Standard Bank Strengthens Partnership With SA Home Loans Through The Thekwini Warehousing Conduit
Standard Bank Strengthens Partnership With SA Home Loans Through The Thekwini Warehousing Conduit. Standard Bank is proud to announce that it has successfully amended and rerated The Thekwini Warehousing Conduit (TWC), allowing the programme to be better aligned with SA Home Loans’ origination strategy whilst still delivering their signature, best-in-class rated instruments into the capital markets.
TWC was a first of its kind and remains the only residential mortgage-backed conduit in South Africa. The ground-breaking transaction was established in 2005 and has continued to offer value to investors while serving the interests of SA Home Loans (SAHL) and the broader South African residential market. TWC is the only residential mortgage-backed issuer of commercial paper in the South African market.
The bank acted in its capacity as advisor and co-arranger with SAHL in amending the TWC Programme. The amendments were enacted to ensure better alignment to SAHL’s origination strategy on the back of the constantly evolving mortgage market landscape. Standard Bank continues to provide support to SAHL by acting as the primary dealer, debt sponsor, settlement agent and liquidity facility provider for TWC. As the largest non-bank financial institution home loan provider, SAHL plays a crucial role in providing mortgage financing to borrowers in the South African housing market. This successful execution of the restated and rerated TWC Programme ensures that SAHL continues to benefit from favourable debt capital market funding that is in line with their strategic business objectives.
SAHL is the leading securitisation issuer in the South African debt capital market and, through its partnership with Standard Bank, has solidified itself as an important securitisation issuer in the South African debt capital markets. SAHL is also the only non-bank lender of substance in the South African residential mortgage sector and is a valued stakeholder offering more competition in the market to better service borrowers and the country’s housing needs.
By Thomas Chiothamisi
