This section contains the list of those all STS Reports (including any CRR Reports and Grandfathering Reports) which have been commissioned from PCS and where the party requesting the report has asked PCS to publish the results.

Please note that, although PCS may be requested by the commissioning party to publish all the relevant details and documentation, in many cases the STS Reports will be private.  In such cases PCS may only be authorised to publish a limited set of details (or even no details of any kind).

To understand fully the nature of the STS Reports, we invite readers to refer to the various explanatory sections of this website, including and particularly the Disclaimer.

For a list of the most recent publicly available STS Report, please see the table below.

For details on individual transactions, click any item under the relevant transaction. This will take you, where the box is not marked “private” or contains a dash, to the “Disclaimer”. Once you have read and are ready to agree to the disclaimer click on “I agree” at the bottom of the Disclaimer page. You will then automatically be routed into the “individual transaction detail” page, which contains all the details of the chosen transaction, together with the relevant transaction documents in respect of which PCS has been authorised to publish .



  • Redeemed
  • Not Redeemed
Date of report Originator Transaction Name Tranche(s) / Series Asset Class Country of Assets
16/03/2018 Santander UK plc HOLMES MASTER ISSUER PLC Class A1 Notes Class A2 Notes Class A3 Notes Residential Mortgages United Kingdom
28/02/2018 Obvion N.V. FORDless STORM 2018 B.V. Class A Notes Residential Mortgage Loans The Netherlands
28/02/2018 Banca PSA Italia SPA AUTO ABS ITALIAN LOANS 2018-1 S.R.L. Class A Notes Auto Loans Italy
21/02/2018 Nationwide Building Society SILVERSTONE MASTER ISSUER PLC Class 1A Notes Class 2A Notes Residential Mortgages United Kingdom
19/02/2018 Vauxhall Finance plc E-CARAT 9 PLC Class A Notes Auto Loans United Kingdom
15/02/2018 LeasePlan Corporation N.V. BUMPER 10 FONDS COMMUN DE TITRISATION Class A Notes Auto Fleet Leases France
25/01/2018 Obvion N.V. STORM 2018-1 B.V. Class A Notes Residential Mortgages The Netherlands
30/01/2018 Santander de Titulizaction, S.G.F.T. S.A. FONDO DE TITULIZACION PYMES SANTANDER 13 Class A Notes SME Loans Spain
13/01/2018 ING Bank N.V. ORANGE LION XVI RMBS B.V., Class A1 Notes Residential Mortgages The Netherlands
23/11/2017 Close Brothers Limited ORBITA FUNDING 2017-1 PLC Class A Notes Auto Loans and Auto Leases United Kingdom


The PCS Labels - the True Sale PCS Label and the Risk Transfer PCS Label - awarded by Prime Collateralised Securities (PCS) UK Limited (“the PCS Secretariat”), are labels that seeks to identify asset backed securities that comply with the published eligibility criteria chosen by Prime Collateralised Securities (PCS) Europe ASBL (“PCS Europe”). These criteria seek to capture some of the aspects of securities and risk transfer instruments that are indicative of simplicity, asset quality and transparency and reflect some of the best practices available in the European securitisation market for both true sale and risk transfer securitisations.

They also reflect the PCS Labels' focus on securitisations that fund the real economy and, in the case of true sale securitisations, are compatible with good liquidity.

The selection of a PCS Label criteria cannot reflect an objective, scientific process but is a subjective view as to what constitutes today simplicity, asset quality and transparency in the European asset-backed market. Other market participants may disagree with this selection. The notion of “best practice” in the capital markets is also a subjective notion and each investor will need to satisfy himself, based on his own analysis, whether any security does meet “best practice”, requisite levels of simplicity, asset quality and transparency as such investor determines them to be.

You should make yourself familiar with the eligibility criteria for both PCS Labels which can be found on the PCS website.

A PCS Label is not a recommendation to buy, sell or hold securities. It is not investment advice whether generally or as defined under Markets in Financial Instruments Directive (2004/39/EC) and it is not a credit rating whether generally or as defined under the Credit Rating Agency Regulation (1060/2009/EC).

The activity of providing a PCS Label or the PCS Label itself (whether True Sale or Risk Transfer) is not endorsed or regulated by any regulatory and/or supervisory authority nor are the PCS Secretariat or PCS Europe institution that are regulated by any regulator and/or supervisory authority including the United Kingdom Financial Conduct Authority, the Bank of England or the Belgian Financial Services and Markets Authority.

By awarding the PCS Label to certain securities, neither the PCS Secretariat nor the PCS Association express any views about the creditworthiness of these securities or their suitability for any existing or potential investor or as to whether there will be a ready, liquid market for these securities.

Equally, by awarding (or declining to award or withdrawing) a PCS Label to certain instruments, no statement of any kind is made as to the value or price of these instruments or the appropriateness of the interest rate they carry (if any).

In awarding a Label, the PCS Secretariat has based its decision on information provided directly and indirectly by the originator of the securitised assets or the protection buyer for the securitised assets. Specifically, it has relied on statements made in the relevant prospectus, documentation and/or in certificates provided by the originator or protection buyer in accordance with PCS' published procedures. You should make yourself familiar with these procedures to understand fully how a PCS Label is awarded. These can be found the website. Neither the PCS Secretariat nor the PCS Association undertake their own direct verification of the underlying facts stated in the prospectus, documentation or certificates for the relevant instruments and the award of the label is not a confirmation or implication that the information provided by or on behalf of the originator or protection buyer as part of the award process is accurate or complete.

The PCS Secretariat and PCS Europe take reasonable measures to ensure the quality and accuracy of the information on this site. However, neither the PCS Secretariat nor the PCS Association can be held liable in any way for the inaccuracy or incompleteness of any information that is available on or through this website. In addition, neither the PCS Secretariat, nor the PCS Association can in any way be held liable or responsible for the content of any website linked to this site.

When entering the “Transaction” section of the PCS website, you will be asked to declare that you are allowed to do so under the legislation of your country. The circulation and distribution of information regarding securitisation instruments (including securities) that is available on this site may be restricted in certain jurisdictions. Persons receiving any information or documents with respect to or in connection with instruments (including securities) available on this site are required to inform themselves of and to observe all applicable restrictions.