Launched to much fanfare in 2003, the TSI was designed to boost true-sale securitization in Germany, but has ended up being something of a sideshow as the cash market has steadily developed outside the scheme. Dresdner’s first cash deal, the SME-backed RCL Securitization GmbH, involves both a €1 billion, 3.95 year triple-A rated tranche and a further €1.94 billion of notes that were funded through one of Dresdner’s ABCP conduits. The support of the large ABCP-funded tranche meant that the term notes priced very tightly at 10 basis points over Euribor.
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