Key takeaways from SCI’s Nordic Securitisation Forum in Oslo
April 30, 2025
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:
1. Regulatory harmonisation is gaining momentum
A central theme echoed throughout the forum was the shifting regulatory tone. While fragmentation and divergent supervisory practices across the Nordic region have long been a barrier to growth in securitisation, and with some countries gold-plating EU-wide regulations, there is now growing optimism around harmonisation:
Supervisors across the Nordic countries are beginning to align more closely, both with each other and with broader EU regulatory frameworks.
Notably, Finland’s participation in the Eurozone and the Single Supervisory Mechanism (SSM) already ties it more tightly to the European Central Bank’s regulatory and supervisory agenda. This positions Finland as a natural bridge between the Nordics and the broader EU.
Achieving regulatory harmonisation across the Nordics would not only streamline regional securitisation practices but also integrate Nordic markets more deeply with the broader European market.
The benefits include greater standardisation, improved cross-border comparability, and increased investor confidence in Nordic-originated securitisations.
2. Norway: Leading the way with new regulation
Norway is generating particular excitement within the securitisation community:
The new regulatory framework is expected to come into force as early as July 2025.
This could act as a trigger event for further Norwegian engagement with securitisation, particularly if Norway’s model proves replicable and scalable across the region.
The regulatory shift in Norway is also being seen as a blueprint for the development of a more vibrant private credit and securitisation ecosystem.
3. SRTs gaining traction – both synthetic and cash
Discussions at the Forum underlined the evolving role of Significant Risk Transfer (SRT) transactions:
With tighter capital requirements under Basel 3.1 (including output floors and model constraints), banks are actively exploring balance sheet SRTs to optimise capital usage and maintain lending capacity.
Cash SRTs, while less common in the Nordics due to strong liquidity positions among banks, are attracting new interest for their potential in NPL backstop planning and diversifying funding sources—particularly for non-bank lenders.
Revel Partners expects a blended toolbox of balance sheet SRTs and cash SRTs to evolve over the coming years as capital constraints become more binding.
4. The rise of unfunded SRTs and outlook for STS treatment
Another trend noted during the Forum is the growing share of unfunded SRT transactions:
These structures allow banks to transfer risk without raising additional funding, making them cost-efficient and balance sheet-friendly.
With future eligibility for STS (Simple, Transparent, and Standardised) treatment on the horizon, unfunded SRTs could become even more attractive. STS recognition would enable more favourable capital treatment and potentially broader investor acceptance.
5. Nordic potential: From lagging to leading?
While securitisation volumes in the Nordics have historically lagged behind continental Europe, the fundamentals suggest strong latent potential:
Nordic banks remain well-capitalised and profitable, with limited short-term funding needs—but this could change under stricter capital regimes.
Non-bank lenders, real estate originators, and fintechs are likely to lead the charge as the need for capital-efficient risk transfer becomes more pressing.
The call to action from Revel Partners: build a more unified, predictable, and liquid Nordic SRT market—with standardised documents, investor engagement, and supervisory clarity at its core.
Final thoughts
The SCI Nordic Securitisation Forum 2025 offered a compelling glimpse into the future of structured finance in the region—and served as an exceptional opportunity to meet and exchange ideas and experiences with market participants from across the Nordics and beyond. The event fostered open dialogue between issuers, investors, advisors, regulators and other market participants, building bridges that will be essential as the market continues to evolve.
As Jonas Bäcklund noted in his keynote, the Nordic market is at an inflection point. With supportive regulation, strategic innovation, and proactive collaboration, securitisation could become a central pillar of capital and risk management in the years to come.
Revel Partners remains committed to shaping and supporting this transition—bringing global best practices to Nordic markets and creating smart, scalable securitisation solutions tailored to local needs.
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Revel Partners is part of Belvere Group, experts in strategic solutions for financial institutions, the real estate sector and professional investors.
