Senior Secured Bond

News

• 17.07.2020
  Further details regarding the regulatory requirements according to ESMA (European Securities and Markets Authority) Guidelines 33-9-320 can be found in the document attached below.
• 23.12.2019
  Creditreform Rating (CRA) has set the rating of the bond with ISIN NL0012354963 issued by Credit Management IV B.V. at BBsf (from BBB-sf) with a stable outlook. The transaction securitizes a portfolio of overdue receivables from Dutch debtors. Direct Pay Services B.V. manages the portfolio on behalf of the issuer. The bond will mature in 2020, carries a coupon of 6% p.a. and benefits from several enhancements. In particular, the first loss piece of 5%, the buyback guarantee of Direct Pay Services B.V. and the guarantee of Direct Pay Beheer B.V. have a positive influence on the rating. Negative impact on the rating have the current portfolio characteristics in combination with the current cash position of the Issuer (increasing the asset-liability-mismatch).
  In our view, the notes repayment will depend on the servicer´s repurchase guarantee since future cash flows, the outstanding cash account, the liquidity reserve of 3% and the first loss piece of 5% may not be sufficient to fully repay the bond at maturity (increasing counterparty risk).
• 28.01.2019
  Creditreform Rating (CRA) has reviewed the rating to the bond with ISIN NL0012354963 issued by Credit Management IV B.V. due to changes in the methodology “Technical Documentation Portfolio Loss Distributions” and in accordance with regulatory requirements. CRA has removed the (watch) status and confirmed the rating of BBB-sf with a stable outlook.
  The transaction securitizes a portfolio of overdue receivables from Dutch debtors. The portfolio is managed by Direct Pay Services B.V. on behalf of the issuer. The bond will mature in 2020, carries a coupon of 6% p.a. and benefits from several enhancements. In particular, the first loss piece of 5%, the buyback guarantee of Direct Pay Services B.V. and the guarantee of Direct Pay Beheer B.V. have a positive influence on the rating.
  
• 03.08.2018
  Creditreform Rating has set the rating of the bond with ISIN NL0012354963, issued by Credit Management IV B.V., acting on behalf of its sub-fund Pension Alternative Markets IV, to (watch) and is going to review the rating due to a methodology change and in accordance with regulatory requirements. The review is open-ended.
• 25.06.2018
  Creditreform Rating has confirmed the rating of BBB-sf with a stable outlook to the bond with ISIN NL0012354963 issued by Credit Management IV B.V. The transaction securitizes a portfolio of overdue receivables from Dutch debtors. The portfolio is managed by Direct Pay Services B.V. on behalf of the issuer. The bond will mature in 2020, carries a coupon of 6% p.a. and benefits from several enhancements. In particular, the first loss piece of 5%, the buyback guarantee of Direct Pay Services B.V. and the guarantee of Credit Exchange B.V. have a positive influence on the rating.
• 31.08.2017
  Creditreform Rating has assigned a rating of BBB-sf to the bond with ISIN NL0012354963 issued by Credit Management IV B.V. The transaction securitizes a portfolio of overdue receivables from Dutch debtors. The portfolio will be managed by Direct Pay Services B.V. on behalf of the issuer. The bond has a maturity of three years, carries a coupon of 6% p.a. and benefits from several enhancements. In particular, the first loss piece of 5%, the buyback guarantee of Direct Pay Services B.V. and the guarantee of Credit Exchange B.V. have a positive influence on the rating.