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17 Oct 2003
MOODY'S ABCP RATING ACTIONS FOR THE SEVEN-DAY PERIOD ENDED OCTOBER 16, 2003:
New York, October 17, 2003 -- QUERY ADDS EURO CP FEATURE
ABCP Query is an Excel-based tool that provides clients with data
on Moody's-rated Asset Backed Commercial Paper conduits.
Current coverage includes the largest multiseller and securities arbitrage
conduits. Query provides data specific to every program,
including liquidity providers, credit enhancement, seller
industries and seller ratings. You may also view summary or detail
data by conduit, administrator, or liquidity provider.
Query has just been further enhanced to display ABCP issued in the Euro
market. Within the Programs, Administrators, and Comparison
tabs, where applicable, there are two extra lines of detail.
These extra lines display the amount of ABCP issued in both the United
States market and the Euro market.
THE RATINGS OF THE FOLLOWING ABCP PROGRAMS WERE AFFIRMED BY MOODY'S AT
PRIME-1 DURING THE PERIOD OCTOBER 9, 2003 THROUGH OCTOBER
BANK OF AMERICAS' RECEIVABLES CAPITAL COMPANY LLC ISSUES SUBORDINATED
Receivables Capital Company LLC (RCC), a post-review,
multiseller conduit sponsored and administered by Bank of America,
N.A. (Aa1/Prime-1/A-), has issued a
subordinated debt tranche. The debt is fully subordinated to any
ABCP issued by RCC. Its principal may only be paid out of the proceeds
of this subordinated debt issuance, and its interest may be paid
only if RCC has funds in excess of the amounts needed to repay outstanding
RCC is currently authorized to issue up to $7.4 billion
HSBC BANK PLC'S REGENCY MARKETS ABCP PROGRAM ADDS GBP 300 MILLION TRANSACTION
FINANCING WAREHOUSE OF RESIDENTIAL MORTGAGE-BACKED SECURITIES
Regency Markets No.1 LLC (Regency Markets), a Prime-1-rated,
partially supported multiseller conduit sponsored by HSBC Bank plc (Aa2/Prime-1/B+),
has funded Regency Assets Limited in the amount of GBP 300 million,
enabling it to subscribe for notes issued by a mortgage warehouse special
purpose vehicle funding the latter's purchase of residential mortgage
loans from a United Kingdom originator. The deal is partially supported
by a liquidity facility provided by HSBC Bank Plc with the possibility
of syndication to other Prime-1-rated banks. The
transaction benefits from enhancement in the form of overcollateralization.
It further benefits from a number of cease issuance triggers, in
particular a failure by the originator to buy back mortgage loans more
than 60 days past due. The maturity of ABCP outstanding against
this pool is limited to the interest periods under the notes, which
are limited to approximately 90 days. The total authorized amount
for the Regency Markets conduit is currently approximately USD 3.4
DRESDNER BANK'S SILVER TOWER FUNDING LIMITED ADDS 130 MILLION TRADE RECEIVABLE
Silver Tower Funding Limited, a Prime-1-rated,
multiseller, partially supported ABCP conduit sponsored by Dresdner
Bank AG (A1/Prime-1/C-), has added a EUR 130 million
facility to its portfolio.
Silver Tower Funding makes advances under a commissioning agreement to
a purchasing company, Cool Orange Inc., which finances
trade receivables originated within the vehicle manufacturing sector on
a revolving basis.
The debtors of the underlying portfolio are resident in a number of European
countries. Debtor concentrations are mitigated through a Hermes
commercial credit insurance agreement.
Pool-specific credit enhancement is provided in the form of:
a)0.75% purchase discount;
b)a cash reserve, amounting to the greater of (a) EUR 1 million
or (b) 1.25% of the actual purchase amount, and
c)Hermes commercial credit insurance agreement with a maximum liability
of Euro 70 million.
The transaction benefits from default and delinquency triggers.
The occurrence of a trigger event results in the termination of receivable
purchases and the cessation of ABCP issuance followed by an immediate
put to the liquidity facility. Dresdner Bank AG (Prime-1/Aa3/C-)
provides the liquidity commitment for this transaction, which funds
for non-defaulted receivables.
With this addition, Silver Tower Funding is now authorized to issue
ABCP up to approximately EUR 15 billion.
