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Structured Financing

 

Structured Financing

 

Asset Backed Commercial Paper ‘’ABCP’’

Following the onset of the credit crisis in Canada and the Asset Backed Commercial Paper (‘’ABCP’’) standstill in August 2007, Casgrain brought ‘advisory‘ services to numerous clients that held third party ABCP. Further to this advisory role, Casgrain became a ‘trader’ of these structured notes, Master Asset Vehicles (or ‘’MAV’’), so as to assist several noteholders in Canada unwind their MAV holdings.  Both of these roles (advisory and trading) were possible due to Casgrain’s objectivity, its focused expertise and its solid reputation in the Canadian debt capital markets. 

 

Commercial Mortgage Backed Securities (‘’CMBS’’)

In 2012, Casgrain commenced its foray into the commercial real estate securitization sector by earning the title of lead structuring agent on its first CMBS issue.  Since that time, Casgrain has been awarded similar such mandates and has played a role in the selling group of multiple Canadian CMBS conduits.      

Casgrain is committed to the sector and continues to seek opportunities to grow its footprint.

 

National Housing Act Mortgage-Backed Securities (“NHA MBS”)

In 2014, Casgrain entered the NHA MBS space by placing newly issued non-syndicated NHA MBS pools (both 975s and 980s) with various institutional investors. Casgrain also trades these pools in the secondary market and makes markets in such securities.

Moreover, Casgrain has recently embarked on an investor education process across the country to further develop and expand the market with respect to both NHA MBS issuers and investors.

Casgrain seeks to further develop the sector and believes that market NHA MBS issuance will grow further in the future.