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EIF, CDP and KFW: cooperation on securitisation progresses with a new transaction of leases to SMEs originated by Iccrea Banca Impresa

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    Date: 28 September 2016

Italian version [PDF]

The European Investment Fund, Cassa Depositi e Prestiti (CDP) and KfW have finalised an investment in a new transaction securitising leases to SMEs originated by Iccrea Banca Impresa (the Cooperative Credit corporate bank).

CDP and KfW have invested EUR 65m by purchasing mezzanine notes which benefit from a first demand guarantee issued by the EIF.

The transaction has been carried out in the context of ENSI (EIF-NPIs Securitisation Initiative), a cooperation platform between EIF and the National Promotional Institutions (NPIs), amongst which CDP and KfW, whose purpose is to facilitate SMEs’ access to credit in the spirit of the Juncker plan.

Collaboration between CDP, KfW and EIF in the ENSI platform began with the Alba 7 transaction and continued with the Alba 8 transaction (two securitisations of performing financial leases originated by Alba Leasing Spa).

The three institutions are very active in this market, enhancing access to finance for SMEs and encouraging the use of securitisation as an instrument for funding credit to SMEs. Furthermore, the ENSI workgroup is setting up a plan to make the initiative become one of the Juncker plan products in the following months.

EIF, CDP and KfW are committed to facilitating access to finance for SMEs, and therefore plan to leverage on the ENSI platform with a view to closing further investments in the next months.

Thanks to the involvement of the NPIs and the EIF in the mezzanine tranche and the European Investment Bank’s investment in the senior, the market transaction allowed Iccrea Banca Impresa to raise long term funding, which will be reinvested by granting new leases to Italian SMEs in the next two years.

Note to editors:

About EIF

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. www.eif.og

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. www.eib.org/press 

About CDP

Cassa Depositi e Prestiti is the national promotional institution that has supported the Italian economy since 1850. It finances public investments, supports international cooperation and is the catalyst for the country’s infrastructure growth.  It supports Italian enterprises, helping them innovate and grow, while supporting their exports and international expansion. As the primary operator in social and affordable housing, it contributes to the growth of the Italian real estate sector. http://www.cdp.it 

About KfW

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 EUR 79.3 billion in 2015 alone; and of this, 26% (EUR 20.4 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. http://www.kfw.de

Press contacts

EIF: David Yormesor, Tel.: +352 42 66 88 346, e-mail: d.yormesor@eif.org

EIB: Marco Santarelli, Tel. +39 0647191, m.santarelli@eib.org, – Press Office: Tel. +352 4379 21000 – press@eib.org

CDP: Rodolfo Belcastro

Tel.: + 39 06 4221.4000, e-mail: rodolfo.belcastro@cdp.it

KfW: Dr. Charis Pöthig

Tel.: 49 (0) 69 74 31 46 83, e-mail: charis.poethig@kfw.de

 

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