BME's Fixed Income Market, MARF, today admitted to trading the first compartment of HT Working Capital, Securitisation Fund, from Sociedad Gestora Haya Titulización SGFT for an amount of 75 million euros. This first compartment is structured as a continuous issuance programme that will allow the successive placement of commercial paper (CPs) securities backed by credit rights assigned to the Fund by Trade & Working Capital (TWC), which provides companies with working capital financing. The credit rights will consist of invoices, receipts or other rights that companies and SMEs have on their balance sheets as a result of work and services provided to third parties and whose collection will be made in advance via their assignment to TWC. The Fund will allow TWC to finance these credit rights.
HT Working Capital 1, the first compartment of the new Securitisation Fund, will have an insurance policy granted by Euler Hermes France in respect of collections derived from the credit rights.
Axesor Risk Management has granted a credit rating of A + (sf) to this first compartment of the programme, which will be applied to all CPs series issued under the said issuance framework.
Mirabaud Securities Limited, Sucursal en España, will act as the main Placement Entity for the CPs issued against the Securitisation Fund and Cecabank is the Fund’s accounts bank and payment agent. The Registered Advisor of the Securitisation Fund in MARF is Haya Titulización, SGFT.
J&A Garrigues has acted as the issuer’s legal advisor in connection with the Programme’s registration, while Linklaters has advised the Placement Entity.
Haya Titulización, SGFT, is a Securitisation Fund Management Company established in November 1993 and included in the Spanish markets supervisor’s (CNMV) registry. Throughout its 27 years of operation, it has structured all types of funds: open and closed, with financial and non-financial assets, with present and future credit rights, etc. It currently manages funds holding fixed income securities whose outstanding balance exceeds 20 billion euros.