Special purpose financial company
A company created for a single issue: beyond holding the assets and servicing the bonds it has no business at all.
How to read the number
The point of the structure is to separate the assets from their previous owner, so that the originating bank's bankruptcy cannot reach the pool.
When the metric lies
Reading such an issuer's accounts is pointless — there is no business in them. Everything that matters sits in the quality of the transferred assets and in the issue documentation.
Also known as: spv issuer, orphan issuer