It is ironic that as soon as
lessors have got to grips with their own accounts, they lose much
of the economic benefit that would normally flow from this.
This point was made clear at Invigors’
executive briefing last month in which Mark Picken, vice-president
and manager of sales at ING Lease UK, said that after three
attempts and one year of trials it has finally perfected the
production of management information reports on its 800 or so
brokers.
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Clearly, this is great in its own
right, and judging by the number of questions thrown at Picken
after his presentation, not everyone is as capable as ING Lease is
to determine whether the intermediaries they employ are in a
position to bring home the bacon.
On the downside, however, excellent MI
reports are needed for lessors to be in a position to issue bonds,
securitise or syndicate their portfolios. As Picken revealed, such
reports exist today. However, due to the drying-up of liquidity,
opportunities to do such capital raising are getting fewer and
fewer. This is in marked contrast to 25 years ago when
securitisations were rife, but MI reports were still barely a blip
on lessors’ radars.
But where there is a will there is a
way. Two big-hitters at Invigors event, Lindsay Town, the managing
director of asset finance at HBOS, and Vasgen Edwards, his
counterpart at Lloyds TSB, both proclaimed the need for “more
distributive models”, such as securitisations.
Getting MI packs in place, however,
would be a good start.
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