Investors cheer Fed guidance on bank credit risk transfers

Institutions say clarification of regulations could jump-start US market

US Federal Reserve

Investors believe guidance issued last month by the US Federal Reserve could double the size of the market for bank credit risk transfers and drive up returns for the firms buying them.

Over the past five years there has only been a trickle of CRT transactions issued by US banks; and since 2022, the New York Fed has significantly delayed the approval of credit-linked notes (CLNs) altogether, including for global systemically important banks. However, on September 28, the Fed released a short

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