WAL enters CRT space

Category: Capital Relief Trades

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CRT trade covers first losses on warehouse loans

Western Alliance Bancorporation (WAL), a $35bn western US lender headquartered in Phoenix, Arizona, completed a $242m 144a credit linked note (CLN) sale at the end of June to cover first losses on $1.9bn reference pool of mortgage warehouse loans.

This constitutes another capital relief trade brought to the market by a US regional following the lead of Texas

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