Prime Collateralised Securities (PCS) UK Limited (“PCS”) is pleased to announce that it has awarded its 150th Label Certificate for Dutch Residential Mortgage Portfolio II B.V., a Dutch residential mortgage securitisation from Achmea Bank. The transaction size was Eur 692.2 million across Class A, B and C Notes with Class A being publicly placed to investors across Europe. The PCS Label Certificate was awarded in respect of the Class A Eur 600 million Notes.
PCS was established in 2012 with the aim to strengthen the asset-backed securities market as sustainable investment and funding tools for both investors and originators with the aim to improve market resilience in Europe, promote growth in the real economy and at all times maintain the standards of quality, transparency, simplicity and liquidity. PCS is assisting, through its publications and outreach, in the creation of new regulatory standards for securitisation in Europe and PCS continues to provide input into STS proposals currently being discussed in the European Parliament
Since the first PCS Label Certificate award in November 2012, PCS has awarded labels, as noted above, for 150 transactions representing Euro (equivalent) 190 billion of senior notes and euro (equivalent) 218 billion of total transaction amount. PCS has awarded labels for 41 issuers across 10 countries and 6 asset classes. The PCS label has now attained broad market acceptance amongst both issuer and investor market participants.
Ian Bell, Managing Director and Head of PCS said ‘With this 150th label we, at PCS, are proud of our success in helping to demonstrate the quality of European securitisation issuance. We thank all the issuers and investors who continue to support our work and our mission to help rebuild a strong, liquid and safe financing channel for the European economy’.