The structure marks another stage in the development of Taiwan’s securitisation market.
Deutsche was also an innovator in the market with its $1.1bn Puma S-1 where it was sole lead manager and bookrunner. The deal’s highlights included 100% of state income loans, the first offshore securitisation by an Australian issuer. The deal was increased from $500m to $1.1bn and priced tightly.
“Deutsche Bank’s strong global franchise enables us to deliver the best solution and execution to clients, either onshore in local currencies or offshore in euros or dollars. This is the strength of Deutsche Bank and is where our true market advantage lies,” says Raj Shourie, Deutsche Bank’s head of securitised products group, Asia. “We are positive on the Asian market outlook as we see growing interest from Asian corporates, financial institutions and government agencies in utilising asset securitisation as part of their fund raising plans when assessing financial needs.”