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 and a range of other currencies and also with long or short maturities. The notes will be issued in series and secured on underlying assets that have been chosen to meet specific investors needs....

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