Asset backed commercial paper conduits require a range of ancillary duties including administration of the programme, managing the cash flows of the receivables, and ensuring timely payment and notification to investors. Due to the fast-moving and streamlined nature of the ABCP market, it is essential for issuers to settle high volumes of issuances in tight time frames and to receive real-time information on the status of their transactions.

Deutsche Bank leverages the expertise, experience, infrastructure and technology of the Bank, maximising efficiency and allowing our clients to concentrate on their core business objectives. We understand the needs of our clients and have the ability to promptly settle high volumes of issuances within International Central Securities Depository (ICSD) deadlines and in a same-day funds environment.

Technology: We use a combination of industry-leading systems to provide comprehensive third-party agency services, with the ability to seamlessly interact with all market participants, securely settle cash globally and provide trustee services. We offer waterfall and compliance modelling via bespoke internally developed systems to meet all of our clients’ needs.

Expertise: Our team of experts has the breadth of knowledge to ensure all fiduciary and administrative aspects of a transaction are efficiently executed. We feature issuance into the Depository Trust and Clearing Corporation (DTCC), Euroclear and Clearstream; common depositary in the global markets; active involvement in industry groups; exceptional “street” relationships; and direct systemic links with all major ICSDs and participants (issuers, brokers and custodians).

Global reach, local touch: Through our specialised centres of excellence in London, Hong Kong, Luxembourg, Milan, New York, Tokyo and Singapore, we service transactions ranging from the most basic to more complex cross-border financings with multicurrency cash flows in EMEA, Asia and the Americas. With our global reach and local knowledge, all transactions will be dealt with efficiently and professionally.

Our service roles include:

• Account bank
• Cash manager
• Common depositary
• Conduit administrator
• Conduit sub-administrator
• Custodian
• Depositary/escrow agent
• Fiscal agent
• Issuing and paying agent
• Listing agent
• Principal paying agent
• Security agent
• Settlement agent
• Tax reporting agent
• Tender/exchange/consent agent
• Trustee

Asset administration:

• Aggregated seller reporting
• Reverse engineering of seller reports for additional surveillance
• Projection/tracking of receivable repayments
• Transaction surveillance – programme/seller level

Liability administration:

• Dealer comparison reporting
• Match issuance and tranching of commercial paper (CP) to corresponding seller/receivable data
• Monitor and calculate credit enhancement levels
• Monitor CP maturities
• Monitor liquidity facilities and perform validity tests
• Track all swaps and hedging contracts relating to conduit

Cash management:

• Cash flow modeling to determine:
  • payment of maturing CP
  • conduit fees and expenses
  • investment of excess cash
• Funding of new sellers
• Seller by seller reconciliation of remittances

Investor reporting:

• Financial and compliance reporting
• Preparation of all conduit management reports
• Preparation of conduit historical performance reports
• Preparation of reports for investors and rating agencies