Add us as your preferred source on Google to see more of our content in Search.
Add to Preferred SourcesThe European Investment Bank (EIB), the European Investment Fund (EIF), KfW and the European Bank for Reconstruction and Development (EBRD) have invested in a new €101 million securitisation transaction for automotive leases for small and medium-sized enterprises (SMEs), originated by AutoHellas S.A., the second largest independent car leasing company in Greece.
This transaction represents an important milestone for the Greek securitisation market as it is the first auto lease ABS transaction issued by a non-bank originator. Within its mandate to promote SME financing in Europe, KfW has invested a total of €25 million by purchasing senior notes benefiting from a first demand guarantee issued by the EIF, while the EIB and the EBRD have respectively subscribed to €32.3 million and €15 million of the senior notes. The senior notes guaranteed by EIF and purchased by the EIB will be guaranteed through the European Fund for Strategic Investments, part of the Juncker Plan. The junior notes that comprise the rest of the capital structure will be retained by the originator.
The operation is also part of the ENSI initiative (EIF-NPIs Securitisation Initiative), a cooperation platform between the EIB Group and National Promotion Institutions (NPIs), including KfW and the EBRD, which pursues the goal of stimulating access to SME credit in the spirit of the Juncker plan initiatives.
Original source: KfW
Published on 1 August 2018