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Significant Risk Transfer (SRT) Chronicles 2026

  • Market Trends & Research

The fifth edition of the SRT Chronicles, our annual research publication on the significant risk transfer market, provides an update on the market and developments of the SRT asset class.

This year’s edition covers:

  • Market statistics: Comprehensive data on deal volumes, active bank participation, tranche sizing, and geographic and asset-class breakdowns across the current landscape.
  • Worked example: A detailed illustration of the economics underpinning SRT transactions for both originators and investors in the current market environment.
  • Regulatory developments: An analysis of newly published US rules and our assessment of the implications for the SRT market, which we view as positive.
  • Five-year outlook: Our forward-looking analysis, including the structural case for continued bank participation in SRT transactions independent of capital relief considerations.
  • Misconceptions addressed: A dedicated section examining and refuting the most prevalent mischaracterisations of the product and market.

This publication is restricted to Pemberton clients and prospective clients. To access the research, click here or request it from your Pemberton Business Development contact.

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

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  • Significant Risk Transfer (SRT) Chronicles 2023

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    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

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    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

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    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

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    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 […]

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