Revel Partners was pleased to participate in SCI’s Significant Risk Transfer conference in Oslo this week, both as a proud sponsor and as an active contributor to the discussions. The event brought together regulators, issuers, investors and arrangers to discuss the continued development of the Nordic SRT market. Topics included the evolving regulatory landscape, mortgage SRT, capital optimisation and what is needed for the market to become more scalable and repeatable. Revel was also represented on the agenda. Josefina Frenk moderated the session on mortgage SRT, and Jonas Bäcklund joined the panel on balance sheets, capital and asset mix in the Nordics and Baltics. For us, one of the highlights was the opportunity to spend time with clients, partners and other market participants, and to exchange views on market developments, structuring trends and investor appetite. We would like to thank SCI and all participants for a very strong event and for the many thoughtful conversations throughout the day.

Synthetic risk transfers (SRTs) have become an increasingly important tool for banks’ capital and risk management. A recent BIS Quarterly Review provides a comprehensive overview of the market’s rapid growth, structural features, and potential implications for financial stability. Below, we summarise the key takeaways.

Revel Partners shortlisted for 2026 Global Capital European Securitization Award - We are pleased to share that Revel Partners has been shortlisted by Global Capital for SRT Service Provider of the Year. The nomination comes after a year of strong activity in the synthetic risk transfer market, where Revel Partners acts as an independent advisor and arranger to banks across the Nordic region and beyond. During the past 12 months, we have advised on multiple performing SRT and non-performing securitisation transactions, supporting both first-time issuers and repeat originators.

EU Securitisation Reform: what’s changing and why it matters The European Parliament has published its draft report on proposed changes to the EU securitisation framework, marking an important step towards restoring securitisation as an effective tool for risk transfer and capital management. The proposals point to lower and more risk-sensitive capital treatment for senior tranches, reduced capital volatility, and meaningful simplifications to due diligence and reporting. Notably, the Parliament recognises that the new “resilient” concept is most relevant for synthetic securitisations, while traditional STS structures should remain unchanged. Overall, the reform is directionally positive, particularly for synthetic SRTs, with the potential to improve capital efficiency for banks and enhance the attractiveness of senior risk for investors.

We are honoured to have acted as independent financial adviser to Klarna in connection with its strategic US loan portfolio transaction with Elliott Investment Management — a landmark deal enabling Klarna to further strengthen its balance sheet and support continued expansion in its largest and fastest-growing market. The transaction provides Klarna with the ability to transfer credit risk on up to USD 6.5 billion of US-originated consumer receivables over a multi-year horizon, delivered through a forward-flow structure tailored for regulatory efficiency, scalability and operational continuity. Klarna continues to originate and service the loans, ensuring full alignment with its customers and maintaining the strength of its US payments and credit ecosystem.

We are honoured to have acted as independent financial adviser and arranger to Avida Finans AB (publ) on its inaugural synthetic securitisation transaction, dubbed Project Valor.The transaction, referencing a SEK 2.8 billion portfolio of Nordic unsecured consumer loans, enables Avida to transfer credit risk through an innovative risk-sharing structure. As a result, the bank expects to achieve a significant reduction in risk-weighted assets, strengthening its capital position and supporting further growth in its core lending activities.

We are honoured to have acted as independent financial adviser and arranger to Marginalen Bank (publ) on its first-ever synthetic securitisation, announced on 12 August 2025.The transaction, executed with Magnetar, a leading global alternative asset manager, covers an initial reference portfolio of SEK 3.15 billion in Swedish unsecured consumer loans. By transferring credit risk through an innovative risk-sharing structure, Marginalen Bank expects to reduce its risk-weighted assets by approximately SEK 2 billion, strengthening its capital ratios and supporting further growth in its core business.

We’re pleased to share that Revel Partners has been shortlisted for European Arranger of the Year at the 2025 SCI Risk Sharing Awards.Organised by Structured Credit Investor (SCI), the awards recognise standout participants in the global capital relief and credit risk transfer markets. This year’s ceremony will take place on 14 October at The Pelligon, Canary Wharf, bringing together market leaders to celebrate innovation and execution in the risk-sharing space.

The 2025 edition of SCI’s Nordic Securitisation Forum, hosted at the beautiful offices of law firm BAHR, brought together banks, investors, regulators, advisors and other market participants in Oslo to explore the state of play and the road ahead for securitisation in the region. Revel Partners was proud to contribute on multiple fronts: Jonas Bäcklund, CEO, delivered a keynote address, while Victor Kloos, Director, and Josefina Frenk, Director, participated in expert panel discussions, offering deep insights into evolving regulatory frameworks and the strategic use of securitisation in the Nordic context. Below are our main insights from the events:

The European Supervisory Authorities (ESAs) through their Joint Committee have issued a forward-looking review of the Securitisation Regulation (SECR), evaluating its functioning and providing targeted recommendations for improvement. The report, which feeds directly into the European Commission’s upcoming legislative review, is an important signal of intent to simplify, harmonise, and ultimately revitalise the European securitisation market.

