South African Securitisation Programme (RF) Limited – Series 3 (Monitoring Dashboard)
South African Securitisation Programme (RF) Limited – Series 3 (Monitoring Dashboard)
Three defaults in the month of October 2019 with a total NPV of R2.4m resulted in the increase in monthly defaults seen in the “Monthly Default vs Recoveries Collected” chart. The Net default trigger increased to 2.3% from 1.9% as a result (covenant: 2.6%). In the past two years defaults are highest in the month of December, of which this is attributed to an increase in unsuccessful repayments during the festive season. Sasfin is anticipating the trigger to be at 2.3% in November 2019. Taking this into account, while keeping the October recoveries constant and assuming the December defaults are 30% more than the October defaults, we estimate the trigger to be at 2.5% in December 2019.
The Dashboard exhibits performance metrics related to the South African Securitisation Programme (RF) Ltd – Series 3 transaction, which include credit enhancement levels, excess spread, defaults, recoveries and covenants.
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