SRT Market Update

Details have emerged on BNP Paribas’ latest synthetic securitisation from its Resonance programme.

The 0.5-5% tranche reportedly priced at 6.9%, with the transaction referencing a €14bn portfolio of global corporate loans. This is the 12^th transaction in the programme and one which, once again, highlights the significant spread compression seen in the market. It further displays how highly syndicated some European SRT deals have become, with reportedly 28 investors fighting for allocation on a 0.5-5% tranche.

Joe Quiruga