2018-M12 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at Y/E, Credebt Exchange® held Active RSA of EUR 79.21m, with EUR 20.63m allocated. Investors redeemed EUR 0.86m in the period and trading for M12 was EUR 8.62m+ with all available ETR utilised.

Treasury performance at EUR 7.96m of settled ETR was in line with the trade value for the month. Stabilised trading during the month roughly equalled demand and repayments.

Performance 2018-M12 v 2017-M12 continued its significant increase in trade volume by 116.52% with a return to significant improvement in the trade value up by 31.55%, year-on-year. Total trade for the Year was EUR 126.27m showing annual growth for the Exchange of 22.59%. Trading ended with moderate, to strong, growth for the year. Total creditors & debtors were c.5.0k. Highest single value trade was EUR 0.43m. Total trade for the Year was EUR 126.27

Trend Yield remained stable for the period at 2.046% to 2.086% in the month. This narrow spread continues to be driven by the stabilised supply v demand as the year ended. The Branch Network initiative has appointed two Local Branches with new opening announcements expected in 2019. Available Active RPA capacity was EUR 79.21m+

2018-M12 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M11 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M11, Credebt Exchange® held Active RSA of EUR 89.30m, with EUR 21.45m allocated. Investors redeemed EUR 0.25m in the period and trading for M11 was EUR 9.17m+ with all available ETR were utilised.

Treasury performance at EUR 8.41m of settled ETR was in line with the trade value for the month. Stabilised trading during the month roughly equalled demand and repayments.

Performance 2018-M11 v 2017-M11 continues its significant increase in trade volume of 50.44% with a return to significant improvement in the trade value of 19.57%, year-on-year. Year to date trade of EUR 111.65m improved overall growth for the Exchange by 26.27%. Trading returned to moderate, or strong, growth for the year. Total creditors & debtors were c.4.9k. Highest single value trade was EUR 0.21m. Total trade for the Year is expected to be c.EUR125.00+

Trend Yield remained stable for the period at 2.077% to 2.129% in the month. This narrow spread continues to be driven by the stabilised supply v demand as the year comes to an end. The Branch Network initiative has appointed to Local Branches with some new opening announcements expected in 2019. Available Active RPA capacity was EUR 89.30m+

2018-M11 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M10 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M10, Credebt Exchange® held Active RSA of EUR 94.01m, with EUR 22.89m allocated. Investors redeemed EUR 0.84m in the period and trading for M10 was EUR 10.95m+ with all available ETR were utilised.

Treasury performance at EUR 12.30m of settled ETR was well above the trade value for the month. This was due to strong Treasury management and seasonal collections.

Performance 2018-M10 v 2017-M10 continues its significant increase in trade volume of 48.48% with a return to significant improvement in the trade value of 22.59%, year-on-year. Year to date trade of EUR 105.64m improved overall growth for the Exhcange by 21.07%. Trading returned to moderate, or strong, growth for the year. Total creditors & debtors were c.4.9k. Highest single value trade was EUR 0.80m. Total trade for the Year is expected to be c.EUR 125.00+

Trend Yield remained stable for the period at 2.043% to 2.080% in the month. This narrow spread continues to be driven by the stabilised supply v demand as the year matures. The Branch Network initiative short-listed 4 candidates with some new opening announcements expected in M10. Available Active RPA capacity was EUR 93.40m+

2018-M10 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M09 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M09, Credebt Exchange® held Active RSA of EUR 93.40m, with EUR 23.74m allocated. Investors redeemed EUR 0.84m in the period and trading for M08 was EUR 10.20m+ with all available ETR were utilised.

Treasury performance at EUR 7.79m of settled ETR was still below the trade value for the month. This was due to continued strong Originator trading versus settled trades.

Performance 2018-M09 v 2017-M09 continues its significant increase in trade volume of 43.39% with a marginal improvement in trade value of 3.39%, year-on-year. Total trade of EUR 10.20m for M09 improved overall growth for the year by 12.51%. Trading continues to show a moderate growth for the year. Total creditors & debtors were c.4.8k. Highest single value trade was EUR 0.42m. Total trade for the Year increased to EUR 94.20m+

Trend Yield remained stable for the period at 2.043% to 2.080% in the month. This narrow spread continues to be driven by the stabilised supply v demand as the year matures. The Branch Network initiative short-listed 4 candidates with some new opening announcements expected in M10. Available Active RPA capacity was 93.40m+

2018-M09 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M08 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M08, Credebt Exchange® held Active RSA of EUR 96.62m, with EUR 17.66m allocated. Investors redeemed EUR 0.27m in the period and trading for M08 was EUR 14.19m+ with all available ETR were utilised.

