OCBC pioneers new collateralized note program

OCBC Bank launches an SPV to issue notes backed by loans, bonds and derivatives.

OCBC Bank has launched Pioneer Funding, a special purpose vehicle SPV, designed to enable the bank to securitize up to S$2.5 billion worth of loans, securities and derivatives products it has issued to customers.

The bank will assign these assets to Pioneer, which will then issue notes secured on the assets. These notes will then be sold to institutional and sophisticated Singapore investors. Pioneer has set up a 15-year note program that can issue notes in Singapore dollars...

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