After closing its first C$80 million commercial paper transaction with Toronto-based Coventree Capital Group, Inc. as its securitization agent, Montreal-based Alter Moneta, an active player in the Canadian equipment leasing sector, is planning to be a quarterly issuer going forward.
The next tranches that the company would be issuing will be smaller than its most recent transaction, though the future deals would not go lower than C$50 million. The company, which specializes in mid-range ticket items from C$500 thousand to C$2 million, is the first seller into Rocket Trust.
Rocket Trust is a multi-seller, multi-asset commercial paper conduit created by Coventree. The commercial paper that will initially be distributed and traded by National Bank of Canada. The C$80 million transaction was rated R-1 (high) by Dominion Bond Rating Service.