Closed ATM View - SPV-03
Standby Trust manager
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Canberra, Sydney, Melbourne, Adelaide, Perth, Brisbane, Darwin, Hobart
In March 2020 the Australian Parliament passed a legislative package introduced by the Government as an economic response to the spread of the coronavirus. Included in this package was the establishment of the $15 billion Structured Finance Support Fund (SFSF) by the Structured Finance Support (Coronavirus Economic Response Package) Act 2020. The SFSF’s purpose is to ensure continued access by smaller lenders (ADIs that do not have access to the term funding facility offered by the RBA and non-ADI lenders) to funding markets.
The AOFM has been working on an initiative with the securitisation industry to develop a Forbearance SPV to advance funds to eligible public and private securitisation vehicles seeking liquidity advances to compensate for a portion of the missed interest component of scheduled payments not received from borrowers who have received a payment moratorium due to the impact of the coronavirus. King & Wood Mallesons have been appointed as the drafting counsel for the Forbearance SPV, and transaction documents are being prepared on the basis of an agreed term sheet.
The AOFM is now seeking to appoint a Stand-by Trust Manager for the Forbearance SPV
Tenderers must have an appropriate Australian Financial Services License to participate in this ATM.
The Stand-by Trust Manager will provide the required services from contract execution and until the Forbearance SPV is wound up. The term is expected to be between 6 to 8 years.