Standard & Poor’s provides investors with a single source of essential information and tools, which they can use to help them better evaluate the performance of their securitised credit investments.

ABSXchange brings together collateral performance data, offering circulars, servicing statements, cash flow models, portfolio monitoring tools and more across major asset classes (ABS, RMBS, CMBS and CDOs) with a focus on European jurisdictions. Through this Web-based portal, ABSXchange provides investors more transparency to the secondary market for publicly rated, securitised credits.

The goal of ABSXchange is simple: provide the investor with the same level of data and analytics throughout the life of a structured finance transaction as existed at its initial offering.

Secondary Market Investment
ABSXchange addresses three major challenges that investors face in the secondary market:

• Gathering essential documentation: ABSXchange has offering circulars and servicing statements – a database of several thousand structured finance transactions.
• Setting deal triggers: ABSXchange reports both the current and the historical performance of each trigger or special deal feature. For a quick explanation of the trigger, simply click on it and see the definition which has been extracted from the offering circular.
• Developing an appropriate cash flow model to price the security: ABSXchange provides an extensive library of cash flow models for each RMBS, ABS, CMBS and CDO transaction in its database. Each cash flow model includes the relevant triggers and other structural features relevant to the deal. The cash flow models together with the up-to-date collateral information give investors the flexibility to run scenarios that can help price the bond and reveal relevant risks. Investors can also look at how these triggers have performed over time.

ABSXchange provides subscriber access to over 3,000 publicly-rated European structured finance transactions in the ABSXchange database. The database will expand as we add publicly-rated deals in Europe, Asia, Australia and the U.S.

ABSXchange reflects Standard & Poor's commitment to transparency and to providing financial intelligence to market professionals around the world.

Monitoring/Surveillance
ABSXchange can help you track the performance of all structured deals in your portfolio by:

• Using the comprehensive database of offering circulars and investor reports.
• Uploading your portfolio to receive automatic updates of relevant information to monitor performance.
• Allowing access to all the data fields in investor reports, enabling you to choose what is important and then develop your own customised fields that incorporate relevant deal triggers.
• Creating a customised portfolio warning system to notify when deals are performing better or worse than expected.
• Creating scenarios for each bond and get a better understanding of performance, or to value the security based on new information.
• Getting up-to-date valuations, average lives, yields, and other performance-related information on every bond in your portfolio.

Primary Market Investments
ABSXchange provides pre-issuance cash flow models and data so investors can run their own cash flow scenarios on deals entering the primary market. Investors can also look at historical performance on other deals from the same issuer and/or sector, choosing which deals to compare or to group together as a sector. The historical data can provide insight into how past deals have performed, create prepayment curves and help you gain a better understanding of performance.

ABSXchange is a leading industry source for data, analytical tools and cash flow models for the securitised credit market.

This Web-based information platform brings together collateral performance data, documentation, cash flow models and portfolio monitoring tools for major asset classes (ABS, RMBS, CMBS and CDOs) with a focus on European jurisdictions. Each tool within ABSXchange has been designed to assist you across all stages of structuring, researching and trading securitised credits.

ABSXchange collects and makes available all of the documentation (offering circulars and servicing statements) while also maintaining a database of more than 1,000 cash flow models. You can spend your time finding value and opportunity in the market instead of doing the labour intensive job of data collection and modelling.

Traders
ABSXchange gives traders essential information and tools that will help them confidently trade European structured finance securities. Key ABSXchange features include:

• Ability to price any deal using assumptions based on performance data and analytics.
• Ability to determine the breaking point of a deal using break even analysis and other powerful analytical tools.
• Five, pre-run cash flow scenarios for each bond.
• Ability to create cash flow models for different scenarios.
• Ability to identify relevant deal triggers and deal features.
• Ability to gauge and track (using alerts) deal performance with respect to a given trigger.
• Ability to compare deals from the same issuer or deals from the same sector including prepayment, delinquency and loss curves.
• Ability to extract relevant performance information on each bond.

Traders can create portfolios for specific clients or sectors. This feature helps you to price each bond in the portfolio by applying a set of specific assumptions. This can save time when it comes to pricing multiple portfolios or illiquid bonds.

Research
ABSXchange minimises the tedious task of data collection and gives you more time to uncover and analyse market opportunities.

• The ABSXchange database includes the offering circulars and servicing statements, since issuance, of thousands of structured finance deals.
• Access all the data fields in each investor report, giving you the flexibility to decide what is important and then develop your own customised fields that can incorporate relevant deal triggers.
• Create a customised portfolio warning system to notify when deals are performing better or worse than expected.

Structuring
ABSXchange supports structuring professionals who can use and adapt its cash flow models for any asset class by:

• Evaluating the outcome of a new deal using the liability structure and tranching of an existing deal as a comparison.
• Using a cash flow model as a template for a new deal model.
• Using ABSXchange’s user-friendly software to create new cash flow models that help meet your precise specifications.
• Accommodating almost any loan characteristic or capital structure.