Standard Chartered Bank (Stanchart) has raised Rs 105.72 crore by securitising a portion of its auto receivables portfolio through the issue of senior pass through certificates (PTCs).
The PTCs have been issued by the Mumbai Auto Receivables Trust 2003 - Series I (the trust), a special purpose trust floated by UTI Bank.
In other words, UTI Bank has bought the receivables, which were originated by Stanchart. The foreign bank will continue to act as servicer for the auto loans.
This is the first asset-backed issuance by Stanchart, following Citibank having undertaken a similar PTC issue in the past.
Stanchart, in a press release, said that the issue is intended to be the first in a programme of such transactions by the bank.
Stanchart, originator and sole arranger of the issue, raised the funds through two series of senior PTCs
