Our structured finance group provides specialised services to all parties involved in securitisation transactions (originators, issuers, arrangers, investors and service providers) and for all stages as well (from initial discussions with clients, to financial planning, implementation and follow up).
By combining financial skills with technical experience, we are able to maximise the benefits that securitisation offers to our clients. We focus on the particular needs of each client. We do not push pre-set solutions. We aim simply to help companies achieve their set objectives at the lowest costs, while preserving the highest level of flexibility.
Our professional service teams draw on the broad and deep capabilities of the entire global PwC network. This means we can offer clients state-of-the-art advice in operations and systems consulting, feasibility analysis, financial reporting, risk management, and tax and regulatory consulting.
We provide a range of services to originators from beginning to end of transactions, these services are summarised in the following areas of the securitisation process:
A feasibility study ensures that securitisation supports your funding objectives and business strategy. We can assist you in evaluating the cost and benefits of securitisation, whether a conduit or stand alone transaction, and ensure that it is appropriate to your particular circumstances. Typically we run workshops for client staff involved which help to rapidly mobilise the project and surface potential issues.
Invariably practical problems arise in a company's ability to provide historical data and information concerning the asset pool with their ongoing ability to meet servicing and reporting requirements. Drawing on our previous experience of securitisations and extensive IT resources, we can help clients perform a review designed to identify likely problems and implement quick and effective solutions.
Before presenting asset-specific information to rating agencies, originators should undertake a complete review to confirm historical performance of the assets being securitised. Transparent review and analysis of underlying collateral for a transaction can save an originator money by translating into a higher rating by the credit agencies.
After our in-depth analysis of our clients' collateral, systems and operations, we will work closely with the client to ensure the best presentation of their position to the rating agencies who, in turn, will determine the overall funding costs by assigning ratings to the offered notes.
Because investor demand decides the structure that will ultimately prevail, we will work with your investment bank to ensure that the structure chosen is the most efficient and cost-effective for all parties involved in the transaction.
Our traditional securitisation services revolve around comforting information contained in the offering circular or marketing materials. These services often begin with data preparation and collateral file due diligence and continue through comforting collateral stratification tables and data attributes listed in these documents. Our team provides analytical and cashflow modelling services in a timely manner, fully supporting each transaction.