重大风险转让（SRT）有望连续第六年实现创纪录的销售额，银行正在使用这些工具来对冲更广泛的风险敞口，尽管投资者要求提供更好的条款。
Significant risk transfers are on track for a sixth consecutive year of record sales, with banks using the instruments to hedge a wider array of exposures even as investors demand better terms.
根据投资于此类交易的公司新月资本集团（Crescent Capital Group LP）汇编的数据，前九个月的SRT销售额达到282亿美元。即便第四季度新交易的推进速度放缓，这一活跃度也使市场有望超越2025年创下的410亿美元的前年度纪录。
SRT sales hit $28.2 billion in the first nine months, according to data compiled by Crescent Capital Group LP, a firm that invests in the deals. That activity keeps the market on track to surpass the previous annual record of $41 billion reached in 2025, even if the pace of new deals slows during the fourth quarter.
新月资本银行资本解决方案负责人胡安·格拉纳（Juan Grana）表示：“根据目前的业务储备，我们有信心发行量可能会超过2025年的创纪录水平。”新月资本估计今年的SRT发行量将达到约45亿美元。“不过，鉴于供应强劲以及更广泛的信贷市场波动，我们在第四季度看到了一些适度的利差扩大。”
“We are confident based on the current pipeline that issuance is likely to exceed 2025 record levels,” said Juan Grana, head of bank capital solutions at Crescent Capital, which estimates SRT issuance this year will reach about $45 billion. “We have, however, seen some moderate spread widening in 4Q given strong supply and broader credit market volatility.”
贷款机构通常利用这些高收益、高风险的证券化来为一揽子贷款的首档损失或次级档提供担保，将投资组合5%至15%价值的违约风险卸载，并在这一过程中释放监管资本。作为回报，投资者通常可以获得超过10%的票息。
Lenders use the high-yield, high-risk securitizations typically to insure a first loss or junior tranche of a package of loans, offloading default risk on anywhere between 5% and 15% of the portfolio’s value and freeing up regulatory capital in the process. In return, investors often earn coupons in excess of 10%.
该市场由寻求对冲企业信贷风险的欧洲和北美银行主导，但其他类型的抵押品正占据更大的份额，其中与项目和基础设施融资（包括数据中心）相关的SRT增长尤为迅速。
The market is dominated by banks in Europe and North America seeking to hedge risk on corporate credit but other types of collateral are taking a bigger share, with particularly rapid growth seen in SRTs linked to project and infrastructure finance, including data centers.