Treasury performance at EUR 9.48m of settled ETR was still below the trade value for the month. This was due to continued strong Originator trading versus settled trades.

Performance 2018-M08 v 2017-M08 continues its significant increase in trade volume of 31.37% with a strong upward swing of 50.74% in trade value, year-on-year. Total trade of EUR 14.19m for M08 improved overall growth for the year of 23.75%. Trading continues to show moderate to strong growth for the year. Total creditors & debtors were c.4.8k. Highest single value trade was EUR 1.99m. Total trade for the Year increased 20.81% to EUR 83.73m+

Trend Yield remained stable for the period at 2.043% to 2.083% in the month. This narrow spread continues to be driven by the stabilised supply v demand as the year matures. The Branch Network initiative expects to see appointments in this quarter/Q3 with opening announcements expected in M09/M10. Available Active RPA capacity was 96.62m+

2018-M08 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M07 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M07, Credebt Exchange® held Active RSA of EUR 91.9m, with EUR 22.89m allocated. Investors redeemed EUR 1.14m in the period and trading for M07 was EUR 15.67m+ with all available ETR were utilised.

Treasury performance at EUR 9.85m of settled ETR was well below the trade volumes for the month. This was due to good, heavy Originator trading compared to settled trades.

Performance 2018-M07 v 2017-M07 spiked with a significant increase in trade volume of 30.44% with a strong upward swing of 81.00% in trade value, year-on-year. Total trade of EUR 15.29m for M07 improved overall growth for the year of 19.65%. Trading showed moderate to strong growth for the year. Total creditors & debtors were c.4.7k in the month. Highest single value trade was EUR 1.60m. Total Active RSA in the month increased 14.59% to EUR 91.9m+

Trend Yield fluctuated between 2.069% and 2.098% in the month. This narrow spread is driven by the continued stabilisation in supply v demand as the year develops. The recent Branch Network initiative expects to see appointments in this quarter/Q3 with opening announcements expected in M08/M09. Available Active RPA capacity was 91.9m+

2018-M07 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M06 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M06, Credebt Exchange® held Active RSA of EUR 78.5m, with EUR 20.42m allocated. Investors redeemed EUR 0.28m in the period and trading for M06 was EUR 12.72m+ with all available ETR were utilised.

Treasury performance at EUR 11.28m of settled ETR was well above the trade volumes for the month. This was due to levelling out of trade and a high number of settled trades.

Performance 2018-M06 v 2017-M06 showed a decrease in trade volume of 22.55%, but trade value remained the same year-on-year. Total trade for M06 was EUR 10.42m and Q2 ended with overall growth of almost 10.00% year-to-date. The Exchange has now traded EUR 300.0m+ in 5-Years. Trading continues to show moderate growth and strength. Total creditors & debtors were c.4.5k in the month. Highest single value trade was EUR 1.82m. Total Active RSA in the month decreased 7.34% to EUR 78.5m+

Trend Yield fluctuated between 2.082% and 2.119% in the month. This narrow spread continues to be driven by a stabilisation in supply v demand as the year develops. The recent Branch Network initiative has launched very well with strong demand and interest. Local Branch opening announcements are expected in Q3. Available Active RPA capacity was 78.5m+

2018-M06 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M05 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M05, Credebt Exchange® held RSA of EUR 287.7m, with EUR 16.52m allocated. EUR 0.61m of Investor redemptions were transacted. Trading for M05 totalled EUR 12.72m+ and all available ETR were utilised.

Treasury performance at EUR 7.78m of settled ETR was well below the trade volumes for the month. This was due to a significant uptake in trade hence the large difference.

Performance 2018-M05 v 2017-M05 although trade volume decreased by 13.00%, trade value increased by almost 40.00%. The negative growth that ended Q1 has been reversed and trading continues good growth and strength. The new 2018 – 2020 strategy has been publicised and will address a significant upturn in ETR generation in 2018-H2. Total creditors & debtors were c.4.4k in the month. Highest single value trade was EUR 1.26m. Total RSA in the month increased 1.25% to EUR 287.8m+

TrendYield fluctuated between 2.100% and 2.123% in the month. This narrow spread was driven by a stabilisation in supply v demand as the effects of Q1 dissipate. With the recent Branch Network initiative being implemented and being launched in 2018-Q2, demand is expected to rise significantly. RPA capacity available for use was 287.8m+

2018-M05 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M04 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M04, Credebt Exchange® held RSA of EUR 261.2m, with EUR 16.40m allocated. EUR 0.65m of Investor redemptions were transacted. Trading for M04 totalled EUR 9.06m+ of trade, with all available ETR utilised.

