South African Securitisation Programme (RF) Limited - Series 1

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South African Securitisation Programme (RF) Limited Series 1 (2021-09)
  • South African Securitisation Programme (RF) Limited - Series 1
  • Year : Sep 2021
3 Tokens
USD 300.00

SASP 1 is the first of three series of the R5bn multi-seller segregated asset-backed notes programme of rental and equipment lease financed assets originated by Sasfin Bank Ltd (“Sasfin”). SASP 1 and SASP Series 3 are primarily made up of office equipment leases, while SASP Series 2 is primarily made up of capital asset leases. The capital structure has remained unchanged over the review period. GCR modelled a starting asset balance of R1,246.9m in performing assets in order to meet the 12.54% overcollateralisation requirement plus the R116.1m defaults as at June 2021, which sums up to R1,363.0m. This translates into an asset to notes ratio of 1.23x (August 2020 review: 1.21x).

Additional Information

GCR noted that the proportion of loans affected by payment holidays has decreased significantly since May 2020 and holidays have not been granted since August 2020. As such, cash flow disruption analysis was not deemed necessary. The results suggest that the Class A and Class B Notes have sufficient credit enhancement to withstand additional stresses, while the ratings of the Class C Notes are resilient to moderate additional stresses over short to medium term horizons.

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