The transaction consisted of an investment in senior notes under a true sale revolving securitisation structure in Greece issued by a special purpose vehicle (the Issuer). The asset pool consisted of auto leases originated and sold by Autohellas S.A. (AH) to the Issuer. Currently, the project has completed its life cycle and the senior notes have been repaid.
The investment represented an accessible alternative funding channel for AH, in order to diversify its funding base and attract international investors. The project also supported AH on extending new leases to Greek SMEs.
ETI score: 62
Resilient: The project was the first Greek securitization for a non-bank institution and enabled AH to diversify its funding base and improve its liquidity, thus strengthening AH's balance sheet.
Well-governed: The senior notes were listed on an internationally recognised stock exchange in Ireland.
AUTOWHEEL SECURITISATION DAC ABS
A special purpose vehicle registered in Ireland, used for the purposes of the securitisation.
AH is one of the largest car rental companies in Greece, engaged in the vehicle renting (up to one-year rentals) as well as in long term leasing and management services (fleet management). AH is also active in cars and spare parts import and trade. It has been listed on the Athens Stock Exchange ("ASE") since 1999 and has current market capitalisation of c. €430.82 million. Its main shareholders are Eftixios Vassilakis (60.06 per cent) and the FMR Co., Inc. (Fidelity International) (5.43 per cent), with the remaining 34.51 per cent being free float.
EBRD Finance Summary
Total Project Cost
Total Project Cost of € 101,103,000.
By participating in the transaction, the EBRD supported the provision of medium-term financing to AH through the capital market in an environment of limited availability of such funding, especially to first time issuers.
Environmental and Social Summary
Categorised FI (ESP 2014). AH has provided the completed the EBRD Environmental and Social (E&S) Due Diligence Questionnairefor ESD's review. The client has a Human Resource Policy and practices in place that comply with PR2. AH did not have an Environmental and Social Risk Management System, Environmental and Social Policy, or Occupational Health and Safety practices in place to comply with PRs 4 and 9. Due diligence was completed and an Environmental and Social Management Plan has been agreed in order to bring the client into compliance with the requirements the EBRD's PRs 2, 4 & 9 including adoption and implementation of the EBRD's ES Risk Management Procedures for Leasing and submission of Annual Environmental and Social Reports to the Bank on the implementation of the PRs and the ESMP. There was no GET component associated with this project.
Technical Cooperation and Grant Financing
Company Contact Information
Autohellas Tourist and Trading Societe Anonyme
0030 210 6264000
31 Viltanioti str., 14564, Athens, Greece
As the first Greek non-bank securitization, the project introduced a new financing method in an environment of limited availability of such funding, especially to first time issuers and helped Autohellas S.A. to diversify its funding base. The transaction succeeded on signalling to the wider market the viability of more complex financing methods, especially for non-bank financial institutions, and paved the way for future issuances.
As part of the Transition Impact, the project has contributed to overall market expansion by providing leases to SMEs, at a period where access to finance represented a particular challenge for Greek SMEs due to the country's unstable macro outlook.
The transaction was also the first under ENSI programme, a cooperation and risk sharing platform between the EIF, the EBRD and several National Promotional Institutions and more generally, economic development institutions in the EU encouraging SME lending via the capital markets.
PSD last updated
24 Dec 2021
Further information regarding the EBRD’s approach to measuring transition impact is available here.
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