MARF registers a € 30 million 1st tranche of Haya Titulización´s securitisation fund for ODF Energía

8 July, 2020

  • The Securitisation Fund, which features a novel structure in Spain, will be multi-compartment and its maximum amount is 200 million euros

MARF, BME’s Fixed Income Market, today registered for Haya Titulización and the company ODF Energía the first compartment of HT Suministros, Haya’s new Securitisation Fund. It is an open and multi-compartment Fund for funding the successive purchase of credit rights belonging to different companies or private businesses groups and the issuing of commercial paper, thus introducing a novel structure in the Spanish market. The Fund’s maximum amount is 200 million euros for all compartments.

The aim of this first tranche, with a maximum outstanding balance of 30 million euros, is to provide financing and liquidity to the ODF Energía business group companies. ODF has operated in the power sector since 2004 and specialises in providing energy, gas and telecommunications services to large clients in the public and private sector.

The credit rights to be incorporated into HT Suministros will feature a guarantee in the form of a liquidity certificate from Compañía Española de Seguros de Crédito a la Exportación (CESCE) and will have an A rating by credit rating agency Axexor.

Mirabaud Securities acts as Placement Entity for this first compartment and Cecabank is its Payment Agent. Haya Titulización will be the Registered Advisor of the Fund and of the successive tranches. J&A Garrigues has provided legal advice to the Management Company in the incorporation of the Fund and in the registration of ODF Energía’s first Commercial Paper Programme with MARF, while Linklaters is Mirabaud's legal advisor.

Haya Titulización is a Securitisation Fund Management Company established and supervised by CNMV, the Spanish markets supervisor. It has structured all types of Funds with various underlying assets, namely: mortgages, SMEs, consumer or auto loans, open or closed, and with present or future credit rights. Since it was established in 1993, it has managed Funds with a value exceeding 208 billion euros.

So far this year MARF has incorporated a total of 26 commercial paper programmes and new bond issues. Since it was created, in 2013, 83 companies have launched issues on this market, six of them Portuguese, and it has an outstanding balance of 4.58 billion euros. "The sophistication of the structures used demonstrates the consolidation of this market as a financing instrument for all types of companies," said Gonzalo Gómez Retuerto, General Manager of BME Renta Fija and MARF.

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