Treasury performance at EUR 5.04m of settled ETR was significantly below the trade volumes for the month. This was due to the 40.00%+ surge in trading volumes. During M05 this will level out as performance stabilises.

Performance 2018-M04 v 2017-M04 trade value increased significantly by 41.26% to EUR 9.06m although volumes were down by 20.79%. The negative growth from M03 was also reversed as trading continues to grow. The new 2018 – 2020 strategy will address a significant upturn in ETR generation in 2018-H2 with the launch of the Branch Network. Total creditors & debtors were c.4.3k in the month. Highest single value trade was EUR 0.70m. Total RSA in the month increased 3.30% to EUR 261.2m+

TrendYield fluctuated between 2.103% and 2.146% in the month. Originator demand rose significantly in M04 and will bring improved yield in 2018-H2. The unstable Buy rate fluctuations during M04 returned and ended down at c2.103%. With the Branch Network being implemented in 2018-Q2, demand is expected to rise. RPA capacity was 261.2m+

2018-M04 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M03 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M03, Credebt Exchange® held RSA of EUR 252.9m, with EUR 11.24m allocated. EUR 0.60m of Investor redemptions were transacted. Trading for M03 totalled EUR 5.71m+ of trade, with all available ETR utilised.

Treasury performance at EUR 4.89m of settled ETR was marginally below the trade volumes for the month. This was a good, and almost at parity, performance for the period.

Performance 2018-M03 v 2017-M03 trade value decreased by 24.50% with volumes also down by 35.99%. This is the first time that negative overall growth has been recorded. EUR 5.71m of total trade ended 2018-Q1. The new 2018 – 2020 strategy will address a significant upturn in ETR generation in 2018-H2 and announcements are imminent. Total creditors & debtors were c.4.2k in the month. Highest single value trade was EUR 0.14m. Total RSA in the month increased 1.25% to EUR 252.9m+

TrendYield fluctuated between 2.071% and 2.121% in the month. Originator demand rose slightly in M03 and is a return to improved yield in 2018. The unstable Buy rate fluctuations during M02 were removed and ended upward at c2.110%. With the new initiatives being implemented in 2018-Q2, demand is expected to rise. RPA capacity available for use was 252.9m+

2018-M03 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M02 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M02, Credebt Exchange® held RSA of EUR 249.7m, with EUR 12.85m allocated. EUR 1.43m of Investor redemptions were transacted. Trading for M01 totalled EUR 7.21m+ of trade, with all available ETR utilised.

Treasury performance at EUR 3.53m of settled ETR was very much below the trade volumes for the month. This was a poor performance for the period and is a seasonal ‘overflow’.

Performance 2018-M02 v 2017-M02 trade value decreased by 3.56% and trade volumes were also down by 12.64% in the period. This is below the average annual growth rate of c.40.00%+. Total trade of EUR 7.21 continues to be an unimpressive start to 2018. The current medium to strong production pipeline has not yet improved the overall performance. Total creditors & debtors dropped back to c.4,000 in the month. Highest single value trade was EUR 0.24m. Total RSA in the month increased 0.95% to EUR 249.7m+

Trend Yield fluctuated between 2.079% and 2.122% in the month. Originator demand continued to be static in M02 and is a poor start to the Year. The upward swing in Buy rates during M01 fell back in M02 and ended at c2.110%. Supply is still expected to rise in 2018-Q1 as supply lines mature. Current RPA capacity available for use in 2018 is 249.7m+

2018-M02 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2018-M01 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M01, Credebt Exchange® held RSA of EUR 247.4m, with EUR 11.50m allocated. EUR 1.43m of Investor redemptions were transacted. Trading for M01 totalled EUR 6.71m+ of trade, with all available ETR utilised.

Treasury performance at EUR 5.00m of settled ETR was slightly below the trade volumes for the month. This is a better than expected performance for this time of year.

Performance 2018-M01 v 2017-M01 trade value increased 4.04% whilst trade volumes decreased by 29.47% in the period. This is below the average annual growth rate of c.40.00%+. Total trade of EUR 6.71 is a ‘slow’ and unimpressive start to 2018. The current medium to strong production pipeline is expected to improve overall performance. Total creditors & debtors rose significantly to 4,200 in the month. Highest single value trade was EUR 0.16m. Total RSA in the month increased 0.49% to EUR 247.4m+

Trend Yield fluctuated between 2.076% and 2.130% in the month. Originator demand was static in M01 with a slow and unimpressive start to the Year however Buy rates are indicating an upward swing ending at 2.130%. Supply should also rise in 2018-Q1 as supply lines mature. Current RPA capacity available for use in 2018 is 247.4m+

2018-M01 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2017-M12 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M12, Credebt Exchange® held RSA of EUR 246.2m, with EUR 12.29m allocated. EUR 0.35m of Investor redemptions were transacted. Trading for M12 totalled EUR 6.56m+ of trade, with all available ETR utilised.

