False start for True Sale?
Germany’s True Sale Initiative was announced with great fanfare last year – and an aim to develop a highly transparent, standardised and liquid securitisation market that would be the envy of other jurisdictions. Can it overcome a stuttering start and provide a new risk management option for German issuers? Phil Moore reports
It took almost exactly a year, but on April 30, 2004, 13 banks met in Frankfurt to sign the founding documents for the True Sale International GmbH.
Although – bizarrely – this has the initials TSI, it is not to be mistaken for the True Sale Initiative (TSI), which is the altogether more abstract term used to describe the process that now appears to have established the basis upon which a market for true sale securitisations – in which assets are transferred to a special-purpose vehicle (SPV) –
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