Securitisation

We also play an active role in developing the legal framework for New Zealand securitisation transactions by providing submissions on law reform, educational opportunities for market participants and membership of industry bodies. In particular, Bell Gully was a co-founder of the New Zealand Sub-Committee of the Australian Securitisation Forum in 2015. This is now the leading advocacy body in the New Zealand market.

Our established track record, and strong working relationships with the key participants in this market, provide our clients with access to market leading expertise and an unparalleled ability to execute complex transactions.

Work highlights

We have been involved with the following securitisation transactions in recent years:

Motor Trade Finance
We advise Motor Trade Finance Limited, as the originator, on its master trust securitisation programme for the funding of automobile receivables including establishment of a warehouse trust and multiple rated term trusts.

Humm Group (Q Card)
Adviser to the originator on the establishment of a rated Revolving Asset Backed Note Programme established under a master trust structure. This was the first credit card securitisation post-GFC in Australasia.

Resimac Home Loans
Adviser to the trustee in connection with the establishment by Resimac of its New Zealand securitisation programme which included the ability to create segregated series within a single trust.

Latitude Financial Services
Adviser to the funders under a master trust structure established to hold pools of sales finance and credit card receivables and personal loans acquired from GE. The total value of receivables securitised was over NZ$1 billion.

Bluestone Group – Warehouse Trust and Term Trusts
We advise Bluestone Group Pty Limited on its non-conforming and prime residential mortgage-backed programme in New Zealand. This has included establishing multiple warehouse and term trusts under a master trust structure.

Heartland Bank
Adviser generally to Heartland on its securitisation programmes including the Heartland ABCP Programme.

Harmoney
Adviser to Harmoney on all aspects of its New Zealand securitisation programme including its first rated term issue.

Pepper Homeloans
Adviser to the trustee in connection with the establishment by Pepper Homeloans of two trusts to hold a pool of residential mortgage loans.

CSG Limited
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.

Avanti Finance Limited
Adviser to the trustee in connection with the establishment of multiple warehouse trusts and a term trust under a master trust structure (including an RMBS warehouse trust with the ability to create segregated series to allow for the securitisation of different asset classes).

Captive RMBS Programme
Adviser to The New Zealand Guardian Trust Company Limited as trustee of trusts that form a bank’s captive RMBS programme which enable it to issue repo-eligible securities which can be used to access the liquidity facilities offered by the Reserve Bank of New Zealand.

Basecorp Finance Limited
Adviser to the trustee in connection with the establishment of a warehouse trust and term trusts under a master trust structure.

Equipment Leasing & Finance
Adviser to Equipment Leasing & Finance on the establishment of a master trust securitisation programme including the establishment of two warehouse trusts.

Humm Group (Columbus Trust)
Adviser to warehouse funder to a trust established to fund the Q Mastercard product.

Warehouse Group NZ
Adviser to the trustee on a master trust structure established by The Warehouse (a leading NZ retailer) to fund its credit card and consumer credit book.

NZCU South – Warehouse Trust
Adviser to the originator of a pool of residential mortgage loans on the establishment of a master trust structure. This was the first securitisation entered into by a Credit Union in New Zealand.

Turners Finance
Adviser to the arranger of a warehouse trust to fund the origination of consumer finance receivables.

Finance Now Limited
Adviser to the arranger of a warehouse trust to fund the origination of consumer finance receivables.

Fonterra Trade Receivables securitisation
Acting as New Zealand counsel to Rabobank Australia Limited on establishment of a trade receivables securitisation programme for Fonterra Limited. The programme involved an SPV Purchaser based in the Netherlands acquiring receivables originated by members of the Fonterra Group in New Zealand, the United States of America and the Netherlands.

Viola Finance
Adviser to Viola Finance as senior funder under a warehouse trust established for the funding of receivables originated by Prospa NZ Limited.

Pallas Capital
Adviser to the trustee in connection with the establishment by Pallas Capital of a warehouse trust to hold a pool of commercial property loans.

Securitisation

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