Wednesday, 19 June 2019
JFGT (20190619-21:04:39 to UTF-8) ART 167 en => da
Securitization of assets. Bonds
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ICG jointly provide a full range of organization and support investititsionnoy activity and bond businesses, giving customers a wide range of comprehensive, personalized services in the development of fundraising strategy, searching for investors and for the bond issue the company:

Services Financial Advisor:

  • development of fundraising strategy;
  • advising on bond issues;
  • development of recommendations for all phases of the procedure of issue of bonds;
  • preparation of a complete package of documents and registration of bonds in the State Commission on Securities and Stock Market Commission (Securities Commission);
  • Professional counseling companies on accounting and reporting of securities transactions, preparation of a report on the results of the loan and its submission to the Securities Commission;

Services to the organizer:

  • the creation and placement of the emission syndicate securities issuance;
  • legal support for the issue;
  • prepare a prospectus for investors;
  • Underwriting Services:
  • advertising campaign, a presentation of the loan to investors;
  • passage of the listing of bonds on the stock exchanges and PFTS;
  • primary placement of bonds among investors (resident and non-residents, businesses and individuals);

Services for the maintenance of the secondary market:

  • maintaining the liquidity of the bond issue on the stock exchange and OTC markets;
  • analytical reviews of issuers of bonds;
  • agent services for payment:
  • payment coupon;
  • redemption of the bonds;

Organization of custodial services:

  • advising on the interaction with the depositary OJSC "MFS", the National Depository of Ukraine, the First Stock Trading System, stock section of exchanges in Ukraine.
  • registration of bonds issued in uncertificated form, the accounts in securities;
  • immobilization of bonds issued in documentary form;

Securitization of assets

Among the innovative schemes to attract funding more and more popular recently acquired asset securitization. Securitization - a way of attracting funding associated with the issuance of securities backed by assets that generate stable cash flows (for example, a portfolio of mortgage loans, auto loans, leasing assets, commercial real estate, generating a stable rental income, etc.).

The first securitization may be of interest to commercial banks with significant portfolios of homogeneous loans, leasing companies, real estate funds and developers. Securitization under certain conditions, allows to achieve the following objectives:

  • Increase the return on equity;
  • Diversify their sources of funding;
  • Reduce the cost to attract financing (due to the fact that the credit rating of securitization securities may be higher than the rating of the issuer);
  • Attract financing for a longer time (compared to conventional loans);
  • Comply with the requirements for capital adequacy ratio (for banks);
  • Reduce the risk of credit (leasing) portfolio due to transfer credit risk on a wide range of investors - the owners of the securities issued by securitization of credit (leasing) portfolio;
  • Continue to benefit from the loan (leasing) portfolio as margin between the average rate of placement credit (leasing) portfolio and lower interest rates on securities issued by securitization of the portfolio;
  • Create a public credit history, both on domestic and international capital markets.

The first phase of securitization is to analyze the economic feasibility of the securitization transaction (FS) compared with other financing options.

As part of this work is analysis of the strategic objectives of the client portfolio of securitized assets, the state information systems, legal issues, tax considerations and other factors that are important to the securitization transaction. In addition, based on prior understanding of the structure of the project consulted with rating agencies, investment banks, etc. to understand the possible rating and transaction costs.

The result of the work is preliminary framework, the economic model, as well as recommendations on the feasibility of the transaction and the next steps.

In subsequent phases, we provide comprehensive assistance in:

  • preparing and structuring the transaction;
  • the documentation, analysis, accounting and tax aspects of the transaction;
  • choice of lead manager and other participants in the transaction, as well as coordination of their work to achieve the best results;
  • conducting road shows and the closing of the transaction;
  • implementation of current requirements after the placement of securities.
 
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