Besicherte, gewinnabhängige Inhaberschuldverschreibungen (AF Bonds)

News

• 16.04.2020
  Further details regarding the regulatory requirements according to ESMA (European Securities and Markets Authority) Guidelines 33-9-320 can be found in the document attached below.
• 12.12.2019
  Creditreform Rating is publishing the rating of the Profit Contingent Secured Bearer Bonds with ISIN XS1453497965, issued by the securitization company of Prime Capital AG, the PCAM Issuance III S.A., acting on behalf of its Compartment BER_USD_001. The Rating has been lowered to BBB / stable. The issue is being used for the purchase of a dynamic and granular senior loan portfolio of aircraft financing. The highly satisfactory credit quality of the rating is mainly based on the results of our quantitative simulation analysis. The Bearer Bonds benefit from credit enhancements, including the recoverable collateral on the level of the underlying, namely the purchased senior loans and a liquidity reserve, which will be built up successively for the financing of the bond as well as an excess cash effect that can be expected prospectively. The deterioration compared with the previous year's rating is mainly attributable to the reduced senior loan portfolio and bond volume.
• 24.09.2018
  Creditreform Rating is publishing the rating of the Profit Contingent Secured Bearer Bonds with ISIN XS1453497965, issued by the securitization company of Prime Capital AG, the PCAM Issuance III S.A., acting on behalf of its Compartment BER_USD_001. The Rating has been left unchanged at BBB+ / stable and the “watch” has been withdrawn. The issue is being used successively for the purchase of a dynamic and granular senior loan portfolio of aircraft financing. The highly satisfactory credit quality of the rating is mainly based on the results of our quantitative simulation analysis. The Bearer Bonds benefit from credit enhancements, including the recoverable collateral on the level of the underlying, namely the purchased senior loans and a liquidity reserve, which will be built up successively for the financing of the bond as well as an excess cash effect that can be expected prospectively.
  
• 30.07.2018
  Creditreform Rating has set the rating of the Profit Contingent Secured Bearer Bonds with ISIN XS1453497965, issued by PCAM Issuance III S.A., acting on behalf of its Compartment BER_USD_001, to (watch) and is going to review the rating due to a methodology change and in accordance with regulatory requirements. The review is open-ended.
• 13.06.2018
  Creditreform Rating has reviewed the rating of the Profit Contingent Secured Bearer Bonds with ISIN XS1453497965, issued by PCAM Issuance III S.A., acting on behalf of its Compartment BER_USD_001. The rating was left at BBB+ / stable due to a further increase in the loan portfolio. The issue is being used successively for the purchase of a dynamic and granular senior loan portfolio of aircraft financing. The highly satisfactory credit quality of the rating is mainly based on the results of our quantitative simulation analysis. The Bearer Bonds benefit from credit enhancements, including the recoverable collateral on the level of the underlying, namely the purchased senior loans and a liquidity reserve, which will be built up successively for the financing of the bond as well as an excess cash effect that can be expected prospectively.
• 13.04.2018
  Creditreform Rating has reviewed the rating of the Profit Contingent Secured Bearer Bonds with ISIN XS1453497965, issued by PCAM Issuance III S.A., acting on behalf of its Compartment BER_USD_001, leaving the rating at BBB+ / stable and withdrawn the "watch". The issue is being used successively for the purchase of a dynamic and granular senior loan portfolio of aircraft financing. The highly satisfactory credit quality of the rating is mainly based on the results of our quantitative simulation analysis. The Bearer Bonds benefit from credit enhancements, including the recoverable collateral on the level of the underlying, namely the purchased senior loans and a liquidity reserve, which will be built up successively for the financing of the bond as well as an excess cash effect that can be expected prospectively.
• 21.12.2017
  Creditreform Rating has adjusted the rating of the Profit Contingent Secured Bearer Bonds with ISIN XS14534907965 issued by PCAM Issuance III S.A., acting on behalf of its Compartment BER_USD_001 to BBB+(watch). The rating update is based on our assumption, that currently a deterioration of the issue´s credit quality within the monitoring process is possible. We will determine if the "watch" can be removed after the analysis of the requested documents.
• 28.09.2017
  Creditreform Rating is publishing the rating of the Profit Contingent Secured Bearer Bonds with ISIN XS1453497965, issued by the securitization company of Prime Capital AG, the PCAM Issuance III S.A., acting on behalf of its Compartment BER_USD_001. The Rating has been set to BBB+. The issue is being used successively for the purchase of a dynamic and granular senior loan portfolio of aircraft financing. The highly satisfactory credit quality of the rating is mainly based on the results of our quantitative simulation analysis. The Bearer Bonds benefit from credit enhancements, including the recoverable collateral on the level of the underlying, namely the purchased senior loans and a liquidity reserve, which will be built up successively for the financing of the bond as well as an excess cash effect that can be expected prospectively.