Treasury performance at EUR 3.61m of settled ETR was significantly below the trade volumes for the month. This is seasonal and will improve as the value in trade stabilises.

Performance 2017-M12 v 2016-M12 trade value and trade volumes in the period significant decreases of 35.17% and 21.80% respectively. This is below the average annual growth rate of c.50.00%+. However, with total trade of EUR 103.6m, 2017 was a strong year. Total creditors & debtors increased to over 3,800 in the month with total trade of EUR 6.56m. Highest single value trade was EUR 0.15m. Total RSA in the month also increased 3.55% to EUR 246.2m+

Yield fluctuated between 2.085% and 2.129% in the month. Originator demand decreased in M12 due to seasonality with prices finishing out the Year at 2.115%. An increase in supply is expected in 2018-Q1 as developed supply lines mature along with new ETR product enhancements. Current RPA capacity available for use in 2018 is 246.2m+

2017-M12 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2017-M11 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M11, Credebt Exchange® held RSA of EUR 237.7m, with EUR 13.24m allocated. EUR 0.97m of Investor redemptions were transacted. Trading for M11 totalled EUR 9.47m+ of trade, with all available ETR utilised.

Treasury performance at EUR 7.10m of settled ETR was marginally below the trade volumes for the month. This is compatible with increased value in trade and will continue.

Performance 2017-M11 v 2016-M11 trade value in the period showed a 18.7% decrease. This is below the average annual growth rate of c.30.00%+. 2017-M11 trade volumes were down by -37.60% versus 2016-M11. Total creditors & debtors increased to over 3,775 in the month with total trade of EUR 9.47m. Highest single value trade was EUR 0.60m. Total RSA in the month also increased 3.35% to EUR 237.7m+

Trend Yield fluctuated between 2.064% and 2.117% in the month. Originator demand is expected to decrease in M12 and Y/E due to seasonality with prices expected to finish out the Year at c.2.100%. An increase in supply is expected in 2018-Q1 as developed supply lines mature. Current RPA capacity available for use in 2017 is 237.7m+

2017-M11 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2017-M10 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M10, Credebt Exchange® held RSA of EUR 231.1m, with EUR 15.73m allocated. EUR 1.11m of Investor redemptions were transacted. Trading for M10 totalled EUR 8.93m+ of trade, with all available ETR utilised.

Treasury performance at EUR 4.80m of settled ETR was below the trade volumes for the month. This is in line with increased value in trade and is expected to continue.

Performance 2017-M10 v 2016-M10 trade value in the period showed a 14.08% increase. This is below the average annual growth rate of c.65.00%+. 2017-M10 trade volumes were down by -30.17% on 2016-M10. Total creditors & debtors increased to over 3,750 in the month with total trade of EUR 8.93m. Highest single value trade was EUR 0.20m. Total RSA in the month also increased 1.01% to EUR 231.1m+

Trend Yield fluctuated between 2.066% and 2.117% in the month. Originator demand is expected to decrease in M11/12 due to seasonality with prices expected to finish out at c.2.200% by Y/E. An increase in supply is expected in 2018-Q1 as developed supply lines mature. Current RPA capacity available for use in 2017 is 231.1m+

2017-M10 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2017-M09 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M09, Credebt Exchange® held RSA of EUR 227.7m, with EUR 16.33m allocated. EUR 0.13m of Investor redemptions were transacted. Trading for M09 totalled EUR 9.86m+ of trade, with all available ETR utilised.

Treasury performance at EUR 4.91m of settled ETR was below the trade volumes for the month. This is an line with increased value in trade and is expected to continue.

Performance 2017-M09 v 2016-M09 trade value in the period showed a 38.54% increase. This is below the average annual growth rate of 70.00%+. 2017-M09 trade volumes were down by -23.73% on 2016-M09. Total creditors & debtors increased to c.3,700 in the month with total trade of EUR 9.86m. Highest single value trade was EUR 0.20m. Total RSA in the month also increased 0.75% to EUR 227.7m+

Trend Yield fluctuated between 2.013% and 2.113% in the month. Originator demand is expected to increase again in Q4 and prices were expected to rise in M10/M11. If this increase in supply continues, it will be the second rise in this Year. Current RPA capacity available for use in 2017 is EUR 227.7m+

2017-M09 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2017-M08 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M08, Credebt Exchange® held RSA of EUR 226.0m, with EUR 18.85m allocated. EUR 0.14m of Investor redemptions were transacted. Trading for M08 totalled EUR 8.93m+ of trade, with all available ETR utilised.

