Poland-based lessor Europejski Fundusz Leasingowy (EFL), part of the Credit Agricole group, has completed the securitisation of PLN 2bn (£458m) of lease receivables.
The European Investment Bank (EIB) bought a large part of the bonds, with other European and domestic investors acquiring the rest. At total of PLN 1.8bn was issued in bonds.
The receivables cover leases on passenger cars, larger vehicles and equipment and machinery.
The bonds come with a 3-year revolving structure, meaning that any part of the portfolio that is repaid within that period may be replaced with new lease receivables. This allows to extend the maturity of the bonds.
It was the first securitisation of the kind for EFL, and was arranged by Credit Agricole Corporate and StormHarbour Securities.
The bonds were rated A+ by Fitch.
Paweł Bojko, EFL chief financial officer, said: “For many years, EFL has been consistently diversifying its funding sources. Now our business is funded by local banks, bond issues, cooperation with international financial institutions and funds provided by Credit Agricole, our shareholder.
“Securitisation transactions constitute a major element supporting the company’s liquidity position and their aim – apart from assuring an additional funding source – is to ensure attractive refinancing terms and conditions.”
EFL was founded in 1991, and has been a part of Credit Agricole since 2001.