Briefing papers
Briefing papers on European CRE structured credit, collected in PDF format.
CRE Structured Credit — An Expanding Universe
A briefing dossier covering four products at the heart of European CRE structured credit — CMBS, synthetic securitisation (the product by which Significant Risk Transfer (SRT) is most commonly pursued), Fund Finance (including NAV lines and Collateralised Fund Obligations) and Back Leverage — with mechanics, 2025/26 market data, the Basel 3.1 / CRR3 regulatory backdrop, and the principal legal issues for practitioners.
This briefing is published as the launch dossier for CRE structured.credit. Ongoing short analyses live on the Developments page; primary sources and related research on Resources.
Last reviewed: 19 April 2026. Short definitions of the technical terms used in the dossier: Glossary.