BME's Fixed Income Market, MARF, has registered the Information Document of Aquisgrán, Fondo de Titulización’s bond programme, for up to 150 million euros. The issues to be launched under this programme will be underwritten by Spanish state-owned bank ICO and other institutional investors. These issues are expected to be rated A1 by Moody's and AA- by Axesor. The Fund is managed by Intermoney Titulización, SGFT. Currently, the outstanding balance of securitisation assets in MARF amounts to 3.4 billion, 34.2% of the total amount in this market.
Aquisgrán, Fondo de Titulización is an open fund incorporated under Spanish law at the request of the Reciprocal Guarantee Societies (RGS) – whose resources will be used to provide Spanish SMEs and self-employed workers with alternatives that will enable them to diversify their financing sources. The fund's assets will be made up of loans granted by Aquisgrán to SMEs and self-employed workers, originated and guaranteed by RGSs, with which it has a collaboration agreement in place and which are counter-guaranteed by public entity CERSA. The Fund currently has a portfolio of 415 loans granted to 411 holders, originated by 14 Reciprocal Guarantee Societies.
Intermoney Titulización is the fund’s manager and its Registered Advisor in MARF. Banco Santander acts as financial agent, payment agent and accounts bank, while Gómez-Acebo & Pombo has provided the management company with legal advice concerning the registration of the programme.
"With this transaction, MARF provides smaller companies with access to financing instruments through the market and, at the same time, it represents another step forward in public-private collaboration for their development", said Gonzalo Gómez Retuerto, General Manager of BME Renta Fija and MARF.
Reciprocal Guarantee Societies are financial institutions that, since 1978, have provided SMEs and self-employed workers with access to financing worth over 34 billion euros. CERSA is a state-owned company attached to the Ministry of Industry, Trade and Tourism that supports the guarantees system in Spain by counter-guaranteeing the guarantees issued by RGSs.
Intermoney Titulización is a securitisation fund management firm incorporated in 2003 and registered in the Special Register of the Spanish securities supervisor CNMV. Throughout its history, it has participated in more than 120 securitisation transactions for a total amount of more than 100 billion euros.