close

policy

We would like to invite you to continue a survey you have started. ...

Do you trust your insurer ?

Strongly agree
Agree
Disagree
Strongly disagree
Insurance provides peace of mind
Insurance is purchased only when compulsory
Terms and Conditions (small print) are clear and easily accessible
Insurance jargon (language) stands in the way of fully understanding each policy
Insurance companies try their best to uphold the details of the policy without cutting corners
Reducing risk, cutting costs and profits are more important to an insurance company than the customer
Insurance companies in the region are as professional as in other more developed markets
Gender
Age group
Do you feel your insurance provider works in your interest?
Have you had a rejected claim that you feel was not justified?
Do you trust your insurance provider?
Our Network

Register for our free newsletter

 
 
Latest News

Emirates NBD sells auto loan backed ABS

The majority of the notes were rated Aa2(sf) by Moody's Investors Service.

0

August 11, 2010 8:53 by



Emirates NDB PJSC Bank has sold an asset-backed securitization (ABS) of United Arab Emirates auto loans worth 19 billion yen ($221 million), the first such deal from the Middle East and by the bank, the bookrunner, Citi said.

The majority of the notes were rated Aa2(sf) by Moody’s Investors Service, and benefited from a guarantee by the Japan Bank for International Cooperation (JBIC) on the principal, which was another first, said Citi.

“Middle East banks have not had access to the securitization market for this type of asset. Securitization has been mostly used against mortgages and real estate,” said Sami Tabbarah, managing director, Citi.

Tabbarah said that banks in the region have sizeable consumer loan portfolios and selling them via ABS can provide important matched funding, on which regulatory pressure is building.

Securitizations backed by mortgages, once the bedrock of the structured finance market, have declined sharply since the credit crunch but deals backed by auto loans have been relatively robust.

Some 15.2 billion yen of the notes were guaranteed by JBIC and carried a coupon of Yen Libor plus 100 basis points. They have an expected maturity of 4.1 years and were placed with Asian institutional investors.

JBIC invested in the remainder of the transaction.

(Reporting by Alex Chambers; Editing by Jon Loades-Carter)



0

Tags: , , ,

Leave a Comment