Treasury performance at EUR 4.33m of settled ETR was below the trade volumes for the month.

Performance 2017-M08 v 2016-M08 trade value in the period showed a 13.41% increase. This is below the average annual growth rate of 70.00%+. 2017-M08 trade volumes were down by -20.39% on 2016-M07. Total creditors & debtors increased to c.3,600 in the month with total trade of EUR 8.93m. Highest single value trade was EUR 0.26m. Total RSA in the month also increased 5.42% to EUR 226.0m+

Trend Yield fluctuated between 1.995% and 2.071% in the month. Originator demand is expected to increase again in M09 and prices were expected to rise in M09/M10. If this increase in supply continues, it will be the second rise in this Year. Current RPA capacity available for use in 2017 is EUR 226.0m+

2017-M08 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2017-M07 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M07, Credebt Exchange® held RSA of EUR 214.4m, with EUR 13.88m allocated. EUR 0.81m of Investor redemptions were transacted. Trading for M07 totalled EUR 8.09m+ of trade, with all available ETR utilised.

Treasury performance at EUR 6.43m of settled ETR was below the trade volumes for the month.

Performance 2017-M07 v 2016-M07 trade value in the period showed a 4.63% increase. This is below the average annual growth rate of 70.00%+. 2017-M06 trade volumes were down by -24.25% on 2016-M07 volumes. Total creditors & debtors increased to c.3,500 in the month with total trade of EUR 8.09m. Highest single value trade was EUR 0.20m. Total RSA in the month also increased 2.23% to EUR 214.4m+

Trend Yield fluctuated between 2.067% and 2.139% in the month. Originator demand is expected to increase again in M09 and prices were expected to rise in M08/M09. If this increase in supply continues, it will be the second rise in this Year. Current RPA capacity available for use in 2017 is EUR 214.4m+

2017-M07 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2017-M06 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M06, Credebt Exchange® held RSA of EUR 212.7m, with EUR 14.88m allocated. EUR 0.65m of Investor redemptions were transacted. Trading for M06 totalled EUR 10.48m+ of trade, with all available ETR utilised.

Treasury performance at EUR 6.99m of settled ETR was below the trade volumes for the month.

Performance 2017-M06 v 2016-M06 trade value in the period showed a 8.74% increase. This is below the average annual growth rate of 70.00%+. 2017-M06 trade volumes were down by-4.252% on 2016-M06 volumes. Total creditors & debtors increased to c.3,500 in the month with total trade of EUR 10.48m. Highest single value trade was EUR 2.24m. Total RSA in the month also increased 2.18% to EUR 212.7m+

Trend Yield fluctuated between 2.087% and 2.133% in the month. Originator demand is expected to increase again in M07 and prices were expected to rise in M07/M08. If this increase in supply continues, it will be the second rise in this Year. Current RPA capacity available for use in 2017 is EUR 212.7m+

2017-M06 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2017-M05 ETR Briefing

Investabill ETR® are fixed value Exchange Trade Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M04, Credebt Exchange® held RSA of EUR 210.9m, with EUR 15.49m allocated. EUR 0.91m of Investor redemptions were transacted. Trading for M05 totalled EUR 9.16m+ of trade, with all available ETR utilised.

Treasury performance at EUR 3.88m of settled ETR was significantly below the trade volumes for the month.

Performance 2017-M05 v 2016-M05 trade value in the period showed a 60.85% increase. This is below the average annual growth rate of 70.00%+. 2017-M05 trade volumes were up by 3.126% on volumes from 2016-M04. Total creditors & debtors increased to c.3,400 in the month with total trade of EUR 9.16m. Highest single value trade was EUR 0.27m. Total RSA in the month also increased 2.18% to EUR 210.9m+

Trend Yield fluctuated between 2.013% and 2.202% in the month. Originator demand is expected to increase again in M06 and prices were expected to rise in M06/M07. If this increase in supply continues, it will be the second rise in this Year. Current RPA capacity available for use in 2017 is EUR 210.9m+

2017-M05 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2017-M04 ETR Briefing

Investabill ETR® are fixed value Exchange Trade Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M04, Credebt Exchange® held RSA of EUR 206.4m, with EUR 14.38m allocated. EUR 0.91m of Investor redemptions were transacted. Trading for M04 totalled EUR 6.41m+ of trade, with all available ETR utilised.

Treasury performance at EUR 4.25m of settled ETR was significantly below the trade volumes for the month.

