the registration requirements of the Securities Act or applicable state law.

Please confirm acceptance of the Terms and Conditions of Use
Terms & Conditions