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PRESS RELEASES
SeaMoney Capital
Published on 07 Dec 2023.
Poseidon ABS Berhad (Poseidon or the Issuer), on 1 December 2023, exercised the option to re-open the First Tranche Medium-Term Notes (First Tranche MTN) under its RM3.5 bil Perpetual Asset-backed MTN Programme. Targeted to be completed by 8 December 2023, the re-opening will see the AA2-rated First Tranche Senior Class A MTN (Senior MTN) increase to RM318 mil from the current RM218 mil (see table below). Concurrent with the re-opening, the Issuer also intends to revise the computation of the servicer fee to be paid in relation to the First Tranche MTN.
Based on our assessment of the combined receivables portfolio securing the First Tranche MTN and the transaction’s overcollateralisation (OC) as at 27 November 2023, we are of the view that these changes will have no impact on the AA2/Stable rating of the Senior MTN (see our rating update report for details). The said portfolio comprises receivables originated by SeaMoney Capital Malaysia Sdn Bhd (SCM) as the Originator.
|
First Tranche MTN |
Initial Issued Amount |
Issue Amount Post |
OC Ratio Post Re-opening^ (%) |
Rating/ Outlook |
|
Senior MTN |
218.0 |
318.0 |
47.8 |
AA2/Stable |
|
Junior MTN |
102.0 |
171.0 |
- |
Not rated |
OC ratio includes cash balances in Designated Accounts (excluding SPV Reserve Account)
^ Estimated based on cut-off date of 27 November 2023
The Issuer is a trust-owned special-purpose vehicle (SPV) incorporated to facilitate the securitisation of receivables originated by SCM. The Originator mainly offers Buy Now Pay Later financing under SPayLater on the Shopee e-commerce platform.
Analytical contacts
L Nurisya Abdullah
(603) 3385 2492
nurisya@ram.com.my
Lim Chern Yit
(603) 3385 2528
chernyit@ram.com.my
Media contact
Sakinah Arifin
(603) 3385 2500
sakinah@ram.com.my
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