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ICICI Bank carries out largest securitisation deal
MUMBAI: ICICI Bank has carried out the largest rated securitisation transaction for Rs. 1,929.90 crore, backed by its new and old car loans.
The securities — Pass Through Certificates (PTC) backed by the new and used car receivables — originated from ICICI Bank and have been issued by the Indian Retail ABS Trust under the bank’s securitisation programme.
The bank would assign the pool to the trust and will receive a purchase consideration equal to the pool’s principal outstanding.
“Including the credit opinions assigned to the liquidity and second loss facilities, the rated amount of Rs. 1,992.99 crore is the largest in any securitisation transaction in India,” a Crisil statement said.
The total rated amount consists of a liquidity facility of Rs. 76.65 crore and a credit enhancement of Rs. 77.75 crore. The balance of Rs. 1,837.60 crore is the loan amount, of which new car loan receivables comprise 81.6 per cent and used car loan 18.4 per cent. — PTI
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