Performance 2017-M04 v 2016-M04 trade value in the period showed a 54.55% increase. This is below the average annual growth rate of 70.00%+. 2017-M04 trade volumes were consistent with volumes in 2016-M04. Total creditors & debtors increased to c.3,350 in the month with total trade of EUR 6.41m. Highest single value trade was EUR 0.20m. Total RSA in the month also increased 2.64% to EUR 206.4m+

Trend Yield fluctuated between 2.156% and 2.213% in the month. Originator demand is expected to increase in M05 and prices are expected to rise by M06. If this increase in supply occurs, it will be the second rise in this Year. Current RPA capacity available for use in throughout 2017 is EUR 206.4m+

2017-M04 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2017-Q1 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at Q1, Credebt Exchange® held RSA of EUR 201.1m, with EUR 15.07m allocated and EUR 3.14m of Investor redemptions transacted. Trading for Q1 totalled EUR 21.18m+ of trade value with all available ETR utilised.

Treasury performance at EUR 10.15m of settled ETR was significantly below the trade volumes for the period.

Performance 2017-Q1 v 2016-Q1 trade value in the period showed a 63.94% increase. However, a somewhat ‘slow start’ to trading in 2017-Q1 still resulted in trade volumes decreasing by 7.38% compared to 2016-Q1. Total creditors & debtors decreased to c.3,250 in the period with total trade of EUR 21.18m. Highest single value trade was in M02 at EUR 0.53m. Total RSA in the period also increased 13.45% to EUR 201.1m+

Trend Yield showed improved price stability at c.2.150% except for a downward spike at the start of March. Originator demand is expected to increase in Q2 and prices are predicted to rise by Q/E. If this increase in supply occurs, it will be the second rise in less than three quarters. Current RPA capacity available for use in throughout 2017 is EUR 201.1m+

2017-Q1 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2016-Q4 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at Q4, Credebt Exchange® held RSA of EUR 178.6m+, with EUR 16.3m allocated and EUR 1.38m of Investor redemptions transacted. Annual trading totalled EUR 87.6m+ of trade value with all available ETR utilised.

Treasury performance was strong and marginally ahead of trading at EUR 18.7m of settled ETR in the period.

Performance Seasonal trading in 2016-Q4 ETR resulted in trade volumes decreasing by 10.1% compared to 2016-Q3. Total creditors & debtors increased to c.3,450 with total trade of EUR 25.7m in the period. Daily volumes were down and marginally below the annual trend. Highest single value trade was in M11 at EUR 0.74m. Total RSA increased 49.3% to EUR 178.6m+

Trend Yield showed a significant increase from low of 1.554% at the start of the Quarter to 2.165% at Q/E. As predicted, this return to strong yield is due to the very strong growth of Originator RSA supply and is the first increase since the market opened in 2013. This significant increase in RPA capacity to EUR 178.6m+ will be available for use in 2017.

2016-Q4 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2016-Q3 ETR Briefing

Investabill ETR are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at Q3, Credebt Exchange® held RSA of EUR 119.6m+, with EUR 17.1m allocated and EUR 2.35m of Investor redemptions transacted. YTD trading totalled EUR 58.4m+ of trade value with all available ETR utilised

Treasury performance below parity at EUR 18.9m of settled ETR due to growth of new Originator members in the period.

Performance 2016-Q3 ETR trade volumes increases were stable at 15.00% compared to 2016-Q2. Total creditors & debtors increased to c.2,750 with total trade of EUR 25.1m in the period. Daily volumes were stable and consistent with average annual trend. Highest single value trade was in M09 at EUR 0.86m. Total RSA increased 21.5% to EUR 119.6m+

Trend Yield stabilised mid-Quarter at a low of 1.554% ending the Quarter at 1.568%. Yield is predicted to rise above the 2.000% mark in Q4. This return to strong yield is due to the strong growth of Originator supply and will be the first increase since the market opened in 2013. Additional RPA capacity, in excess of EUR 200.0m+ will be available for use in 2016/7.

2016-Q3 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2016-Q2 ETR Briefing

Investabill ETR are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at Q2, Credebt Exchange® held RSA of EUR 98.4m+, with EUR 14.6m allocated and EUR 1.10m of Investor redemptions transacted. 3-Years’ trading totalled EUR 102.4m+ of trade value with all available ETR utilised.

Treasury performance below parity at EUR 12.0m of settled ETR due to growth of new Originator members in the period.

