A German SPV has many advantages for the securitisation of bank receivables. Apart from providing tax and legal security, the process has proved its worth in a large number of transactions with all main asset classes (auto loans, SME, RMBS) as the underlying assets, in both synthetic and true sale transactions.

Further information on German SPVs can be obtained via the following link:

German SPVs and TSI securitisation platform

The reporting guidelines for the CLO asset class apply to true sale transactions. These provide guidance on the award of the certificate CERTIFIED BY TSI – DEUTSCHER VERBRIEFUNGSSTANDARD. The explanations given are not to be understood as conclusive definitions. The definitions in the listing prospectus always apply to securitisation transactions. For synthetic securitisation structures, different recommendations apply to the details provided in the reports; these are agreed directly with the mandator.

Reporting requirements for a CLO transaction

In addition to the reporting guidelines, the declaration of undertaking per asset class represents a core element of the certificate CERTIFIED BY TSI – DEUTSCHER VERBRIEFUNGSSTANDARD. In presenting the signed declaration of undertaking, the Originator/Issuer undertakes to comply with the quality criteria underpinning the certification for the entire term of the securitisation transaction. The declaration of undertaking for the CLO/SME asset class can be opened via the following link:

Declaration of undertaking for the CLO/SME asset class