Criteria governing the securitisation of German SME assets without an SPV

For the synthetic securitisation of German credit risk (SME and RMBS) via the KfW securitisation platform, it is possible to proceed without using a German special purpose vehicle. In connection with the certification, the same criteria otherwise apply as to the securitisation of German assets using a German SPV.

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