As the Canadian securitization market grows, Coventree is considering a first quarter term deal.
"We have a whole set of asset classes that we are bringing on. They should be launched into the market in the first quarter of this year. We are going to do both term and commercial paper," said William Saunders, the newly-hired managing director for securitization.
Coventree, a small Toronto-based investment bank, is unique because it is the only independently owned provider of securitization services in Canada. The company also specializes in structuring innovative classes.
"We have the time to sit back and actually bring in those unique asset classes and more complex structures that larger banks won't typically do because they would rather do more generic types of transactions," he said.
Saunders will be responsible for the handling and creation of securitized products, with a focus on multi-vendor conduit securitization programs.
Before joining the company two months ago, Saunders worked for an international bank in Canada which provided credit enhancement to a number of multi-vendor conduits in Canada and which did cross-boarder transactions.
"I got to see most of the different asset that were going into most of the multi-seller conduits, everything from agriculture to marine products," Saunders noted.
As to whether or not Coventree will consider a cross-border transaction: "It's something that we may consider in the future. Right now it's not on the radar screen but we do have the capacity to consider that if a client may want to do that. We could probably structure something for somebody else to pick up."