GE Capital A$6 billion warehouse securitisation

Overview:

• GE Capital has undertaken a A$6 billion warehouse securitisation of its consumer assets.
• The deal was called Project Clarendon.
• This was the largest securitisation in Australia in 2015 and involved the warehouse securitisations of GE assets (including personal loans, auto loans, mortgages, credit cards and interest-free finance) acquired by a consortium comprising KKR, Värde Partners and Deutsche Bank.  
• Senior warehouse financiers were comprised of CBA, NAB, Westpac, Citibank, Bank of America, Credit Agricole, Sumitomo Mitsui Banking Corporation and Royal Bank of Canada and the mezzanine warehouse financiers were comprised of Bank of America, Sankaty Advisors, Credit Suisse, IFM, AustralianSuper, United Super and Victorian Funds Management Corporation.

Katrin Kostadinova - Data analyst