ROYAL BANK OF SCOTLAND PLC'S TAGS ABCP PROGRAM ADDS GBP 300 MILLION TRANSACTION
FINANCING RESIDENTIAL MORTGAGE-BACKED SECURITIES WAREHOUSE AND
USD 75 MILLION TRANSACTION BACKED BY UNITED STATES VACATION INDUSTRY RECEIVABLES
Thames Asset Global Securitisation No.1, Inc.,
a Prime-1-rated, partially supported multiseller conduit
sponsored by the Royal Bank of Scotland plc (Aa1/Prime-1/A-),
which issues ABCP in the U.S. and Euro markets, has
funded a GBP 300 million loan facility to a purchasing vehicle.
The funding enabled the vehicle, Form Limited, to subscribe
for funding notes issued by a mortgage warehouse special purpose vehicle
to fund the vehicle's purchase of residential mortgage loans from a United
Kingdom originator. The deal is partially supported by a liquidity
facility provided by the Royal Bank of Scotland plc, with the possibility
of syndication to other Prime-1-rated banks. The
transaction benefits from enhancement in the form of 16% overcollateralization
of the mortgage loans backing the funding notes. It further benefits
from a number of cease issuance triggers, in particular including
a failure by the originator to buy back mortgage loans that are more than
60 days past due. In addition, a cease issuance will take
place if the originator is no longer 100% owned by its A3-rated
TAGS has also funded a USD 75 million loan facility to finance United
States vacation industry receivables. The funding, which
is made through an intermediate purchasing company, enables the
purchase of notes forming part of a series of variable funding notes (the
Notes) ultimately backed by a portfolio of loans originated by vacation
industry subsidiaries of a U.S. corporation. The
Notes were acquired pursuant to a co-purchase arrangement.
The deal is partially supported by a liquidity facility provided by The
Royal Bank of Scotland with the possibility of syndication to other Prime-1-rated
banks. The transaction benefits from pool-specific credit
enhancement set at a minimum of 17% of the loans backing the Notes
funded by TAGS. Furthermore, TAGS will cease issuance of
ABCP against this pool if adequate credit enhancement is not maintained,
or if an amortization event occurs under the Notes.
TAGS is currently authorized to issue approximately USD 4.76 billion
ABN AMRO'S TULIP FINANCES EUR 1.02 BILLION PORTFOLIO OF AUTO LOANS
AND EUR 335 MILLION PORTFOLIO OF RESIDENTIAL MORTGAGES
Tulip Funding Corp. (Tulip), the fully supported, multiseller
ABCP conduit administered by ABN AMRO Bank N.V. (Aa3/Prime-1/B),
has financed a EUR 1.02 billion pool of Italian auto loans and
a EUR 335 million pool of UK residential mortgages. Both transactions
were funded by Tulip's Euro funding vehicle, Tulip Euro Funding
The Tulip conduit is fully supported through liquidity commitments for
90% and a standby letter of credit for 10% of the facility
amount, provided by Prime-1-rated ABN AMRO.
The letter of credit serves as both liquidity and credit enhancement.
The authorized issuance amount for Tulip is now approximately $17
MOODY'S PHDS OF ABCP ON OCTOBER 30, 2003
On Thursday, October 30, 2003, from 1 to 5 P.M.,
Moody's is offering a seminar in New York City called "Moody's PhDs of
ABCP, Advanced Topics in Asset-Backed Commercial Paper."
Members of Moody's ABCP Group will discuss topics including an overview
of the ABCP market, FIN 46 and its effects upon ABCP, Moody's
ABCP research, and alternative forms of liquidity and related regulatory
issues, exotic assets in conduit facilities, and mortgage
The seminar will be held at the Union League Club, 38 East 37th
Street in New York. To enroll online, go to Moodys.com.
Otherwise, please call (212) 553-1658.
SAVE THE DATE FOR MOODY'S & IPMA EUROPEAN ABCP CONVENTION: OCTOBER
Moody's Investors Service and the IPMA will hold a conference on European
Asset-Backed Commercial Paper on October 29, 2003 at the
Dorchester Hotel in London. For further information, please
contact Moody's by e-mail on RSVP@moodys.com.
For a more detailed description of these ABCP programs, see Moody's
GLOBAL ASSET-BACKED COMMERCIAL PAPER MARKET REVIEW, which
is published quarterly at http://w
Structured Finance Group
Moody's Investors Service
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.
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