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: