Securitisation

Bell Gully's securitisation team has extensive experience advising, funders, originators and trustees on securitisation programmes and we are very familiar with current market practice in New Zealand.

Our team has advised on all of the major securitisations in New Zealand in the last two years, including the first securitisation of consumer credit receivables in Australasia for the past decade, and on the three rated transactions to complete in that period.

We have very strong working relationships with the key participants in this market which means we can execute transactions efficiently for our clients.

Practice leader Murray King is a member of the New Zealand chapter of the Australian Securitisation Forum.

Work highlights

Warehouse Facility
Acting for NZ Credit Union South as Originator on the establishment of a mortgage backed securitisation programme. This was the first such programme to be established by a Credit Union in New Zealand.

The Warehouse Group securitisation
Acting for Public Trust as trustee in the establishment of an asset back securitisation programme for The Warehouse to fund the purchase of credit card receivables and personal loans.

Q Card receivables securitisation programme
Advised Fisher & Paykel (F&P) Finance on the NZ$283.25 million Q Card receivables securitisation programme. Q Card is F&P Finance's consumer credit card and has fixed instalment and revolving credit purchase options. The transaction involved a number of innovative features including a class of super senior Variable Funding Notes which provide the issuer with liquidity to manage seasonal peaks. The securitisation was the first term securitisation of a credit card type product in the Australasian market for over a decade. It was also one of just three rated securitisations in New Zealand to take place in 2014.

FleetPartners securitisation programme and refinancing of heavy commercial vehicle portfolio
Advised FleetPartners on the establishment of a securitisation programme for its New Zealand operations, as well as the refinancing of its New Zealand portfolio of leased heavy commercial vehicles. The NZ$375 million securitisation programme refinanced FleetPartners portfolio of operating and finance lease accounts receivable and associated vehicle assets through establishment of an initial Rated Warehouse. This was the first time Moody's Investor Services has rated a vehicle-backed operating lease securitisation in the New Zealand market. From a legal perspective, these were highly technical transactions and there were a number of aspects that created significant complexities. These included the underlying nature of the assets (finance and operating accounts receivables and associated vehicle assets), the rating agency requirements for the Rated Warehouse, and the separation of the two New Zealand financing structures (the Rated Warehouse and the Principal and Agent transaction).

Motor Trade Finance master trust securitisation programme
Advised Motor Trade Finance, as the originator, on its master trust securitisation programme for the funding of automotive receivables including establishment of multiple trusts and an issue of medium-term notes in 2014.

Bluestone Group's Warehouse Trust and Bond Trusts (Sapphire Trusts I, II, III, IV and V)
Advised Bluestone on the establishment of its non-conforming residential mortgage-backed programme in New Zealand. This included establishing a warehouse trust and five issuing trusts under a master trust structure. The most recent trust was established in October 2013.

Geneva Finance master trust securitisation
Advised New Zealand Guardian Trust in its capacity as trustee on the establishment of a master trust securitisation structure for Geneva Finance and the establishment of an initial warehouse trust under this structure.

Instant Finance master trust structure
Advised New Zealand Guardian Trust in its capacity as trustee in relation to the establishment of an initial warehouse trust under this structure.

Pepper Home Loans securitisation programme
Adviser to the Trustee in connection with the establishment by Pepper Home Loans of its New Zealand securitisation programme. This was established in connection with the acquisition by Pepper of a pool of residential mortgage loans with an overall value in excess of A$5 billion in 2011.

Basecorp Finance securitisation
Acted for the Trustee on a warehouse facility for Basecorp Finance.

Avanti Finance securitisation
Acted for New Zealand Guardian Trust as trustee and security trustee on the establishment of the Avanti Finance securitisation.

Resimac Warehouse master trust
Acted for Guardian Trust as trustee and security trustee in relation to the establishment of a second trust under master trust structure. This was one of only three rated, term securitisation deals completed in 2014, with ratings agency S&P assigning ratings to six classes of pass-through floating rate notes. Our team advised on all three rated transactions to occur in 2014.

Branded Financial Services (BFS) NZ Warehouse Trust
Acted for New Zealand Guardian Trust as trustee and security trustee on the establishment of the BFS NZ Warehouse Trust.

Heartland Bank securitisation programme
Advised Heartland on its securitisation programmes including the MARAC programme and the Canterbury Building Society programme.

TSB Bank mortgage backed securitisation
Advisers to the Trustee on the establishment of a captive mortgage backed securitisation structure to enable TSB to access liquidity facilities provided by the Reserve Bank of New Zealand.

CSG Limited ABS warehouse trust
Advisers to the originator in connection with the establishment of an ABS warehouse trust under a master trust structure. This programme catered for multiple sellers to the warehouse trust and the ability to create segregated series within a single trust.

The Warehouse Group ABS programme
Advisors to the Trustee in connection with the establishment of an ABS programme for the Warehouse Group relating to its credit card receivables.

NZCU South mortgage backed warehouse trust
Advisers to NZCU South on the establishment of a residential mortgage backed warehouse trust. This was the first securitisation programme established by a Credit Union.

Securitisation

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