Deloitte Touche Tohmatsu announced today that its member firms have been named the world`s Best Securitisation Accounting Firm by the International Securitisation Report (ISR), a securitisation trade publication based in London. ISR recognised the winners at its annual awards ceremony held at the Dorchester Hotel in London recently.
ISR, a Thomson Financial publication, gathered written presentations with supporting data from securitisation professionals around the world - including subscribers, issuers, investors and service providers. ISR conducted more detailed interviews where appropriate. The annual ISR Global Securitisation Awards are recognised internationally as the most important qualitative assessment of excellence within the structured finance community. In addition to the best accounting firm, the awards honor the best issuers, arrangers, law firms, rating agencies, monolines, trustees, research providers and deals.
"I am proud that the member firms of Deloitte Touche Tohmatsu have been recognised for their work in securitisation accounting services by ISR," said James E. Copeland, Jr., Chief Executive Officer of Deloitte Touche Tohmatsu. "This award exemplifies our outstanding efforts and commitment to providing exceptional client service in global assurance."
In previous years ISR selected the Best Accounting Firm by geographic region - Europe, North America and Asia/Pacific. Deloitte Touche Tohmatsu`s member firms received these awards in 2001 and 2000. Deloitte`s practices were selected as the Best Securitisation Accounting Firm for Europe for four consecutive years, in North America for three consecutive years and in Asia Pacific for two consecutive years.
"We are pleased with our accomplishments in securitisation," said Frank Dubas, DTT`s managing partner of international securitisation. "Our success is the result of our technical, regulatory and tax knowledge, combined with our deep understanding of the securitisation process and the needs of our clients. This award places us amongst first-class companies - many of whom are our clients - for their work in investment banking, research, law and transaction support. We look forward to continuing to provide superior service as we strive for continued growth in this area."
"We are thrilled that DTT has received this award, and that South Africa has been recognised for its efforts in supporting the global firm," said Dave Gibbon, lead partner of South African securitisation services. This survey reflects the outstanding types of service that our practitioners - and particularly those within our securitisation practice in South Africa - deliver to our clients."
Gibbon added that 2002 saw an unprecedented level of activity in the South African securitisation market, following the promulgation of new Securitisation Regulations by the South African Reserve Bank in November 2001, which have opened up the market considerably.
These regulations have made it possible for both banks and non-banks to securitise their assets (this was previously limited to banks as originators) and provide practical guidance on the regulation and treatment of all aspects of a securitisation transaction.
Gibbon estimates that there are currently 2 to 3 new deals coming into the deal pipeline monthly. A number of proposed listed deals, comprising retail receivables and other asset classes, as well as a number of smaller non-listed deals are currently being finalised. The first quarter of 2003 should see a number of these coming to the market.
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