Asset-Backed Securitisation

Asset-Backed Securitisation

Special Purpose Vehicle (SPV)

In a typical asset securitisation transaction, a separate legal entity known as a special purpose vehicle (SPV) is incorporated with a view to owning certain income-producing assets. Shares in the SPV are then issued to the Share Trustee by way of a Discretionary Trust, on trust, for the benefit of Beneficiaries upon the terms and conditions of the Trust Deed. The Trust shall be irrevocable.

Share Trustee

Pacific Trustees holds the legal ownership as Share Trustee for identified Beneficiaries in respect of assets to be transferred for a purpose or disposal of assets for repayment or holding shares for the proceeds to be utilised for repayment or financing of certain projects pursuant to the provisions of the Declaration of Trust, and relevant trust laws in Malaysia. Our team of professionals are highly experienced in complex restructuring schemes and asset securitisation involving government-linked companies as well as banking and financial institutions.

Independent Directorship

We also provide independent directorship services whereby our representatives will act as directors of the SPV, and do such acts and sign such documents as may be required to be done, or signed by the SPV, or by a director of the SPV. Furthermore, we will do all acts necessary within their powers to ensure the SPV continues as a going concern throughout the tenure of the asset-backed securitisation, including but not limited, to defending or setting aside all actions, suits, claims, winding-up, execution, foreclosure and arbitration proceedings instituted against the SPV.

Transaction Administrator

We have over four years of experience as a Transaction Administrator, mainly involving Asset-Backed Securitisation structure, whereby our responsibilities include:

 

  • Executing instructions for investment of funds on deposit in the Designated Accounts based on the recommendation of the Servicer;

  • Preparing monthly reports to specified transactions and monitoring;

  • Receiving Servicer reports indicating scheduled collections, actual collections, delinquencies, defaults, etc;

  • Reviewing certain confirmation on Servicer reports and completing cash and account reconciliation;

  • Completing “waterfall” payment calculations of Issuer such principal, interest, reserve account and other waterfall payments and disbursements prepared by the Lead Arranger, as and when required;

  • Making regular payments and disbursements per “waterfall” calculations, as appropriate, to trustee, bondholders, servicers, backup servicers, credit enhancers, and recipients of other various fees and expenses, as well as disbursing excess funds to the seller/originator, and maintaining records relating to such calculations, payments and disbursements as prepared by the Lead Arranger;

  • Preparing Transaction Administrator’s Reports indicating “waterfall” payments and disbursements and any other information as required on a monthly/quarterly/half-yearly basis, and distributing the same to relevant parties, i.e. Rating Agencies/Issuers in accordance with the specimen format; and

  • Monitoring and operating the designated accounts.

Asset-Backed Securitisation

© 2020 Copyright By Pacific Trustees Singapore

60, Payar Lebar Road,
#08-30, Payar Lebar Square,
Singapore 409051

Tel     : +65-6970 0100
Fax    : +65-6970 0200

Email : customercare@pacifictrustees.com

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