The first auto-loan securitisation in the Middle East has
closed thanks to an innovative dual-SPV structure. The deal is
based on a pool of auto-loans put together by Emirates NBD and
guaranteed by the Japan Bank for International Cooperation
(JBIC), encouraging Asian investors to embrace the first-time
To achieve this support, a structure was developed that
allowed the Japanese development bank to act as both guarantor
and investor, while also incorporating a true-sale model that
gave comfort to rating agencies and investors.
This should provide a roadmap for loan securitisations
in the Middle East, said Christopher Walsh, a partner at
Clifford Chance in Dubai who advised Emirates NBD. We
tried to give investors a structure as close...