TUHF Urban Finance (RF) Ltd

South Africa

TUHF Urban Finance (RF) Ltd (2022-05)

The Transaction is a mortgage-backed securitisation of commercial property mortgage loans advanced to entrepreneurs in the inner-city precincts of South Africa. The mortgage loans are originated by TUHF Limited (“TUHF”, Long Term Issuer Rating of BBB-(ZA) with a Stable Outlook), which operates as a non-bank financial services provider. An initial issuance of R500m of Notes occurred in December 2018, with a further issuance of R150m having taken place in October 2019. The Transaction’s Revolving Period ended on 31 January 2020 as scheduled. The first redemption of Notes occurred on the following Payment Date of 30 April 2020.

Tokens: 3 Price: USD 300.00

TUHF Urban Finance (RF) Ltd

GCR Ratings (“GCR”) affirmed the long-term issue credit rating of the Class A1 Notes and upgraded the long-term issue credit rating of the Class B Notes issued by TUHF Urban Finance (RF) Ltd (the “Issuer”), under its R2bn Mortgage Loan-Backed Securitisation Scheme (the “Transaction”). This follows GCR’s annual surveillance of the Transaction.

Tokens: 2 USD 150.00

TUHF Urban Finance (RF) Ltd

TUHF Urban Finance (RF) Ltd is a first-time issuer that has a R2bn Mortgage Loan Backed Securitisation Scheme that issued R385m of Class A Notes, R45m of Class B Notes, R20m of Class D Notes and R50m of Class E Notes during December 2018. The Class A Notes and Class B Notes are rated by GCR, whilst the Class D Notes and Class E Notes are unrated. The Class E Notes are held by the Seller. The Notes constitute direct, limited recourse, secured obligations of the Issuer. The Notes of each Class rank pari passu among themselves. The Notes will not be redeemed during the Revolving Period phase. The Issuer may prefund assets (up to 10% of the Notes) on issuance. Such prefunding will be used to purchase assets by the end of the Revolving Period.

Tokens:1 Price: USD 75.00

TUHF Urban Finance (RF) Ltd

TUHF Urban Finance (RF) Ltd is a first-time issuer that has a R2bn Mortgage Loan Backed Securitisation Scheme that plans to issue R385m of Class A Notes, R45m of Class B Notes, R20m of Class D Notes and R50m of Class E Notes during December 2018. The Class A Notes and Class B Notes will be rated by GCR, whilst the Class D Notes and Class E Notes will be unrated. The Class E Notes will be held by the Seller. The Notes constitute direct, limited recourse, secured obligations of the Issuer. The Notes of each Class rank pari passu among themselves. The Notes will not be redeemed during the Revolving Period phase. The Issuer may pre-fund assets (up to 10% of the Notes) on issuance. Such pre-funding will be used to purchase assets by the end of the Revolving Period.

TUHF Urban Finance (RF) Ltd Current Ratings

Issue Name Rating Country Rating Published
Class A Notes - TU1A12 Long Term Rating: AA-(ZA)(sf); Outlook: Stable South Africa 13-09-2019 0:00:00
Class B Notes - TU1B12 Long Term Rating: BBB-(ZA)(sf); Outlook: Stable South Africa 13-09-2019 0:00:00
Class B Notes - TU1B11 Long Term Rating: BBB(ZA)(sf); Outlook: Stable South Africa 18-03-2021 0:00:00
Class A Notes - TU1A11 Long Term Rating: AA-(ZA)(sf); Outlook: Stable South Africa 18-03-2021 0:00:00
Available Purchase Options: