Catering to the regularity by which most ABS issuers tap the primary market, financial printer R.R. Donnelley & Sons Co. formed a frequent-issuer securitization team, dubbed FIST, targeting companies who are programmatic in issuance of securitized product. Formed by Steve Knoll, manager of structured finance markets, who cut his teeth dealing with the printing of aircraft EETCs and REMICs in the 1980's, and Mike McCarthy, the team is trained to service the ABS and MBS markets. This year Judy Sweeney was brought on board as ABS product manager to champion the effort.
Noting the special demands for participants in the structured finance markets and other areas of finance, such as one-time-equity IPOs, Donnelley attempts to build relationships with issuers that securitize with frequency. The squad consists of nine people who are well acquainted with the structure, jargon and tabular requirements of the work from program origination through compliance filings.
Donnelley's aim, similar to an investment bank, is the development of a long-standing relationship with an issuer, handling the printing and distribution of prospectuses from the initial shelf registration through the 424B prospectus supplement.
Donnelley boasts a remarkable track record, having handled the printing services for some high profile deals of late, such as numerous deals with Ginnie Mae, the Chevy Chase auto deal led by CSFB and most notably the $5 billion dealer floorplan offering Ford Motor Credit sold in late July. In addition to cost savings, those familiar with the team note its understanding of the tight deadlines facing ABS issuers.
Rudine Mercer, an associate at Richmond-Va.-based law firm Hunton & Williams said: "When dealing with programmatic issuers, Ginnie Mae for example, a book needs to print every month and a printer must have product knowledge and understand the background of these complicated transactions, or they are frequently delayed."