State Street has been an active player in the securitisation industry since the mid 1980’s. Through State Street’s roles as a program administrator, liquidity and credit enhancement provider, the bank has participated in securitisation transactions across a wide variety of industries. State Street has experience in securitising a broad range of asset types, including trade and credit receivables, auto loans and leases, equipment loans and leases, mortgages, and consumer, employee and student loans. Our experience includes transactions in many different countries and in a variety of currencies. Currently, the State Street sponsored securitisation vehicles have over A$30 billion of outstanding CP in the US and Australian markets combined. In 1992, State Street developed Clipper Receivables Corporation. Clipper was developed to securitise assets originated in the US and financed by the issuance of commercial paper. In 1993, State Street structured a first of its kind tax-exempt trust called Clipper Blue Tax-Exempt Receivables which allowed issuers to securitise their tax-exempt lease or loan receivables while maintaining the tax-exempt nature of the income related to the assets. In 1994, State Street formed Galleon Capital Corporation, the first multi-seller, multi-currency asset-backed commercial paper program to cater to the issuers of non-US Dollar assets. In 1996, State Street developed Frigate Funding Corporation, which provides credit enhancement for a diverse mix of asset-backed issuances in the US. In 1998, State Street launched Schooner Capital Pty Limited, a $3 billion Australian Dollar denominated asset-backed commercial paper program to securitise corporate and consumer assets originated in Australia. In 2000, State Street launched Spinnaker Capital Pty Limited, a $8 billion Australian Dollar denominated asset-backed commercial paper program rated A-1+/ P-1. Spinnaker is similar in structure to Schooner and also securitises corporate and consumer assets originated in Australia. In 2006, State Street launched Keel Capital Corporation, a $4 billion US Dollar denominated asset-backed commercial paper program to Spinnaker Capital’s purchases. In addition to originating its own transactions to Clipper, Galleon, Schooner, Spinnaker and Keel, State Street provides structuring expertise, administrative support, and program credit enhancement for all the transactions in its commercial paper programs.
		Legal Structure:	Spinnaker is a bankruptcy remote, special purpose company whose shares are owned by a charitable trust.
		Program Size:	A$8 billion
		Program rating:	‘A-1+’ by Standard and Poor’s Ratings Agency. 'P-1' by Moody's Investors Service Pty Limited.
		Program Administrator:	State Street Capital Pty Limited
		Program Credit Enhancer:	State Street Bank and Trust Company
		Security Trustee:	JP Morgan Trust Australia Limited (a subsidiary of BNY Trust Australia)
		Liquidity Providers:	Institutions with a short-term rating of ‘A-1+’or higher.
		Dealers:	Commonwealth Bank of Australia Limited Deutsche Bank AG, Sydney Branch SG Australia Limited State Street Bank and Trust Company St George Bank Limited Macquarie Bank Limited