巴黎银行（Paribas SA）正在推进有史以来最大规模的重大风险转移交易之一，该交易关联约160亿欧元（约合179亿美元）的大型企业贷款，正值此类发行量冲击新高。
Paribas SA is working on one of the biggest significant risk transfers ever, a deal linked to about €16 billion ($17.9 billion) in large company loans, as issuance heads toward a new record.
据知情人士透露，这家总部位于巴黎的贷款机构计划转移投资组合中首亏损部分的风险，相当于其价值的5%。知情人士称，交易条款在与潜在投资者的磋商过程中可能发生变化，因信息属私密性质，他们要求不具名。
The Paris-based lender is planning to offload risk on a first loss piece of the portfolio, equivalent to 5% of its value, according to people familiar with the matter. Terms of the deal could change during discussions with potential investors, the people said, asking not to be identified because the information is private.
知情人士补充称，该重大风险转移将通过巴黎银行的“共振”计划发行，该计划用于对冲北美、欧洲及其他地区的主要企业信贷风险。知情人士还表示，该行还在商讨一项关联约15亿欧元中型市场杠杆收购贷款组合的单独交易。
The SRT would be issued from BNP Paribas’ Resonance program, which it uses to hedge major corporate credits in North America, Europe and other regions, they added. The bank is also discussing a separate transaction tied to a portfolio of about €1.5 billion of mid-market leveraged buyouts, the people said.
这些计划中的交易是五笔潜在新交易中的一部分，关联资产总额约252亿欧元。尽管更广泛的信用交易受地缘政治动荡、高企通胀、公共财政恶化以及对债务驱动的人工智能投资热潮的担忧拖累，欧洲银行仍在持续测试投资者胃口。
The planned deals are among five new potential transactions linked to about €25.2 billion in assets. European banks continue to test investor appetite even as broader credit dealmaking is weighed down by geopolitical turmoil, elevated inflation, worsening public finances and concerns about a debt-fueled boom in AI investment.
重大风险转移属于高风险投资，通常为贷款组合的首亏损或次级档位提供保险，一般相当于投资组合价值的5%至15%之间。近年来，重大风险转移发行量激增，使贷款机构能够转移关联约1万亿美元贷款的风险，并释放监管资本用于新增放贷、股东分红或收购竞争对手。
SRTs are high-risk investments that typically insure a first loss or junior tranche of a loan book, generally equivalent to somewhere between 5% and 15% of a portfolio’s value. SRT issuance has boomed in recent years, enabling lenders to offload risk tied to $1 trillion in loans and to release regulatory capital for new lending, shareholder payouts or acquisition of rivals.
据知情人士透露，其他计划中的交易包括法国兴业银行（Societe Generale SA）发行的一笔重大风险转移，关联约30亿欧元对法国中小企业的贷款，这将测试养老基金等投资者承担陷入困境的经济风险敞口的意愿。
Other planned deals include an SRT from Societe Generale SA tied to about €3 billion of lending to small and mid-size enterprises in France, according to people familiar with the matter, a test of the appetite of pension funds and others to take on exposure to the embattled economy.
据知情人士透露，西班牙桑坦德银行（Banco Santander SA）也在评估两笔交易的需求。第一笔是一项与约33亿欧元西班牙中小企业贷款挂钩的SRT（重大风险转移），将构成该行“Magdalena”计划的一部分，该计划已推出一些持有最广泛的交易。知情人士补充称，桑坦德银行还在推进一项与约14亿欧元葡萄牙住房抵押贷款挂钩的无资金信用保护交易。
Banco Santander SA is also assessing demand for two deals, the people said. The first, an SRT tied to around €3.3 billion of Spanish SME loans, would form part of the lender’s Magdalena program, which has produced some of the most widely-held deals. It has also been working on an unfunded credit protection tied to about €1.4 billion in Portuguese residential mortgages, they added.
在近期交易中，法国巴黎银行（BNP Paribas）于9月下旬完成了一项与高收益贷款和收购债务挂钩的SRT；法国农业信贷银行（Credit Agricole SA）本月初开始对一项由欧洲汽车经销商融资支持的交易进行投资者意向初步评估；法国兴业银行（SocGen）近期完成了一项与约50亿美元等值项目融资挂钩的SRT，知情人士称。
Among recent transactions, BNP Paribas completed an SRT tied to high-yield loans and buyout debt in late September, while Credit Agricole SA began a preliminary assessment of investor appetite earlier this month for a deal backed by financing for European car dealerships. SocGen recently completed an SRT linked to the equivalent of about $5 billion in project finance, the people said.
知情人士补充道，桑坦德银行新的Magdalena交易对冲了参考组合中约5%的初级部分。这与该行6月完成的另一笔交易类似，后者采用浮动利率票息，相当于欧洲银行同业拆借利率（Euribor）加725个基点。法国巴黎银行、法国兴业银行和桑坦德银行的代表均拒绝置评。
Santander’s new Magdalena deal hedges a junior portion equivalent to about 5% of the reference portfolio, they added. That’s similar to another deal the lender wrapped up in June with a floating rate coupon equivalent to 725 basis points over Euribor. Representatives for BNP Paribas, SocGen and Santander declined to comment.
随着全球养老基金和主权财富基金寻求多元化私人信贷持仓，该市场持续吸引新资金进入。宾夕法尼亚州公立学校雇员退休制度（Public School Employees’ Retirement System）上周表示，计划向Newmarket Capital的SRT策略投资最多1.75亿美元。
The market continues to attract new money from global pension and sovereign wealth funds looking to diversify their private credit holdings. Pennsylvania’s Public School Employees’ Retirement System said last week that it plans to invest up to $175 million in Newmarket Capital’s SRT strategy.
此前的大额SRT交易包括：法国兴业银行一项与超过90亿欧元企业贷款挂钩的交易，于今年早些时候完成；2025年，法国巴黎银行为一项与105亿欧元企业贷款挂钩的SRT交易定价，奥地利第一集团银行（Erste Group Bank AG）完成一项基于超过100亿欧元贷款的SRT，以帮助为其收购桑坦德波兰银行（Santander Bank Polska）这一里程碑式收购提供资金。
Previous big-ticket SRTs include SocGen’s transaction tied to over €9 billion of corporate loans, which was completed earlier this year. In 2025, BNP Paribas priced an SRT deal linked to €10.5 billion of corporate loans and Austria’s Erste Group Bank AG completed an SRT based on more than €10 billion of loans to help finance its milestone acquisition of Santander Bank Polska.
根据9月23日的一份演示文稿，法国巴黎银行通过合成风险转移（SRT）和信用风险保险交易，获得了相当于其核心一级资本充足率约90个基点的资本减免。截至目前，约有50名投资者参与了该行的合成SRT交易。
BNP Paribas has gained capital relief equivalent to about 90 basis points of its common equity tier 1 ratio from SRTs and credit risk insurance transactions, according to a Sept. 23 presentation. Around 50 investors have taken part in the lender’s synthetic SRTs to date.