rnrnPeoples Merchant Bank (PMB) who structured the issues says they adopted a typical "Pay Through Securitisation" format in structuring this instrument, where receivables pertaining to HDFC`s zero default mortgage loan portfolio was securatised.rn
rnThese securatised notes, having a biannual maturity profile upto a maximum of four years, were entirely placed with National Savings Bank (NSB), by PMB.
Trustees to the issue were the Deutsche Bank AG, while EY Law (Pvt) Ltd.
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, executed the relevant legal documentation.rn
rnHDFC, General Manager C.A. Sarathchandra, said that it was in fact this advice given by the IMF that had initially become HDFCs' motivation to carry out a securitisation.
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"Through this exercise, the HDFC was able to raise funds at an attractive rate of interest, he said. rn
rnHe added that the mortgage loan securatisation done for HDFC was the first of its kind.