by: Patrick Connolly ’19
This past summer I had the fortunate opportunity to intern at Finacity Corp. in Stamford Ct. and gathered hands on experience learning the intricacies of receivable securitization.
I was placed as an analyst within the Deal Structuring, Management, and Origination team – the central unit within Finacity that touches all stages of the securitization process. The role of the team is essential to the support of the Business Development Officers bringing in deals, receiving signed mandates, analyzing and structuring the receivables of contracted clients, finding funding sources for the structured receivable program, supporting data onboarding efforts, and proactively supporting relationship management through the life of a securitization.
My main duties involved: 1. Supporting Business Development Officers marketing efforts by creating tailored pitchbooks specified by the Business Development Officer based on the type of firms they were perusing, 2. conducting preliminary receivable analysis, 3. building pitchbooks for client engagement, and 4. performing adhoc portfolio reports and support broader marketing efforts.
While working for Finacity, I had the chance to analyze the receivables of a wide variety of companies across many sectors including an Italian electrical utility firm, a Latvian dairy co-op, a Greek utility company, and an international commodity brokerage firm.
I also had the opportunity to work on a team focused on creating an informative presentation on receivable securitization that was presented to business leaders in U.S. embassies in several countries. In 2015 the U.S. Commerce department recognized Finacity as prominent supporter of the U.S. export industry. Through this recognition, Finacity was given the opportunity to inform international audiences on the process of receivable securitization.
Prior to applying to this internship, I had little knowledge of receivable securitization; I was familiar with factoring programs and letters of credit from my previous work experience, but receivable securitization was not really on my radar. However, when IPED alumni Gregg Streibig explained to me in a conversation how his firm is a client of Finacity, I became very interested and started to explore further. I’m fortunate to have found out about Finacity and obtain an internship, because now I am knowledgeable about an extremely interesting and complicated financial product.
For further information regarding the receivable securitization, Finacity’s website has a very thorough informative page: https://www.finacity.com/what-we-do/#securitization-section