Services
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Short-term investment vehicle with a maturity date that is typically between 90 and 270 days.The notes are backed by the company's physical assets such as trade receivables
Asset-backed securities (ABS) finance pools of familiar asset types, such as auto loans, aircraft leases, credit card receivables, mortgages, and business loans.
These structures enables to change the parameters of the underlying securities.
to structure a pool of assets into one single security
ABCP & Financing Conduits
ABCP programmes create a means of removing assets, which have a risk-weighted capital requirement, from their balance sheet while retaining some economic interest through income generation from the management of the special purpose vehicle (SPV) which issues the securities. ABCP programmes typically involve the setting up of a funding structure to issue the commercial paper (CP).
Asset backed Securities
These contractual obligations to pay often rank senior to a borrower’s traditional debt obligations, reducing ABS investors’ exposure to the borrower’s financial health. ABS also have many other investor-friendly features that may help protect against loss and improve liquidity, such as tranching of risk, overcollateralization, and diversity of payers in each underlying pool.
Repackaged Note & Wrapper
In a Repackaging Transaction, the cash flow from the underlying securities is primarily directed to a third party, the swap counterparty. The swap part of the transaction allows to change the parameters of the underlying securities in terms of coupon, payment frequency, currency, maturity, etc.
An Asset Manager might use a wrapper to structure a pool of assets or create an index which is linked to various assets.
