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Spinnaker Capital Pty Limited is a
$8 billion Australian asset-backed commercial paper program developed
by State Street in 2000.
Spinnaker Capital CP is rated A-1+ by Standard and Poor's Ratings
Agency and P-1 by Moody's Investors Service Pty Limited. An Investment
in Spinnaker CP represents a high quality investment for the following
reasons:
Spinnaker CP is issued in fungible tranches, that is, issuances of
Spinnaker 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 Spinnaker CP allows for flexible maturity dates
when CP is issued.
An investment in Spinnaker 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 Spinnaker CP please refer to the
Spinnaker Investor Reports below.
Spinnaker Capital is committed to the Australian market and sources the majority of its funding
in Australia. Spinnaker Capital Pty Limited, launched
in August 2000, is the second Australian asset-backed commercial paper
program established by State Street in Australia. This was done at
a time when many other securitised programs were sourcing funding
in the US and European CP markets.
Spinnaker Capital has the ability to source funding from the US CP market via its subsidiary company Keel Capital LLC.
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. |
