Urban Ubomi 1 (RF) Ltd (Nov 2022)

On 23 March 2021, Urban Ubomi 1 issued a total of R609m of Notes under its newly established R2.5bn Mortgage Loan Backed Securitisation Programme, its “Initial Issuance”.
Proceeds of the issuance together with the Subordinated Loan were used by the Issuer to acquire a pool of Loan Agreements together with their Related Security (“Participating Assets”). The Loan Agreements were originated by TUHF Limited (“TUHF”) to small and medium sized companies and entrepreneurs who use the capital to fund predominantly residential property investments in the inner cities of South Africa. In addition, a portion of the proceeds funded an Arrears Reserve.

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StructuredSecure Strip SPV Plc – Series 1 and 2 (Nov 2022)

StructuredSecure Strip (Separate Trading of Registered Interest and Principal of Securities) SPV Plc was incorporated in Nigeria on 15 October 2019 (registered number RC 1624820) as a public limited liability company. The Issuer has no subsidiaries or affiliates and has been established as a special purpose vehicle specifically to purchase FGN securities. The shareholding structure of the Issuer is as follows, STL Trustees Limited, 999,999 shares or 99.9999% holding and GFS Corporate Services Limited, 1 share or 0.00001% holding.

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Agri Harvest Investments (RF) Limited – Transaction 1 (Nov 2022)

GWK is the Originator. GWK is a public company duly registered and incorporated in accordance with the laws of South Africa, with a head office situated in Douglas, Northern Cape. The company, through its agri division provides specialised non-bank financial services to the primary agricultural market.

GWK Agri Financing is responsible for the credit origination process by originating various credit facilities with farmers.  The Group’s credit approval process centres on the ability of the farmer to successfully operate cash generative farming operations. Each farmer has farmlands in GWK’s traditional catchment area. The Credit Criteria is reviewed annually and approved by GWK’s board of directors.

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Richefond Circle (RF) Limited (Oct 2022)

Richefond Circle has issued a total of R1.001bn of New Notes under its R7bn Commercial Property Loan Mortgage-Backed Securitisation Programme. The New Issuance has resulted in the Transaction increasing in quantum by 95%, from R1.057bn to R2.058bn of Notes.

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MW Asset Rentals (RF) Limited (Oct 2022)

MW Asset Rentals (RF) Ltd is a R2.5bn Lease Receivables Backed Note Programme that has issued R2.65bn Class A Notes to date with R1.7bn currently in issue.

On 30 September 2022, GCR Ratings (“GCR”) assigned a long-term issue national scale indicative credit rating of AAA(ZA)(sf)(IR) with a Stable Outlook to the MWAR09 Notes (the “New Notes”) to be issued by MW Asset Rentals (RF) Ltd. GCR does not expect the new issuance to have any negative impact on the ratings of the Existing Notes.

The Transaction has four Subordinated Loans outstanding with an aggregate value of R221,399,156. These are unrated and held by Merchant West (Pty) Ltd (“Merchant West”) as the Subordinated Loan Provider. Merchant West is also the Originator, Seller and Servicer of the Transaction.

The credit ratings accorded to the Class A Notes relate to timely payment of interest and ultimate payment of principal by their Final Redemption Dates. The ratings exclude an assessment of the ability of the Issuer to pay either any (early repayment) penalties or any default interest rate penalties.

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