Performance 2016-Q2 ETR trade volumes increased significantly by 63.1% compared to 2016-Q1. Total creditors & debtors increased to c.2,500 with total trade of EUR 21.1m in the period. Daily volumes were stable and consistent with average annual trend. Highest single value trade was in M06 at EUR 1.31m. Total RSA increased 25.6% to EUR 98.4m+

Trend Yield dipped sharply mid-Quarter hitting an all-time low of 1.271% before stabilising for the Quarter end at 1.631%. Yield is predicted to fluctuate between 1.400% and 1.900% for Q3. It is expected that Q3 will see a further increase in the growth of Originator supply. Additional RPA capacity, in excess of EUR 156.1m+, will be available for use in 2016.

2016-Q2 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

Year-3 Success Continues

Credebt Exchange® completed its third full year’s trading on Monday, 2015-07-04 and continues to accelerate its growth and success. Ongoing, continued, careful, prudent management of supply and demand enabled the Exchange to manage an orderly market whilst meeting both Originator and Investor expectations as published. From the outset, the board and management of Credebt Exchange® continued its principal aims of of ensuring Investor funds are protected at all times and that Investors’ yield is delivered. Coupled with this core objective, the Exchange also ensured that trade finance was delivered to Originators at an equitable rate.

Building on this continued success, further multiple management roles were added and filled with overall staffing levels increasing by 200%+ in the first half of 2016. The board that was formally appointed in Q2 of 2015 meets regularly to oversee the business, ensure its governance is prudent and that risk is adequately managed and mitigated. The board appointments were not officially published by the company although several newspapers have commented on the arrival of Colm Doherty and Christopher McCann. To ensure open communication and transparency, Treasury now reports directly to the board without any executive management input. This is specifically designed to ensure proper and adequate controls remain at the centre of Exchange policy and practices.

As can be seen from the 2016-Q2 Briefing, demand and supply quarter-on-quarter growth rates are in excess of 50%+. Intermediaries demonstrated continued support for Credebt Exchange® with increased Investor funding combined with many Investors deciding to re-invest both their principal and yield for a fourth year. New Intermediary appointments are expected to be 150%+ of those in 2015.

Originators continue to seek out Credebt Exchange® Convertibill® handsfree finance specifically because of its ease of use and swift execution service provision. During 2016-H1 Originators from wide and diverse industry cross-sections continued to join the Exchange with continued particular interest from retail, medical, services and import oriented businesses. During the Summer months, it is expected that Originators will increase by another 60%+ with a total of 100% growth in new Originators expected before year-end.

Credebt Exchange® continues to demonstrated its flexibility and capability and looks forward to strong expansion during its fourth year of trading.

2016-Q1 ETR Briefing

Investabill ETR are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at Q1, Credebt Exchange® held RSA of EUR 78.3m+, with EUR 10.3m allocated and EUR 0.59m of Investor redemptions transacted. 11-Quarters trading totalled EUR 81.3m+ trades with all available ETR utilised.

Treasury performance below parity at EUR 14.7m of settled ETR due to growth of new Originator members in the period.

Performance 2016-Q1 ETR trade declined by 6.1% compared to 2015-Q4 but was a 91.3% improvement on 2015-Q1. Total creditors & debtors increased to c.1,600 with a total trade of EUR 12.9m in the period. Daily volumes decreased by 19.1% but was a 91.3% improvement on 2015-Q1. Highest single value trade was in M2 at EUR 0.25m. Total RSA increased 10.3% to EUR 78.3m+

Trend Yield repeated its second sharp dip downwards and ended the Quarter as predicted just above 2.500%. Yield is predicted to fluctuate between 2.400% and 2.600% for Q2. It is expected that Q2 will see an further increase in the growth of Originator supply. Additional RPA capacity, in excess of EUR 156.7m+, will be available for use in 2016.


2016-Q1 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2015-Q4 ETR Briefing

Investabill ETR are fixed value Exchange Traded Receivables that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at Q4, Credebt Exchange® held RSA of EUR 71.0m+, with EUR 10.8m allocated and EUR 1.79m of Investor redemptions transacted. 10-Quarters trading totalled EUR 68.4m+ trades with all available ETR utilised.

Treasury above parity at EUR 13.2m of settled ETR due to seasonality and RPA terminations.

Performance 2015-Q4 ETR trade returned to strong growth and an increase of 24.3% above Q3. Total creditors & debtors increased to 1,300+ with a total annual trade of EUR 45.7m. Daily volumes increased by 6.1% on Q3. Highest single value trade in the Year was in June at EUR 1.31m. Total RSA increased 12.2% to EUR 71.0m+

Trend Yield showed a sharp trend downwards and ended the Year below predictions of 3.000% at 2.912% for Q4. Yield will fluctuate between 2.800% and 3.100% for the start of 2016. It is expected that 2016 will see a significant growth in Originator supply. Additional RPA capacity in excess of EUR 146.7m+ available in Q4 and/or 2016.


