ABACAS is a segregated series asset backed commercial paper (ABCP) conduit vehicle established under the South African Securitization Regulations. ABACAS was established in 2002 with the launch of ABACAS Premier Series (Series 1) in December 2002. The asset base for the maiden issuance was valued at R350 million.
The commercial paper issued by ABACAS is listed on the Bond Exchange of South Africa (BESA). ABACAS was the first conduit to issue BESA listed money market instruments in South Africa.
Currently, ABACAS has 2 Series, namely:
- ABACAS Premier Series (Series 1) rated F1+(zaf) By Fitch Ratings. The Series gives investors exposure primarily to securitized assets;
- ABACAS Global Corporate Series (Series 2) rated F1+(zaf) by Fitch Ratings. The Series gives investors exposure to corporate assets;
The Latitute Series (Series 3) and Horizon Series (Series 4) has been discontinued during 2008
Absa Capital is the Liquidity Facility Provider, Credit Enhancement Provider, Hedge Counterparty, CP Dealer and a Manager for ABACAS.
ABACAS publishes monthly investor reports which are available on this website