First non-bank auto lease Asset Backed Securities in Greece issued by Autohellas S.A.
News from 2018-08-01 / Group
The 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.
The joint investment under the ENSI initiative was arranged by StormHarbour and the senior notes are rated B+ and BBB- respectively by S&P and Scope. The transaction features an 18-month revolving period and will allow AutoHellas to obtain medium-term liquidity, which will then be re-used by providing new leases to SMEs in Greece over the coming years.
The European Investment Fund (EIF) is part of the European Investment Bank Group. Its central mission is to support Europe's micro, small and medium-sized businesses (SMEs) by helping them to access finance. EIF designs and develops venture and growth capital, guarantees and microfinance instruments which specifically target this market segment. In this role, EIF fosters EU objectives in support of innovation, research and development, entrepreneurship, growth, and employment.
About the EIB
The European Investment Bank (EIB) is the EU’s long-term lending institution and is owned by the EU Member States. It makes long-term finance available for sound investment, contributing to growth, jobs, regional convergence and climate action in Europe and beyond.
To maximise growth and job creation, the EIB targets four priority areas: innovation and skills, SMEs, climate action and strategic infrastructure across the EU.
KfW is one of the world’s leading promotional banks. With its decades of experience, KfW is committed to improving economic, social and ecological living conditions across the globe on behalf of the Federal Republic of Germany and the federal states. To do this, it provided funds totaling €76.5 billion in 2017 alone; and of this, 26% (€21.9 bn) went into the promotion of small and medium-sized enterprises (SME) including individual entrepreneurs and start-ups. In addition to providing loans, equity and mezzanine financing, KfW supports capital market financing for SMEs by investing in related securitisations.
About the EBRD
The EBRD started investing in Greece on a temporary basis in 2015 to support the country’s economic recovery. The Bank’s priorities there include strengthening private companies and the financial sector, and supporting privatisation, infrastructure development and regional integration of the Greek economy. To date, the EBRD has invested over €1.7 billion in more than 30 projects in Greece.
EIB: Tim Smit, , tel.: +352 43 79 89076 / Mobile: +352 691 28 64 23
EIF: David Yormesor, , tel.: +352 43 79 81346 / Mobile: +352 621 554 578
Website: - Press Office: +352 4379 21000 –
EBRD: Olga Aristeidou, Tel: +44 207 338 8655, e-mail: ; Twitter: @EBRD