EBRD launches inaugural €1 billion securitisation transaction
EBRD mobilises global investors, supports development of new MDB asset class
The first SRT covers risks related to €1 billion of private-sector loans in its regions
Prepares ground for scaling private-sector lending through programmatic risk sharing
The European Bank for Reconstruction and Development (EBRD) has successfully launched its inaugural significant risk transfer (SRT), marking a major milestone in the Bank’s efforts to mobilise private capital and scale up lending in emerging markets.
The €1 billion transaction, structured as a synthetic securitisation and branded by the EBRD as “Mosaic”, transfers credit risk on a diversified reference portfolio of EBRD assets while keeping the underlying loans on the Bank’s balance sheet.
By sharing risk with private investors and insurers, the transaction mobilises private capital into countries and projects that private capital may not otherwise have been able to access. It also enhances the EBRD’s capital efficiency and releases capacity to support additional high impact projects.
The securitisation spans over half of the economies where the EBRD invests, as well as multiple sectors including sustainable infrastructure, corporates and financial institutions, providing access to a diversified and representative section of the Bank’s private-sector portfolio.
Mosaic comprises a €835 million senior tranche, retained by the EBRD, a €145 million mezzanine tranche, partly placed with international investor PGGM and partly insured by AXA XL, AXIS Capital and Liberty Mutual. A €20 million junior tranche is to be retained by the EBRD.
Santander CIB and Clifford Chance advised the EBRD on the structuring, placement and execution of the transaction.
As the EBRD’s first portfolio-level risk transfer, the transaction represents an important step in expanding the Bank’s ability to finance long-term investments and development objectives, while unlocking capital from a new group of global risk-sharing partners.
Burkhard Kübel-Sorger, the EBRD’s Vice President and Chief Financial Officer, said: “Through this transaction, we are creating a new opportunity for institutional investors to engage with EBRD portfolios and support investments in our regions. By sharing risk and mobilising private capital, we can use our balance sheet more effectively, accelerating the circulation of capital and channelling more long-term investments to emerging economies. The EBRD’s inaugural SRT represents a major step forward for the MDB [multilateral development bank] community, for the Bank, and for the regions we serve.”
Lars Dijkstra, Chief Investment Officer, Asset Management at PGGM, said: “We are proud to be the first anchor investor in the EBRD’s risk-sharing programme; establishing a relationship with a leading and likeminded multilateral development bank where sustainability objectives are embedded in all financing activities. The EBRD’s approach closely aligns with our joint investment philosophy with our client, PFZW, in which we balance return, risk and sustainability as integral parts of our ‘3D’ investment strategy.”
Mosaic aligns closely with the G20 recommendations of the Independent Review of Multilateral Development Banks’ Capital Adequacy Frameworks, mobilising private capital, optimising balance sheets through private-sector risk transfer and leveraging data, such as the Global Emerging Markets (GEMs) database, to demonstrate MDB asset performance to investors.
The EBRD is among the strongest mobilisers of private capital in the regions where it operates. In 2025 the Bank delivered €16.6 billion of own-account financing and mobilised a further €26.8 billion.
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EBRD records strong financial year in 2025
11.05.2026.17:16
The European Bank for Reconstruction and Development (EBRD) recorded a strong financial year in 2025, with a net profit of €1.3 billion, following a net profit of €1.7 billion in 2024.
In a year characterised by sustained investment in Ukraine and the launch of operations in sub Saharan Africa and Iraq, the Bank further strengthened its financial position while delivering on strategic priorities across the economies where it invests.
Banking assets totalled €47 billion at end-2025, a 6 per cent increase compared with the previous year.
Banking revenue remained resilient, standing at €2.7 billion and accounting for 70 per cent of total revenue. The banking portfolio generated a net profit of €0.6 billion, which was partly offset by impairment losses, with an expected credit loss charge of €0.14 billion, compared with an expected credit loss release of €0.11 billion in 2024.
Non-performing loans accounted for 8.4 per cent of loan operating assets at end-2025, largely reflecting continued geopolitical tensions. Excluding Ukraine related exposures, the non-performing loan ratio remained broadly stable at 3.1 per cent, the same as in 2024.
Treasury assets totalled €39.5 billion at end-2025, an 11 per cent increase relative to 2024. Treasury activities also performed strongly, contributing €0.2 billion to net profit, broadly in line with 2024.
Shareholders demonstrated ongoing confidence in the Bank in 2025, with a subscription rate of nearly 95 per cent for the EBRD’s €4 billion general capital increase, which had been approved by the Bank’s Board of Governors in 2023.
The Bank’s strong financial performance will enable it to continue reinvesting in projects and clients across its markets, advancing its strategic priorities while supporting sustained growth and resilience.
The Bank continues to be rated triple-A with a stable outlook by S&P Global Ratings, Moody’s and Fitch Ratings.
The EBRD is owned by 77 countries, as well as the EU and the EIB. Since its establishment in 1991, the Bank has invested more than €220 billion in economies on three continents.
