Together with the Risk Transfer PCS Label, the True Sale PCS Label is one of the two labels awarded by PCS.
This label may be awarded to European asset backed securities where the ownership of the assets being securitised is transfered by way of a sale or similar legal device to a party other than the originator. Usually, this party is a special purpose vehicle – a corporation created for the sole purpose of effecting the securitisation.
The True Sale PCS Label may only be awarded to the senior most securities of an asset backed transaction where those securities meet in full the relevant PCS criteria.
For more information on the PCS Labels, please consult The Labels section.
For more information on how a true sale securitisation works, please consult our Basic Information section.
For a list of all the transactions that have received a True Sale PCS Label, please consult our True Sale Transactions section.
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