Asset Back Commercial Paper Administration

Deutsche Bank is a leading provider of third party administration in the global Asset Backed Commercial Paper markets. We provide all operational processing services to the transaction, from deal inception to maturity, through a seamless team approach, linking Trustee, Issuing &  Paying Agency, and CP Administration  services.

The challenge

ABCP conduits require a range of ancillary duties including administration of the program, managing the cash flows of the receivables, and ensuring timely payment and notification to investors. Due to the fast moving and streamlined nature of the ABCP market, it is essential for issuers to be able to settle high volumes of trades in tight time frames and to receive real time information on the status of their transactions.

The solution

Outsourcing the administrative requirements to Deutsche Bank leverages the expertise, experience, infrastructure and technology of the bank, maximising efficiency and allowing our clients to concentrate on their core business objectives. We understand the needs of our clients and have the ability to promptly settle high volumes of trades within ICSD deadlines and in a same day funds environment.

DB Advantage benefits

Best in class services and  technology
We are a recognised leading provider of trustee and agency services in the global money markets. Our teams have worked on an extensive range of asset classes, jurisdictions and transaction types and we pride ourselves  on offering consistent, high quality support to our clients.

We utilise a combination of industry leading systems to provide comprehensive third party agency services, with the ability to seamlessly interact with all market participants, securely settle cash globally, and provide trustee services. We provide waterfall and compliance modeling via bespoke internally developed systems to meet all the needs of our clients.

Global reach, local touch
We have specialised centres of excellence in London, Hong Kong, Luxembourg, New York, Tokyo and Singapore as well as a global network of more than 70 countries and 90 languages. We expertly service, from the most basic transactions, to more complex cross border financings, with multi-currency cash flows, in EMEA, Asia, and the Americas. With our global reach and local knowledge all transactions will be dealt with efficiently and professionally, and in the appropriate time zone

Exceptional Industry Participation
Our team of experts has the breadth of knowledge to ensure all fiduciary and administrative aspects of a transaction are efficiently executed, enabling the smooth operation of the transactions globally. We feature: Issuance into the Depository Trust and Clearing Corporation (DTCC), Euroclear and Clearstream; Common Depositary in the Global Markets; Active involvement in  Industry Groups, and the Commercial Paper Issuers Working Group (CPIWG); Exceptional “street” relationships; Direct systemic links with all major ICSDs and participants (Issuers, Brokers, Custodians).


Our services include:

  • Conduit Administrator
  • Conduit Sub-Administrator
  • Issuing & Paying Agent
  • Principal Paying Agent
  • Common Depositary
  • Listing Agent
  • Tender/Exchange/Consent Agent
  • Settlement Agent
  • Account Bank
  •  Fiscal Agent
  • Tax Reporting Agent
  • Security Agent
  • Depository/Escrow Agent
  • Cash Manager
  • Custodian
  • Fiscal Agent

Administration features

Asset Administration:

  • Aggregated seller reporting
  • Transaction surveillance - program/seller level
  • Reverse engineering of seller reports for additional surveillance
  • Projection/tracking of receivable repayments

Liability Administration

  • Monitor CP maturities
  • Match issuance and tranching of CP to corresponding seller/receivable data
  • Track all swaps and hedging contracts relating to conduit
  • Dealer comparison reporting
  • Monitor and calculate credit enhancement levels
  • Monitor liquidity facilities and perform validity tests

Cash Management

  • Seller by seller reconciliation of remittances
  • Funding of new sellers
  • Cash flow modelling to determine:
      • payment of maturing CP
      • conduit fees & expenses
      • reinvestment of CP
      • investment of excess cash

Investor Reporting

  • Preparation of all conduit management reports
  • Preparation of reports for investors & rating agencies
  • Preparation of conduit historical performance reports
  • Financial and compliance reporting
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