Fight for control eyed

Pic© Ricardo630

Category: ABS Secondary markets

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Rapid amortisation event 'unlikely' to occur

Allegations of embezzlement and a fight for control of Harley Marine Services (HMS) have emerged less than two months after the firm closed its first whole business securitisation, Harley Marine Financing Series 2018-1 (see SCI’s primary issuance database). The legal battle has sparked concern that should a manager termination event occur, the US$455m transaction will enter rapid amortisation.

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