Wells Fargo Weighs Debut Risk Transfer as Banks Shore Up Capital [BNN Bloomberg (Canada)]
BlackRock, Inc. (BLK)
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Source: BNN Bloomberg
synthetic risk transfer, potentially becoming the latest big bank to use the product to cope with looming capital rules. The San Francisco-based lender is in early discussions for an SRT tied to a portfolio of subscription lines, a type of credit extended to private equity funds, according to people with knowledge of the matter who asked not to be named as the details aren't public. Conversations are preliminary and details of the financing may change, they added. The transaction may come later this year, the people said. A spokesperson for Wells declined to comment. The type of transaction Wells is considering typically sees lenders issue notes linked to a pool of loans, that also include a credit derivative. Investors tempted by yields that can exceed 10% snap up the notes, providing the bank protection against losses in the pool of loans. That effectively transfers the bank's credit risk, enabling it to cut the amount of regulatory capital it has to hold against the assets.
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