在重要且极为火爆的重大风险转移(SRT)市场中，投资者正越来越倾向于为欧洲银行背负的、规模超 2000亿欧元(约2325亿美元)且持续恶化的商业房地产贷款提供对冲，但这一过程需付出高昂代价。 陷入困境的德国抵押贷款银行股份公司(Deutsche Pfandbriefbank AG)——该机构正急于剥离其在美国商 业地产债务中的各类敞口——于去年12月首次涉足SRT市场。据知情人士透露，这笔具有里程碑意义的 交易充分表明，为高风险商业房地产贷款提供保险的投资者，能够获得极其可观的利差回报。 据上述人士透露，在PBB(德国抵押贷款银行股份公司)的SRT交易评估中，最初有20余家机构受邀参与 考察，其中约三分之二的机构最终提交了无约束力报价。此次需求超预期的核心原因在于：参考贷款组 合规模较小(涵盖不到30笔贷款)，且高度集中于美国写字楼领域——其中多笔贷款已被划入第二阶段(即 信用风险显著上升但尚未违约)。 这家总部位于加兴的银行最终于2025年12月22日发布公告，正式敲定由布鲁克菲尔德集团旗下的橡树资 本管理公司为其20亿美元贷款提供信用风险对冲。在此次由Alvarez&Marsal Financial Se ...

Group 1 - Lloyds Bank is launching a significant risk transfer (SRT) asset related to approximately £500 million (about $681 million) in commercial real estate loans as part of its "Wetherby SRT" project [1] - SRT allows banks to provide default insurance for loans by selling credit-linked notes to pension funds, sovereign wealth funds, and hedge funds, enabling them to release capital while retaining the assets [1] - Other banks such as Banco BPM SpA, Macquarie Capital, Deutsche Pfandbriefbank, and UBS are also discussing or finalizing similar SRT transactions, indicating a growing trend in the European banking sector [1] Group 2 - Deutsche Bank completed a $560 million SRT transaction in March, with a spread 750 basis points above the secured overnight financing rate, as part of its strategy to reduce risk-weighted assets by €25 billion to €30 billion ($34 billion) by year-end [2] - The global SRT issuance is expected to reach a record high this year, with Chorus Capital Management predicting a total of $35 billion, a significant increase from last year's estimate of $29 billion, with Europe expected to hold the largest share [2] - The global SRT market is projected to grow at an average annual rate of 11% over the next two years, reflecting increasing interest and activity in this financial instrument [2]