Last December, the group was the first Asian bank to launch a balance-sheet synthetic collateralised loan obligation, aimed at freeing up regulatory capital. The transaction shifted the credit risk on a S$2.8 billion ($1.57 billion) reference portfolio of Singaporean loans via a special-purpose vehicle called Alco 1. The deal included a S$2.45 billion super-senior tranche, a mezzanine portion of four rated tranches worth S$224 million, and a first-loss tranche of S$126 million retained by the bank. The deal had targeted S$180 million in capital relief, although it is believed the actual figure was slightly higher.
Meanwhile, Nathan Morrison, treasurer and head of risk management at Australia’s Quantas Airways, scooped Asia Risk’s corporate risk manager of the year award. In other award categories, the Monetary Authority of Singapore (MAS) won regulator of the year; and Korea Stock Exchange (KSE) picked up derivatives exchange of the year.