PCS stamps Storm RMBS deal with first STS label
A securitization from Obvion, Storm 2019-1, will be the first RMBS deal to receive verification from third-party verifier Prime Collateralised Securities (PCS) and the first Dutch securitization to qualify for the simple, transparent and standardised (STS) regulatory designation.
PCS was authorised as third-party verifier by the Financial Conduct Authority (FCA) last Tuesday, March 19, after the first third-party verifier was set up via True Sale International (TSI) and granted authorisation through German regulator BaFin. The deal is the second ever STS transaction to be announced, following Volkswagen’s STS
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