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Schooner Capital Pty Limited is a $3
billion Australian asset-backed commercial paper program developed
by State Street in 1998.
Schooner Capital CP is rated A-1+ by Standard and Poor’s Ratings Agency.
An investment in Schooner CP represents a high quality investment
for the following reasons:
Schooner CP is issued in fungible tranches, that is, issuances of
Schooner CP are not tied to a particular asset within the program.
Instead, each CP trade supports all the assets within the program.
The fungible nature of Schooner CP allows for flexible
maturity dates when CP is issued.
An investment in Schooner CP represents a highly diversified risk
with a wide range of assets and asset services. For a more detailed
look at the diversity offered by Schooner CP please refer to the Schooner
Investor Reports below.
Schooner Capital is committed to the Australian market and sources
100% of its funding in Australia. To demonstrate this commitment,
State Street launched a second Australian asset-backed commercial
paper program, Spinnaker Capital Pty Limited, in August 2000. This
was done at a time when many other securitised programs were sourcing
funding in the US and European CP markets.
State Street, the program administrator, has a very strong track record
administering securitisation programs, dating to the early 1990’s
when the Clipper Receivables Corporation
program was established. |
