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Capital Markets

SC round up: German TSI boosted by Dresdner deal

Germany’s True Sale Initiative received some much-needed publicity last month when the first CLO to be structured under the programme emerged from Dresdner Bank.

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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