Regional banks drive growth of SRT market as EU continues to dominate issuance
Regional banks that used the standardised approach are playing a bigger role in SRT market, while the number of insurers writing credit protection through SRT almost doubled from 2023 to 2024

Santander Asset Management plans SRT fund launch
EXCLUSIVE: Santander Asset Management is planning to launch a fund that will invest in significant risk transfer (SRT) transactions, according to sources familiar

Rapidly growing small banks push for ‘ramp-up’ feature in SRT deals
A small but increasing number of medium-sized banks are planning to issue synthetic risk transfer (SRT) transactions that allow them to upsize the deals as they originate new assets

UK regulator puts SRT financing under the microscope
ANALYSIS: UK's Prudential Regulation Authority has flagged concerns about banks’ collateral management when providing investors leverage for SRTs

Bilateral SRT deals fall out of fashion as banks broaden investor base
EXCLUSIVE: Fewer synthetic SRT deals executed bilaterally as banks diversify investor base, secure tighter pricing

PAG raises USD 1.25bn for significant risk transfers
The Hong Kong-based alternative asset manager is expecting the SRT market to grow at a 30% to 40% rate annually over the next few years

Fund performance
Entering the final three months of the year, CLO funds took a clean sweep of the top 10 spots in the Creditflux tables. October was strong overall, as over 85% of funds listed made positive returns

Credit hedge funds
Credit hedge fund perfomance

Credit funds at a glance
Fund performance, recent hires, recent fundraising

BNP Paribas sees credit upside in 2025, even amidst Trump-led unpredictability
The bank also sees CLO equity outperforming in 2025 benefiting from resilient loan fundamentals, strong cash flows, and the upside potential from reset activity

Credit hedge funds
Credit hedge fund performance data for September YTD 

Private credit lenders don’t have to put up with exotic assets and complex structures — they can choose SRTs
If rapid growth and diversification into exotic asset classes, complex structures, opaque valuations, PIK-ing, etc, all sound a bit 2008, there are alternatives. Private credit is not a monolith nor, in some parts, is it a crowded trade.

DE Shaw closes on USD 1bn opportunistic credit fund
Alkali Fund VI is a closed-end fund targeting opportunistic investments across corporate debt, structured credit, synthetic securitization and other specialty investments

Credit funds brace for increased scrutiny from regulators
The Securities and Exchange Commission’s Division of Examinations urged advisers to private funds, which include private credit managers, to prepare for increased scrutiny 

Europe still leads US in SRT as banks diversify types of risk transferred
Despite copious headlines about the arrival of US banks to the significant risk transfer (SRT) market, Europe continues to lead the charge

Davis Polk hires three fund formation lawyers from Debevoise
Law firm Davis Polk is growing its investment management practice with the addition of three new partners joining in New York

CLO strategies outperform again
In 2023, our index of funds investing in CLO tranches and equity returned 22.9%. In the first six months of this year, the index reached 9.9%, as these funds again delivered outstanding results

Fund performance
Prytania grabs gold; Spire and Sound Point take silver and bronze after June fund returns come in

Credit hedge funds
Our credit hedge fund performance tables for June

Credit Outlook survey signals rising defaults among small borrowers
Respondents to the latest Credit Outlook survey from the International Association of Credit Portfolio Managers are forecasting rising defaults over coming months

Fund performance
Spire, Prytania and Serone funds enter top 10 dominated by CLOs; Leading fund: Alegra ABS 2

Credit hedge funds
Credit hedge fund performance tables

Credit funds at a glance
Top indices; recent hires; recent fundraising

Chorus Capital raises USD 2.5bn for SRT strategy
Chorus Capital has closed a USD 2.5bn SRT fund that could be the largest ever in the space

French asset manager raises more than EUR 2.3bn for SRT fund
Alternative asset manager AXA IM Alts revealed the final close of its latest SRT fund, Partner Capital Solutions 9 Fund