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May 15, 2025
Cadwalader special counsel Assia Damianova spoke with Structured Credit Investor about the challenges faced by first-time SRT issuers in emerging markets like Scandinavia, Greece, and Eastern Europe.
Assia noted that banks often underestimate the internal preparation required for initial SRT issuance, highlighting the importance of early regulatory dialogue to offset risks and meet investor transparency expectations. She also emphasized the need for strategic pricing, structure and the role of SPV issuances for smaller or lower-rated issuers.
She added that while volatility may lead to repricing and bigger deal sizes, recurring issuance is expected in the UK, France, Spain, and Italy, in addition to greater interest from Greek issuers and more opportunities for Nordic lenders. Investor appetite for non-traditional assets continues to grow, but uptake in Europe remains limited.
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