The European Central Bank (ECB) has unveiled a pilot fast track process for the approval of certain Significant Risk Transfer (SRT) transactions, as detailed in its latest supervisory newsletter. The initiative is aimed at expediting the review process for securitisation deals while ensuring robust supervisory oversight.

ESMA has launched a consultation on the disclosure framework for private securitisations, aiming to simplify reporting requirements while maintaining regulatory oversight. Revel Partners supports changes to disclosure rules, viewing them as a crucial step toward fostering a more efficient and scalable securitisation market in the Nordics and Europe. As part of its response, Revel Partners is reviewing the proposals and welcomes discussions with market participants to ensure a well-informed, industry-aligned perspective.

As the European Commission prepares to revise the securitisation framework, Danmarks Nationalbank has taken proactive steps to deepen its understanding of securitisation from a practitioner’s perspective. In preparation for Denmark’s EU Council Presidency in the second half of 2025, the central bank has engaged with Revel Partners to discuss the evolving regulatory landscape and securitisation’s role in fostering a more efficient and competitive European capital market.

The Swedish Financial Supervisory Authority (SFSA) has announced a stricter review of how credit institutions manage non-performing loans, aligning with European Banking Authority (EBA) guidelines. These guidelines mandate strategies and governance measures for banks with NPL ratios exceeding 5%, focusing on governance, operational efficiency, and strategic reduction of NPLs. This move reflects a regional trend in the Nordics, where authorities emphasize financial stability through robust NPL management frameworks. Non-compliance could result in capital buffers or operational changes, while effective strategies may enhance credit ratings and financing opportunities. Revel Partners supports institutions with expertise in NPL management, offering solutions like portfolio analysis, governance frameworks, and NPL securitization to meet regulatory demands and unlock new capital opportunities.

The Eurogroup has tasked the Financial Services Committee (FSC) with identifying concrete steps to advance the Capital Markets Union (CMU) in Europe. With support from key EU institutions, the FSC produced a report focusing on essential areas such as sustainable finance, securitisation, and harmonising financial reporting standards. The report suggests actions to harmonise securitisation standards, improve transparency, and align securitisation frameworks with sustainability goals. However, we believe more emphasis on securitisation’s role is needed to fully realise its potential in enhancing capital velocity, attracting non-bank capital, and providing unique investment opportunities. Additional recommendations include standardising regulatory approvals, developing an “STS 2.0” framework, harmonising regulations for insurance capital, and expanding retail access to securitisation. These steps could significantly strengthen Europe’s financial infrastructure and market resilience.

We are excited to announce that Josefina Frenk and Philip Vasseghi will be joining our team shortly! Josefina brings a wealth of experience in securitisation and the non-performing loans (NPL) markets, with a proven track record in structuring complex transactions across these areas. Josefina joins us from Lowell, where she currently holds the position of Head of Strategic Finance. Prior to this, Josefina worked with securitisations at Nordea. Philip Vasseghi joins from SEB Corporate Finance. His extensive corporate finance experience, alongside his hands-on expertise in the Commercial Real Estate sector, will both support the Group's broader strategic agenda as well as bolster Revel Partners’ execution capacity.

We are delighted to announce that Revel Partners's Jonas Bäcklund and Victor Kloos will be conducting a specialised training session for SRT practitioners on 14 October at the Structured Credit Investor's (SCI's) SRT Week in London.The training session, titled "Balance Sheet Optimisation under Basel 3.1", will focus on the upcoming Basel 3.1 reforms—also known as Basel 3 Endgame or Basel 4—that are set to fundamentally reshape the banking landscape. The most significant impact on capital requirements arises from the implementation of the output floor, which will cap the benefits obtainable from internal models and drive inflation in Risk-Weighted Assets (RWAs).

In its 2024 report, Paris Europlace underscores the critical need to remove regulatory obstacles that have hindered the growth of Europe’s securitisation market. This report builds on the increasing momentum following Mario Draghi’s recent insights, which emphasized securitisation as essential for unlocking capital and improving risk-sharing, both vital for the success of the Capital Markets Union (CMU). Draghi’s report stresses that a robust securitisation market is crucial to sustaining Europe’s economic growth and financial stability.

"Streamlining Europe's SRT Market: A Call for Simplification" In a recent interview with Structured Credit Investor, our CEO, Jonas Bäcklund, discussed the need for regulatory reform in the European Significant Risk Transfer (SRT) market. Despite being a leader in synthetic SRT, Europe’s growth is stunted by complex regulations. Bäcklund backs Mario Draghi’s vision for a revitalised securitisation market to fund long-term projects and the green transition. However, he notes that the 400-page proposal might highlight a key issue with European competitiveness: the need for simplification. By standardising structures and refining risk-weighting rules, we can make securitisation a real growth engine for the European economy.

