PRESS RELEASE

MARF registers a comercial paper programme by the IM SUMMA 1 Securitisation Fund

  • 16th commercial paper programme registered in MARF
  • New channel for companies that will allow the financing of commercial invoices and improve working capital

 

The Mercado Alternativo de Renta Fija (MARF) has admitted to trading a Asset-Backed Commercial Paper (ABCP) Programme by IM SUMMA 1 Securitisation Fund for a maximum outstanding amount of 200 million euros. It is the 16th programme registered in MARF.

 

Intermoney Valores acts as Sole Lead-Arranger for the programme and will place CPs among institutional investors. In addition, Intermoney also participates as a payment agent for the CPs and Registered Advisor with MARF.

 

Law firm J&A Garrigues has legally advised on the incorporation of the Fund and the opening of the ABCP programme.

 

IM SUMMA 1 is managed by Intermoney Titulización SGFT and by issuing commercial paper series will finance the purchase of credit rights it acquires derived from the acquisition of trade receivables and will provide commercial companies with liquidity and short-term financing, so, in this way, they will be able to advance payments derived from the purchase of goods and / or services they carry out in their day to day activity.

 

The rating agency Moody's has granted the CPs a preliminary rating P2 (sf), short-term rating for issues maturing in less than twelve months, or A3 (sf) in those with a maturity of more than one year. The assets financed via the Fund will have the guarantee of Atradius Crédito y Caución SA de Seguros y Reaseguros.

 

SUMMA Energy Servicios Financieros, the seller of the credit rights, and SUMMA Investment Solutions, trade receivables administrator and payment agent, are two companies belonging to the IDEON Group whose objective is to provide alternative financing solutions to the business sector and specialise in the financing of working capital supported by credit insurance.

 

Gonzalo Gómez Retuerto, Managing Director of MARF, stressed that "between January and March 2017, the volume of CPs issues on MARF totalled 793 million euros. In just one quarter, 42% of the total volume recorded during 2016 has already been covered and this figure is 161% higher than the volume for the same period last year. "

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