Deloitte & Touche's securitization services group has just launched a new version of its ABS Suite product, which now features tighter integration with the system's pool selection and collateral servicing modules, and adds new transaction projection capabilities, said officials at the firm.
With this enhanced version, issuers and trustees across all asset classes can now project deal cash flows as well as the value of their transactions' retained interests. The projections are based on the user's defined assumptions of the collateral and bond information stored in the system. ABS Suite users include three top auto manufacturers as well as seven of the top ten credit card issuers where the system is often used to support large master trust and master owner trust structures.
The new version of ABS Suite is currently installed at three of D&T's clients and "tightly integrates all functions required to support a large scale securitization program in a single relational database solution," said Mark Scherer, a principal who heads the firm's securitization technology practice. He added that this is a natural way for D&T to evolve with the market as securitization programs and users become more complex, integrated, and global.
ABS Suite, which utilizes Microsoft's latest .NET technology and a Visio flowcharting interface for deal modeling, functions as a data repository using either Oracle or Microsoft SQL Server. The program also enables users to perform collateral level securitization calculations, generate cash transfers and perform other cash administration functions, define deal characteristics including bond principal and interest payments as well as credit enhancement levels, generate customized investor and internal reports, and create journal entries for accounting purposes.
Meanwhile, to support existing European clients of ABS Suite and CDO Suite - D&T's CDO system for collateral managers and trustees - the company's securitization services division will set up a London office in mid February. Chris Pruszko, a manager with D&T's securitization technology practice will oversee European securitization system support operations and will report to ABS Suite senior product manager John Will and CDO Suite senior product manager Hillel Caplan, and ultimately to Scherer. The group is also expanding to Asia, with plans to establish a securitization system support presence in the region in the second calendar quarter of this year.
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