Santander Turns to DE Shaw to Hedge Venture With Credit Agricole [BNN Bloomberg (Canada)]
CREDIT AGRICOLE UNSP/ADR (CRARY)
NASDAQ:AMEX Investor Relations:
credit-agricole.com/en/finance/finance
Company Research
Source: BNN Bloomberg
The lender used what's essentially a type of put option to offload risk from its 30.5% stake in an asset service known as CACEIS, and placed at least some of it into D.E. Shaw, according to the people, who declined to be identified because the transaction is private. Capital relief trades that allow banks to shift risk to hedge funds and other private market investors have been all the rage this year — and Santander has been among the most active issuers. The deals free up capital banks would otherwise have to set aside to cover potential losses, and allow them to boost their solvency ratios. In this instance, Santander is offsetting its exposure to CACEIS, according to the people. The French bank has a 69.5% stake. Risk Transfers Santander offloaded €30 billion ($33 billion) of risk-weighted assets during the first half, according to Chief Financial Officer Jose Garcia Cantera. About 40% of risk transfers have taken the form of SRTs tied to loans, he said. “The rest is oth
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