BME's fixed income market, MARF, has admitted the first securitisation bond programme from AQUA 2020 Securitisation Fund for 100 million euros. AQUA 2020 is a securitisation fund incorporated under Spanish law, which is open on the assets and liabilities side,
(i.e. it allows the successive incorporation of new credit rights and the issuance of new securities throughout the life of the Fund), and whose purpose is to finance present and future credit rights granted by Crealsa Investments Spain.
The credit rights to be pooled in the assets of the fund consist of rights arising from credit transfers between Crealsa and its customers for early payment of receivables from third parties, arising from the provision of services or delivery of goods and supported by invoices. The credit rights will be covered by an insurance policy taken out withCompañía Española de Seguros de Crédito a la Exportación (CESCE).The Fund will be administered by EBN Titulización, SGFT.
EBN Banco acts as Placement Entity, Insurer and Underwriter of the issue. The Registered Advisor in MARF will be EBN Securitisation. J&A Garrigues has acted as legal advisor to the participants in the incorporation of the Securitisation Fund and the registration of the bond programme with MARF.
The issues to be launched will have a credit rating assigned by EthiFinance Ratings of BBB.
Crealsa is the first Spanish neobank specialising in companies and self-employed workers to offer financial services such as an IBAN account, cards, immediate transfers and financing solutions, like factoring, confirming, loans or BNPL (Buy now pay later services). Since its creation in 2009, it has supported more than 4,000 clients and financed around 450 million euros. In addition to digital contracting, Crealsa has offices in 9 Spanish cities, including Madrid and Valencia. EBN Titulización is a securitisation fund management company authorised by the Spanish stock market supervisor -CNMV- to manage and represent securitisation funds. EBN Group's securitisation management company was set up in 2018 and provides services to different business areas of the bank in order to identify synergies and give added value to the Group's clients. Since its incorporation, EBN Securitisation has promoted different securitisation funds for invoices, loans and other credits.