Autowheel Securitisation

Location:

Greece

Project number:

49471

Business sector:

Financial institutions

Notice type:

Private

Environmental category:

FI

Approval date:

27 Feb 2018

Status:

Complete

PSD disclosed:

24 Dec 2021

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

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.

Project Objectives

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.

Transition Impact

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.

Client Information

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

EUR 15,000,000.00

€ 15,000,000.

Total Project Cost

EUR 101,103,000.00

Total Project Cost of € 101,103,000.

Additionality

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

n/a

Company Contact Information

Autohellas Tourist and Trading Societe Anonyme
info@autohellas.gr
0030 210 6264000
https://www.autohellas.gr
31 Viltanioti str., 14564, Athens, Greece

Implementation summary

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

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

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Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipam@ebrd.com to get guidance and more information on IPAM and how to submit a request.

 

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