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Scotiabank lines up significant risk transfer on about $2 billion of loans

Milena Thomas
Published Oct 27, 2026
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Summary:
  • Bank of Nova Scotia has begun arranging a significant risk transfer linked to roughly $2 billion in loans.
  • The transaction aims to protect a book of large corporate loans and include the first-loss tranche.
  • SRTs are high-risk, high-yield investments, with coupons that regularly exceed 10%.

What the deal is

People familiar with the matter, who asked not to be named because the talks are private, said Bank of Nova Scotia is lining up a significant risk transfer referencing about $2 billion in large corporate loans. The protection would apply to the portfolio's first loss slice, and the terms could change as discussions with investors continue.

Why banks use SRTs

Significant risk transfers shift the earliest losses on a loan pool to investors in exchange for coupons that often top 10%. Issuance has surged in recent years, allowing mainly European and North American banks to move risk tied to roughly $1 trillion of loans off their books and free up regulatory capital for new lending, shareholder distributions or acquisitions.

Market context and Canadian activity

Scotiabank is one of several lenders aiming to lock in deals before year end as demand stays firm. Among the banks weighing deals that could wrap up this year are BNP Paribas SA, Societe Generale SA, Banco Santander SA and Intesa SanPaolo SpA. In a related move, BNP Paribas plans a jumbo SRT linked to €16 billion of company loans. Scotiabank representatives didn't reply to repeated requests for comment. Canadian lenders regularly tap the SRT market, and earlier this year Bank of Montreal finalized two transactions that encompassed about $5 billion of corporate loans.

Understanding new risk tools can help investors refine how they seek opportunities. We're hosting our first ever investor livestream on 11/17 to show you how to use ChatGPT and Claude to invest like a pro, hosted by Briefs Finance CEO Jaspreet Singh. Save your seat.

What it means for your portfolio

Banks continue to shift slices of loan exposure to investors through high-yield SRT structures, recycling capital while offering double-digit coupons to those taking first loss risk. If deal flow remains strong into year end, credit risk transfer could stay a visible pocket of yield in structured credit.

Thoughtful use of artificial intelligence can help investors gain a clearer edge. On 11/17, our CEO Jaspreet Singh goes live for our first ever investor livestream on how to use ChatGPT and Claude to invest like a pro. Register to join him.

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