MARF registers bonds from Elecnor Energy Efficiency Securitisation Fund for 50 million

23 December, 2020

  • This is the first securitization bond issue of future credit rights derived from contracts with public authorities in Spain

BME's Fixed Income Market, MARF, has admitted to trading a new bond issue by Elecnor Energy Efficiency Securitisation Fund 2020 for an amount of EUR 50 million. The Fund's asset is made up of invoices issued and to be issued in the future by Elecnor to various municipalities, arising from the contracts for energy services management and the maintenance of the outdoor public lighting installations the company has with them. This is the first securitisation of future credit rights deriving from contracts with Public Administrations to be carried out in Spain. The Fund will be managed by Titulización de Activos, SGFT (TdA).

The securitisation bonds issued have been qualified as Green Bonds in accordance with the use of proceeds of the projects whose rights have been selected and are in line with ICMA's Green Bond Principles, as confirmed by the Second Party Opinion issued by G-Advisory.

Banco Sabadell is the placement entity and paying agent of the issue, as well as the registered advisor of the Securitisation Fund in the MARF. Cuatrecasas has acted as legal advisor to the participants in setting up the Securitization Fund and registering the bond issue at the MARF. The issue has an A+ (sf) rating from Axesor Risk Management.

Elecnor is one of the leading Spanish business groups in electricity, renewable energy, gas, infrastructure, industrial plants, services, new technologies and even aerospace engineering. Its strong international vocation has led the company to a continuous process of expansion into different markets.  Elecnor is present in 55 countries, is listed at the stock exchange and in 2019 reached a turnover of 2.45 billion euros, with a consolidated net profit of 126.4 million euros.

TdA is a Securitisation Funds Management Company set up in 1992 and registered in the Special Register of the CNMV. Throughout its history, TdA has participated in more than 180 securitisation transactions and currently manages Funds that hold fixed income instruments issued for an outstanding balance of more than 56,600 million Euros.

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