PCS launches a new label for risk transfer/synthetic securitisations

Today, PCS launches its new label to be awarded to risk transfer instruments that meet all the criteria devised by the PCS Association to identify the key elements for a simple, transparent and standardised instrument.

This is the first new label from PCS since the creation of its original PCS True Sale Label in 2012.

PCS hopes that its new label will, once again, help support the market by assisting both protection buyers and investors through standardisation and added transparency. It also hopes to contribute to a debate that may end in a new, better regulatory regime for this key European market based on a bifurcated treatment of risk transfer securitisations based on key simplicity, transparency and standardisation criteria.

In this context, PCS is also proud to announce that it has already granted its first PCS Risk Transfer Label to UniCredit’s transaction “UniCredit A.R.T.S MidCap 2016-2” which relates to a portfolio of performing loans granted by UniCredit in favour of Italian small and medium size enterprises.

The rationale behind the new label and the principles behind the new criteria may be found in our Launch page and Outline page.  The full criteria for the new label can be found on our website here.

The PCS website has also been fully updated to reflect our new label.