StoneX, DeltaTerra develop new synthetic structure for agency credit risk transfer
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Institutional News Maria Nikolova 0 Comments September 10, 2026 StoneX Financial Inc and DeltaTerra Investments today announced the execution of a synthetic credit risk transfer (CRT) transaction referencing Agency CRT securities issued through Fannie Mae's Connecticut Avenue Securities (CAS) program and Freddie Mac's Structured Agency Credit Risk (STACR) program. The transaction offers institutional investors additional mortgage credit capacity and an efficient structure to access the risk and return profile of Agency CRT bonds. Through a customized credit default swap framework and related investment structure, investors can gain exposure linked to specified CAS and STACR securities, providing an alternative mechanism for managing Agency CRT exposure as market conditions and portfolio needs evolve. Matt Spoerlein, Co-Head of Structured Credit Trading at StoneX commented: "This transaction reflects continued evolution of the CRT market and demonstrates StoneX's ability to apply innovative structuring expertise to complex market opportunities. Working in partnership with DeltaTerra, we applied that expertise to develop a successful structure–creating an alternative to direct cash bond ownership that can be tailored to an investor's exposure and portfolio objectives. Importantly, the framework was designed with repeatability in mind, providing a foundation that can scale...
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