STS Reports are private reports commissioned from PCS. Accordingly, and in contrast with the PCS labels, there is no public list of such reports.
As of July 2018, PCS has completed STS Reports on 15 securitisation transactions.
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.