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German Cash ABS Deals Coming Without Aid Of True Sale Initiative

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The first two German cash securitizations are on the way from Hypovereinsbank and despite all the hype surrounding the Kreditanstalt fur Wiederaufbau-sponsored true sale initiative, these deals will be done independently, according to an official familiar with the plans.

HVB is a member of the consortium of banks behind the true sale initiative. However, the special purpose vehicle which is being established by the consortium to securitize loans is proving difficult and time consuming to set up, note securitization bankers. HVB and CDC IXIS Capital Markets will lead manage both deals. Bea von Tneissaenau, a syndicate official at HVB in Munich, did not return calls.

HVB is planning to bring to market a E1.4 billion securitization of loans to small- and medium-sized enterprises within the next two weeks. The deal, Geldilux, will be followed by a cash residential mortgage-backed securitization. That deal is slated to be roughly E1.5 billion and is expected next year.

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