Partnership brings together END Capital’s experience in structuring tokenized asset-backed deals and IntainMARKETS, digital issuance platform for structured finance with blockchain based administration
At Structured Finance Association’s SFVegas 2022 conference, END Capital and Intain announced a partnership for digital issuance and administration of structured finance transactions, for greater efficiency and transparency in the deals.
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The collaboration is intended to lower the overall cost of asset-backed financing for issuers by creating viability and feasibility of smaller size offerings to gain access to the term securitization markets.
END Capital, the Capital Markets team within END-Labs, will function as underwriting agent for the transactions under this partnership. As an underwriting agent, END Capital will work with both investors and borrowers to structure these deals based on the underlying risks of the collateral assets; and will monitor the credit risk of the deals on an on-going basis. END Capital is working with issuers across asset classes helping them raise capital at lower costs, with smaller issuances.
As stated by Edward Wu, Managing Director of END Capital, “We have been working on tokenized structured finance transactions for some time. We realize that trust is missing in a digital or tokenized issuance without on-chain administration. Since Intain combines issuance and administration on-chain, our capabilities as a Web 3 focused capital facilitator and the IntainMARKETS platform together address the key gap.”
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Intain’s servicing and administration platform has achieved wider industry adoption through its partnerships with WSFS Institutional Services and UMB Bank, two of the top ten trustees in U.S. ABS and MBS transactions. More than $5 billion in deals across asset classes are currently administered on IntainADMIN. IntainMARKETS will now combine digital issuance with IntainADMIN ensuring an integrated and seamless lifecycle of a structured asset-backed deal.
“We always believed that the real benefit of blockchain in structured finance lies in the transparency and efficiency it brings. That is why we focused first on administration. In contrast, the tokenization-first approach focused on liquidity, but there is no liquidity without trust and transparency, at least not for the institutions,” said Eric Mitzel, head of Intain’s U.S. business. “Since many of us at Intain and END-Labs come from institutional finance, we have a common understanding of the blockchain-enabled future of the industry. We are really excited about this partnership and are already working with Issuers to onboard our first set of deals.”
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