Austria: EIB Group cooperates with Raiffeisen-Leasing Group to support SMEs and Mid-Caps in response to the Covid-19 pandemic
29 March 2021
EIB Group to provide EUR 200m of funding to Raiffeisen-Leasing Group through a EUR 538m securitisation transaction
EIB group’s investment expects to mobilise total fresh investment of up to EUR 560m by Raiffeisen-Leasing
Transaction is aimed at immediate Covid-19 response with strong focus on climate action
The EIB Group, consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), provides funding of EUR 200m in a true sale securitisation transaction to Raiffeisen-Leasing Austria. The transaction’s AAA-rated senior asset-backed notes have been issued by ROOF AT S.A., a special purpose vehicle (SPV) and placed with EIB (subscribing EUR 150m) and EIF (subscribing EUR 50m) as well as with other market funding partners. Raiffeisen-Leasing Group subscribed to the mezzanine asset-backed notes. The securitised EUR 538m portfolio consists of existing leases originated by Raiffeisen-Leasing Group in its ordinary course of business.
The transaction has been structured, arranged and placed by Raiffeisen Bank International AG and is a follow-up to the “ROOF Leasing Austria” securitisation transaction that was closed in 2016. The operation is aimed at supporting new lending to SMEs and Mid-Caps in Austria and is expected to mobilise up to EUR 560m of fresh investments in total. It is expected to have a considerable impact on the real economy affected by the current Covid-19 crisis as well as on Climate Action efforts, mainly in the area of mobility but also including other areas where the Raiffeisen-Leasing network is active.
EIB Vice President Thomas Östros commented: “This transaction clearly leverages EIB Group synergies and strengthens Raiffeisen-Leasing´s capacity to provide fresh investment to SMEs and Mid-Caps at favourable terms in the currently difficult environment due to the Covid-19 pandemic. It will have a significant impact on the Austrian economy by supporting approximately 25,000 jobs. I am also very pleased that the transaction has a strong focus to fight climate action as this is one of the top priorities of the EIB, the climate bank of the European Union.”
EIF Chief Executive Alain Godard said: “This follow-up transaction demonstrates the European Investment Fund’s strong commitment to help SMEs and Mid-Caps to grow and create jobs, across Europe and especially here in Austria. This holds true in particular in today´s difficult economic environment due to the Covid-19 pandemic. We need to make sure that small and medium-sized businesses have access to liquidity as they are the backbone of the European economy.”
Raiffeisen-Leasing CEO Alexander Schmidecker added: “As a financial services provider, we have a responsibility in these difficult times to help our customers through the crisis with flexible financing that preserves their liquidity. At the same time, however, it must be clear that the pandemic will pass, but the climate crisis will still be far from resolved. That is why Raiffeisen-Leasing will continue to place a strong focus on leasing for e-mobility and Green Assets in order to make new and more sustainable technologies available to a broader public.”
Raiffeisen-Leasing is a wholly-owned subsidiary of Raiffeisen Bank International (RBI) and operates in Austria and abroad as a specialist institution of the Raiffeisen Banking Group Austria. Raiffeisen-Leasing offers all forms of vehicle, equipment, aircraft and real estate leasing, fleet management and property development services.
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