The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Capital Markets

Structured finance market round-up: ABN Amro smiles again

ABN Amro launched the third SME loan securitization under its Smile programme.

Following its €5 billion cash SME securitization in 2001 and the €6.75 billion synthetic SME securitization in 2005, Smile 2007 is a €4.9 billion true sale cash securitization transaction. The latest ABN balance sheet securitization, Smile 2007, is "designed to maximize economic and regulatory capital efficiency in the context of both the Basle I and Basle II frameworks." One modification over the 2001 and 2005 transactions is that the capital structure requires a credit enhancement of just 15 basis points of annual guaranteed excess spread. Smile 2007 attains nearly complete credit risk transfer on the portfolio.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree