March 2022 was a very tough time to bring any deal to market. Global capital markets had all but shut down amid the fallout from Russia’s invasion of Ukraine. The US Federal Reserve’s brutal tightening cycle in Washington was also in full force driving volatility, along with uncertainty about whether Covid-19 infection rates might surge again.
Yet it was into this environment that RCE Marketing (RCEM) decided to securitize a portfolio of personal finance non-discretionary civil service salary receivables through a RM2 billion ($445 million) multi-tranche deal, of which this was one tranche.
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