Varde-Backed Spanish Bank Plans SRT Tied to Credit Card Loans

WiZink Bank SA, a Spanish online lender owned by Varde Partners LP, is working on a significant risk transfer tied to credit card loans, according to people familiar with the matter.

The size of the reference portfolio is about €550 million ($641 million), said the people, who asked not to be identified because the matter is private. Societe Generale SA is advising the Madrid-based lender on the deal, according to the people.

Representatives for WiZink, Varde Partners and Societe Generale declined to comment.

SRTs allow banks to insure loans against default by selling credit-linked notes to pension, sovereign ...