Make mine a conduit (TT Jan02 p56-57)

Whenever one hears about securitisation these days it is usually in the context of a jumbo deal for a multinational company, a capital relief exercise for a bank or building society, a complex whole business securitisation, or just a clever wheeze for ageing rock stars to ease their passage into retirement. So treasurers of medium-sized companies can be forgiven for thinking “very interesting, but not for me” as the process can appear complex, expensive, time-consuming and not in the least relevant. But there is a securitisation route that is available for those who do not neatly fit into any of the above categories: conduit securitisation.