The PCS Securitisation Symposium in Helsinki highlighted the increasing interest in securitisation across the Nordics, especially for expanding lending capacity and managing non-performing loans (NPLs). With Norway set to implement the EU Securitisation Regulation in 2025, the region is expected to see significant growth in securitisation activity, driven by both banks and non-bank lenders. Growing investor demand and the ability to manage risks, such as maturity mismatch, position securitisation as a key financial tool for the future of Nordic markets.

A recent article in GlobalCapital highlights a significant report from Risk Control that advocates for regulatory reforms to enhance the efficiency of EU securitization, emphasizing its economic benefits. Revel Partners, a leading Nordic advisory firm, has strongly endorsed the report, noting the potential positive impact on Nordic financial markets and the broader European economy. Jonas Bäcklund, CEO of Revel Partners, underscores the importance of these reforms in boosting lending capacity and supporting economic growth, particularly as the EU approaches critical discussions on the future of its securitization regulations.

A recent report by Duponcheele et al. (2024) analyzes the impact of current securitisation regulations on European competitiveness, highlighting the need for adjustments to improve "capital velocity" in banks. The report criticizes the rigid risk-weight (RW) floor, which hampers securitisation activities and limits banks' ability to support economic growth and the green transformation. To close the competitiveness gap with US banks, the report recommends introducing a risk-sensitive RW floor and enhancing governance. Revel Partners supports these findings and stresses the importance of consistent regulation across Europe to reduce uncertainty and unlock the securitisation market's potential, particularly in the Nordics.

In a recent feature in GlobalCapital, Victor Kloos, Director at Revel Partners, shared his expert insights on the burgeoning market for significant risk transfer (SRT) transactions in the Nordic region. Revel Partners has been actively involved in facilitating these transactions, observing a notable increase in activity and interest.

Revel Partners is honored to have been entrusted as sole arranger by Marginalen Bank for Project Argo, a significant risk transfer (SRT) transaction in the form of a cash securitization of cSEK 1 billion in non-performing consumer loans.

As part of our proactive outreach agenda, Revel Partners is thrilled to announce our active participation in the 3rd Annual Nordic Symposium on Securitisation, taking place this September in Helsinki. Our CEO will be delivering a keynote speech on the advancements and future of SRTs (Significant Risk Transfers) and Revel Partners will also be mentoring a pivotal panel discussion on the evolution and future trends of securitisation in the Nordics.

“Everyone expects formal approval this autumn, so I think it is about time for issuers, investors, sponsors and other market participants to start thinking about what Norwegian deals can look like. It takes some time to get from term sheet to closing date, especially for first-time issuers, so there’s no need to wait until the law is finally printed. Interested parties should get started on their homework,”

The private credit market is undergoing significant growth and evolution, driven by structural changes, globalization, and strong investor demand for alternative assets. Structured credit including Significant Risk Transfers (“SRT”) can play crucial roles in this landscape, providing innovative solutions for risk management and investment. The use of implied leverage in these instruments creates space also for smaller and more specialized investors, allowing them to engage in the market alongside larger players. Independent Structuring and Advisory firms have an important role in supporting this development. Overall, several dynamic forces are at play fostering a more inclusive and diverse private credit ecosystem, benefiting the overall market development and offering varied opportunities for all types of investors.

The Association for Financial Markets in Europe (AFME) has published a comprehensive position paper outlining a five-point plan aimed at revitalizing the EU securitisation market. The paper highlights the importance of securitisation in supporting EU growth, addressing regulatory challenges, and maintaining safeguards against high-leverage products. Revel Partners expresses strong support for AFME's conclusions. Revel Partners acknowledges the critical role that securitisation plays in providing capital. liquidity and funding across Europe.

The European synthetic SRT market is booming with increased capital inflow, creating intense competition and tighter pricing. Banks face strategic choices between long-term partnerships and broader market opportunities, amid evolving regulatory landscapes. Success will depend on banks' adaptability and strategic decision-making.

News coverage of Revel Partners and the Nordic SRT market

Revel Partners is launching as an independent Nordic advisor specializing in structured credit solutions. The company aims to enhance capital and financing efficiency for financial sector clients in Northern Europe, leveraging the founders' extensive experience from structured finance. Revel Partners will be part of the Belvere Group and operate out of Stockholm and London.

The European Central Bank (ECB) has released its 2023 data on securitisations, highlighting key trends in the market. The data reveals that banks' outstanding stock of securitisations reached €1.2 trillion. Synthetic transactions dominate the SRT market. Additionally, the volume of non-performing loan securitisations has decreased, reflecting improved loan ratios across the banking sector. The ECB underscores the importance of increasing external investor participation to strengthen Europe’s capital markets.

Christine Lagarde did not only quote poet Ralph Waldo Emerson and philosopher Immanuel Kant, she also underscored the important role of securitisation in a functioninig capital markets union in her speech at the European Banking Congress in Frankfurt.