When it was set up in 2012, one of the most important ways in which the PCS initiative sought to fulfil its mission to re-inforce asset-backed securities as a sustainable investment and funding tool to strengthen the European economy, was by awarding the PCS True Sale Labels to specific asset backed instruments. In 2017, PCS also added a Risk Transfer Label to support securitisations where the investors assumed risk without a sale of the assets. Today, PCS continues to support the asset-backed market through its issuance of both types of labels.
Awarded at the request of financial institutions which issue these instruments, the PCS Labels will be awarded, in the case of the True Sale PCS Label, to the senior most tranche of asset-backed transactions and, in the case of the Risk Transfer PCS Label, to an asset backed risk transfer transaction. In both cases, the transactions to which labels are awarded must fully meet the eligibility criteria set down by the PCS Association.
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