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Six products, one re-engineering playbook
CMBS, synthetic securitisation (the product by which SRT is most commonly pursued), fund finance, CFOs, back leverage and other bespoke structures. Complementary rather than competing tools answering the same question: how does capital reach a European CRE borrower when the Basel regime no longer lets banks hold that exposure efficiently on balance sheet.
Basel 3.1 / CRR3 and the capital squeeze
The output floor, the revised real-estate SA, operational-risk overlays, the EU / UK / US divergence on implementation timelines — and why each of the six products sits inside a single regulatory logic rather than on its own track.
Curated short analyses
A deliberately curated set of short notes on market and regulatory developments affecting European CRE structured credit. No news feed — just take-aways for practitioners.
Sources, dossier, companion sites
The April 2026 briefing dossier as a PDF download; primary sources (EBA Guidelines on SRT, CRR3, PS1/26, ILPA NAV guidance); and pointers to absdata.de and railreg.de.
Key data points — 2025 / 2026
What this site is — and is not
CRE structured.credit is focused squarely on the structured-credit toolkit that sits between the traditional senior bank loan and pure private credit in European CRE. It is written as personal notes by Dr. Thomas Prüm and is designed as a companion to absdata.de (EU securitisation law) and railreg.de (German rolling-stock financing).
These notes are not legal advice and do not create an attorney-client relationship. For the full legal notice, see the Disclaimer.
Recent notes
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2026-04-16Briefing
CRE Structured Credit — An Expanding Universe (April 2026 briefing dossier)
The full 16-page briefing on CMBS, synthetic securitisation / SRT, fund finance and back leverage. Mechanics, 2025/26 market data, regulatory framework, and the principal legal issues for practitioners — now available as PDF download.
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2026-03-05SRT
Global synthetic-securitisation issuance aimed at SRT hits record USD 41 bn in 2025 — and the CRE tranche more than doubles
Debtwire/ION reports a fifth consecutive record year for transactions aimed at Significant Risk Transfer. CRE and infrastructure issuance more than doubled year-on-year, with Europe accounting for 70%+ of global volume. Regulatory focus is shifting from Article 245 CRR mechanics to the downstream circularity with back leverage.
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2026-01-15Basel
PRA PS1/26 — Basel 3.1 final rules delayed to January 2027
The second PRA delay in twelve months lands the UK main capital regime at 1 January 2027, with transitional provisions running to end-2029. The EU, by contrast, is already inside CRR3. The divergence is itself the driver for the four CRE structured-credit products — particularly synthetic securitisation (the dominant SRT vehicle) and back leverage.