Meet Dave

Own the receivables financing product end to end, spanning accounts receivable purchase, operating lease receivables, and unbilled receivables financing. Decide and approve pricing and structure on each facility, including the Advance Payment Percentage (APP), and run cash trail analysis on receivables against audited financials to confirm APP and dilution reserve levels adequately cover the bank's exposure.

Screen and exclude specific debtors from a seller's receivable pool where the underlying receivable or debtor quality doesn't meet risk appetite. Negotiate facility agreements directly, contesting clauses and buyback event triggers to protect the bank's position.

Approximately INR 2,000 crore approved and priced in four months.

Series A1 PTCs, Rs 46.29 crore, against pool principal of Rs 52.60 crore. Door-to-door tenure 32 months, 12-month replenishment period, 20-month amortisation. Credit enhancement: overcollateralisation 12.0% of pool principal, excess interest spread 15.29%, external cash collateral 6.0% via fixed deposit. Total credit support 27.3% of pool principal against base case shortfalls estimated at 7.0%–9.0%.

Executed on behalf of the investing fund. Closed termsheets, coordinated with the trustee, ran monthly pool selection against eligibility criteria, verifying each proposed pool before approval — not just processing paperwork.

Identified the originator selling pool loans externally — a breach of transaction terms. Designed and executed the resolution: foreclosed the affected loans, recovered proceeds from the originator, replaced them with fresh eligible receivables.

Replenishment structures are only as strong as the originator's ongoing discipline and the rigor of monthly verification. The structure's triggers are well-designed on paper, but someone still has to catch a breach in real time and know how to unwind it without disrupting investor cash flows.

PTC Series A1, Rs 330.95 crore, against pool principal of Rs 376.08 crore (pool receivables Rs 448.57 crore). Cash collateral 5.0% of initial pool principal, principal subordination 12.0%, excess interest spread 14.09%. Total credit enhancement approximately 5.75x estimated pool loss. Turbo amortisation trigger: 90+ dpd crossing 5% of original pool redirects EIS to accelerated principal amortisation.

Client had never executed a securitisation and had no internal framework for translating a target rating into enhancement levels. Independently sized CC, subordination, and EIS trapping against the day-one AAA-equivalent target. Ran scenario analysis on the originator's historical pool performance to model stressed outcomes. Designed pool eligibility criteria and the turbo amortisation trigger.

Pool amortised 76.9%. Loss-cum-90+ dpd at 9.6% (higher than base case). Cumulative collection efficiency 105.4%. Breakeven collection efficiency for investors only 38.0%. Cash collateral utilisation 0.0%. Subordination grew to 37.4% of balance pool from 12.0% at issuance. Rating reaffirmed.

Conservative structuring proves its value precisely when a pool underperforms — not when it performs to plan. This is the clearest evidence I have that stress-testing against realistic downside, not just meeting a rating agency's minimum ask, actually protects investors when conditions turn.

Par structure at 82% of pool POS. Series A1 PTCs, INR 906.0 million (74% of pool POS), rated IND AAA(SO). Series A2 PTCs, INR 97.9 million (8% of pool POS), rated IND AA-(SO). Pool: 9,309 loans, WA seasoning 8.7 months, WA credit score 735.7, WA IRR 26.0%. Six-month replenishment, then amortisation with turbo mechanics.

Co-designed the deal, structure, and waterfall with a colleague. Getting Series A1 to target AAA(SO) required a structural fix — adding a back-up servicer arrangement directly addressing the rating agency's commingling and servicer risk concerns, alongside NACH remapping triggers tied to originator downgrade.

Pitched the credit story to institutional investors including global banks, explaining how layered enhancement protected senior investors under stress. Built client-specific cashflow models reflecting negotiated pricing. Fielded retail investor calls directly, walking first-time structured product buyers through trust mechanics and waterfall design.

Structuring and distribution aren't separate disciplines in a listed, retail-accessible deal — they're the same job. A perfectly designed waterfall means nothing if the investor holding the paper doesn't understand what they own.