South African Securitisation Programme (RF) Limited - Series 3

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

The capital structure has remained unchanged post the issuance of R276m Class A7 Notes (refinancing maturing R276m Class A2 Notes), R45m Class B7 Notes (refinancing maturing R45m Class B2 Notes) and R20m Class C7 Notes (refinancing maturing R20m Class C2 Notes). The Issuer did not issue additional subordinated loans. The pricings of the new Notes are lower than that of the maturing Class A2 Notes, Class B2 Notes, and Class C2 Notes.

Additional Information

GCR has taken cognisance of the SENS announcement recently released by the Issuer relating to the amendment of the Net Default Test Event for SASP 3. In this regard, GCR’s analysis shows that the amendment does not have a negative impact on the ratings assigned to the Notes issued by SASP 3. In conducting its analysis, GCR considered the following: 1) Historical levels of the net default ratio compared to the increased Net Default test level from 2.625% to 4.5%; 2) whether the amended Net Default Test Event level may effectively end the revolving period upon a situation of negative excess spread/decrease in credit enhancement available to the Notes

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South African Securitisation Programme (2018-08)

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