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Canadian ABS Deal Fuels Public Market Interest
Standard & Poors, July 1999
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
Abstract
On July 9, 1999, Royal Bank of Canada closed its C$1.1 billion Golden Credit Card Trust deal. The issue is significant not only because it is the largest nongovernment public bond issue completed wholly in Canada, but also because it is the first Canadian public term securitization by a bank. Furthermore, it is the first public term securitization in Canada since 1995, when T. Eaton Co. Ltd. placed a smaller credit card issue. The success of the deal validates the desire of Canadian dealers to develop the public structured market, and signifies the likelihood that in the future most large 'plain-vanilla' securitizations will go the public route. Over the past few years bank activities have fueled the rapid growth of...
Companies mentioned in this report are: Royal Bank of Canada,Golden Credit Card Trust
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