EMEA

摘要

Efg private bank limited is joining a growing band of issuers to support market participants' expectations that new entrants will have a larger role to play in the securitisation market than in previous years. Tighter spreads compared with last year present more appealing funding opportunities, with EFG being the latest to test this with its new chestnut financing plc transactions. BNP Paribas and UBS embark on roadshows next Monday and Tuesday, marketing a 3.25-year Triple A tranche (Moody's/DBRS). The deal is backed by high-value UK collateral, but its construction reveals a number of unusual features with which investors will have to become comfortable. For a start, the Class A tranche is guaranteed by the originator's parent - Swiss private banking group EFG International. There are some guarantee schemes in Europe, such as the NHG programme in the Netherlands and loan guarantees in France, but deals generally rely on underlying pool cashflows and credit enhancement to support the bonds. In this instance, EFG guarantees interest on each payment date and principal at the scheduled maturity date in April 2017.