Bryant Park Funding, a partially supported, multiseller ABCP conduit administered by HSBC Securities, has added a $100 million trade receivables facility to its portfolio, according to Moody’s Investors Service.
The receivables were originated by a U.S. subsidiary of a 'Ba3'-rated Canadian chemical producing company. The transaction-specific credit enhancement is through overcollateralization sized at a minimum of 15% of eligible receivables.
This deal is partially supported by a liquidity facility provided by HSBC Bank USA ('Aa3'/'Prime-1'/'C').
With this transaction, Bryant Park increased its program-level credit enhancement by 8% of outstanding ABCP. Bryant Park has $4 billion in outstanding ABCP and $305 million in program-level credit enhancement.