TSI – an overview

Asset Based Finance in Germany and TSI - the two terms are closely linked. True Sale International GmbH (TSI) emerged in 2004 from a banking initiative in Germany to promote the German securitisation market. Today, the topics of the TSI go far beyond this and cover broad areas of the asset-based finance market.

The original aim of the TSI was to enable banks in Germany to securitise their own loans and create a brand for German quality securitisations in accordance with German law and on the basis of a standardised procedure agreed with all market participants. The now well-established "DEUTSCHE VERBRIEFUNGSSTANDARD" sets standards in terms of transparency, investor information, exclusion of Originate to Distribute structures (OTD) and lending and processing standards. TSI shapes the German market for securitisations and assed-based finance with its events with more than 1.000 participants annually, its internet presence and its public appearance. TSI always looks beyond the end of its nose and covers also current market trends such as blockchain, fintech and digitilisation effects and changes in the financial and real economic framework conditions.

Securitisations have proven their worth in Germany and for the German economy securitisation is an important link to the capital market. The sales financing of the German automotive industry, the financing of asset leasing, the working capital financing of German industry and trade - securitisations are increasingly used in all areas. In recent years, between 30 and 40 billion euros in leasing, trade receivables and loans have been securitised on a regular basis.

TSI business areas

Topics and projects of TSI and its Partners in 2019

1. Capital and financial market trends

  • Interest rate reversal and stability of the euro countries - implications for the asset-based finance markets
  • Influence of the credit cycle on secured financing instruments
  • Brexit and its implications for the capital markets
  • Implementation of the STS securitisation regulation
  • Financing sustainable investments through green finance
  • Relief for bank balance sheets - instruments and opportunities
  • Supply Chain Finance
  • Influence of new mobility concepts on ABS
  • Digitalisation, blockchain, fintechs and their market impact

2. Further development of legal framework & representation of interests of real economy and financial sector

  • Accompanying proper STS implementation
  • Involving TSI in green finance regulation
  • Accompanying the review of financial market regulation (level playing field; reliable framework conditions)
  • Tracking the consequences of Basel IV
  • Keeping an eye on tax and insolvency law issues with securitisation relevance
  • Following the deepening capital markets union project (green finance, covered bond)

3. Positioning of the quality label and TSI securitisation platform for STS securitisations

  • Making STS a success as a European capital market segment for Term ABS and ABCP
  • Positioning the „DEUTSCHER VERBRIEFUNGSSTANDARD“ brand as a quality brand in the STS world
  • Promoting German securitisation law and the securitisation platform

4. Networking and public relations

  • Further intensifying networking activities with German industry and its associations (DIHK, BDI, VDA, VDT, BGA)
  • Enhancing capital market dialogue
  • Putting events on the agenda on STS regulation, ABS in the credit cycle, green finance, mobility strategies and digitalisation in securitisation transactions
  • Maintaining dialogue with European (EBA, EIOPA, ESMA, ECB) and national supervisory bodies (Deutsche Bundesbank, Bafin)
  • Winning digitalisation drivers for the TSI network
  • Further Europeanising TSI fields of action

At the heart of the German ­asset based finance market

In its endeavours, TSI has the support of many partners – banks and law firms, rating agencies, auditing companies and service providers. It thus reflects the breadth of the German market.

TSI's Advisory Council plays an important role in the company's work. It comprises board members and CEOs of major German banks, the three large rating agencies, two auditing firms and representatives of the Federal Ministry of Finance and the Federal Ministry of Economics and Technology. It identifies and discusses key issues to be taken up by TSI.   To the Advisory Council of TSI

TSI Partners

TSI has the support of a broad, top quality network formed, at present, by 70 enterprises from the asset based finance industry. TSI Partners come from all sectors of the German securitisation market: banks, consultancy companies and service providers, law firms, rating agencies and professional associations. The unifying factors are competence and experience in the securitisation market and a common interest in further developing that market. TSI Partners derive particular benefit from TSI's lobbying and PR services. If you would like to find out more about the individual TSI Partners, their competence with regard to the securitisation and asset based finance market and their range of services, just click   TSI Partners  to access more detailed information.