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Add to Preferred SourcesThe European Bank for Reconstruction and Development (EBRD) has successfully launched its inaugural significant risk transfer (SRT), a €1 billion synthetic securitisation branded as “Mosaic”. The transaction transfers credit risk on a diversified reference portfolio of EBRD assets while keeping the underlying loans on the Bank’s balance sheet, according to a press release. Announced on 7 May 2026, the deal marks a major milestone in the Bank’s efforts to mobilise private capital and scale up lending in emerging markets. It supports the development of a new multilateral development bank (MDB) asset class. The SRT prepares the ground for scaling private-sector lending through programmatic risk sharing.
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. It covers multiple sectors including sustainable infrastructure, corporates and financial institutions. This provides 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, and a €145 million mezzanine tranche. The mezzanine tranche was 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 deal expands the Bank’s ability to finance long-term investments and development objectives.
Burkhard Kübel-Sorger, the EBRD’s Vice President and Chief Financial Officer, highlighted the significance of the milestone.
“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,” he said.
Lars Dijkstra, Chief Investment Officer, Asset Management at PGGM, added that the firm was proud to be the first anchor investor in the EBRD’s risk-sharing programme. He noted that the EBRD’s approach closely aligns with PGGM’s joint investment philosophy with its client, PFZW.
Mosaic aligns closely with the G20 recommendations of the Independent Review of Multilateral Development Banks’ Capital Adequacy Frameworks. It mobilises private capital, optimises balance sheets through private-sector risk transfer and leverages 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. The transaction unlocks capital from a new group of global risk-sharing partners.