UK banks slip out synthetic CLOs before year-end

By Owen Sanderson
05 Jan 2017

Barclays, Lloyds, RBS and Santander UK all priced synthetic CLOs for risk transfer purposes just before the year-end, honing their capital positions for full year 2016 reporting. Most of the deals focused on large corporates, an asset class that fuelled much of last year’s boom in risk transfer trades, as banks seek ways to get ahead of increased Basel risk weights.

Barclays issued three deals, all called Colonnade, hedging loans books totalling more than $10bn-equivalent. The three trades were, respectively, a $5.5bn book of international large corporates, a £3.5bn book of UK corporates, and a £660m book of UK corporates.

A company filing suggests there is a further global ...

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