2015-Q4 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

Investabill


Still putting money on deposit at 1.000% yield & 41% DIRT?



Make this money work with Investabill ETR at 3.000%+

Year-2 Success Continues

Credebt Exchange completed its second full year’s trading on Friday last, 2015-07-03 and continues to prosper. Continued, careful, prudent management of supply and demand enabled the Exchange to manage an orderly market whilst meeting both Originator and Investor expectations as published. From the outset, the management of Credebt Exchange stuck to its principal aims of of ensuring Investor funds are protected at all times and that Investors’ yield is delivered. Coupled with this core objective, the Exchange also ensured that intelligent finance was delivered to Originators and Investors alike.

Building on its continued success, multiple management roles were added and filled with overall staffing levels increasing by 300%+ in the first half of 2015. In addition, a board was formally appointed in Q2 of 2015 that will sit formally, for the first time in Q3 of 2015. To date, Board appointments are not officially published and once announced, the primary function of the Board will be to oversee risk and compliance. To ensure open communication and transparency, Treasury will report directly to the Board on a monthly basis without any executive management input. This is specifically designed to ensure proper and adequate controls remain at the centre of Exchange policy and practices.

As can be seen from the 2015-Q2 Briefing, demand and supply quarter-on-quarter growth rates in excess of 160%. Intermediaries demonstrated continued support for Credebt Exchange® with increased Investor funding combined with many Investors deciding to re-invest both their principal and yield for a third year. New Intermediary appointments are expected to double those of 2014.

Originators continue to seek out Credebt Exchange Convertibill™ intelligent, handsfree finance specifically because of its ease of use and swift execution service provision. During 2015-Q2 Originators from wide and diverse industry cross-sections continued to join the Exchange with particular interest from retail, medical, services and import oriented businesses. During the Summer months, it is expected that Originators will increase by another 20%+ with a total of 100% growth in new Originators expected before year-end.

Credebt Exchange continues to demonstrated its flexibility and capability and looks forward to strong expansion during its third year of trading.

2015-Q2 ETR Briefing

Investabills are fixed value Exchange Traded Receivables [ETR], that are Loans or Bills issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at Q2, Credebt Exchange held RSA of EUR 54.3m+, with EUR 9.9m allocated and EUR 0.63m Investor redemptions requested. 2-Years trading celebrated with EUR 43.0m+ ETR trades and all available ETR utilised.

Treasury management almost achieved parity with ETR settled at EUR 9.9m, or 99.5% of all outstanding trades.

Performance 2015-Q2 continued strong growth in ETR trade with an increase of 19.9%. Total Creditors & Debtors numbered 930+ with a total YTD trade of EUR 19.4m. Daily volume increased by 59.1% on the previous quarter. Highest single value trade was in June at EUR 0.28m. Total current RSA are valued at EUR 54.3m+

Trend Yield trending downwards from an average of 3.52% and is expected to average 3.25% in Q3. Volumes increased by 59.1% with continued strong Originator supply expected for 2015. Additional capacity for RPA in excess of EUR 52.3m+ is expected in H2 with new institutional demand of EUR 10.0m remaining confirmed during the quarter (subject to contract).


2015-Q2 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2015-Q1 ETR Briefing

Exchange Traded Receivables [ETR], are Loans or Bills, the “Investabills”, issued under Contract and such Investabills are payable by investment quality† companies, or credit insured Investabills from Investment Grade [IG] insurers. As at Q1, Credebt Exchange held RSA of EUR 36.1m, with EUR 6.5m allocated and EUR 0.2m Investor redemptions requested. The full spectrum of available ETR was utilised.

Strong treasury management continues to improve ETR settlement to EUR 5.4m, or 83% of all outstanding trades.

Performance 2015-Q1 started considerably stronger with an overall trade increase of 19.9%. Total Debtors numbered 560+ with a total trade of EUR 6.7m. Daily volume increased by 95.3% on the previous quarter. Highest single value trade was in November at EUR 0.24m. Total current RSA are valued at EUR 36.1m+

Trend Yield remained stable for the quarter at an average of 3.42%. Originator trading volumes increased by 95.3% with continues strong Originator supply expected for 2015. Additional capacity for RPA in excess of EUR 50.0m+ are expected in 2015 with new institutional demand of EUR 20.0m remaining confirmed during the quarter (subject to contract).


2015-Q1 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

Credebt Exchange

Since its foundation in 2011, Credebt Exchange® has been purchasing invoices on a revolving basis from Originators that are members of the Exchange. These invoice, or Exchange Traded Receivables [ETR], are payable by the Originators’ customers, or Debtors.

Effective 16 January 2015, Credebt Exchange Limited, with company registration number IE501210, officially changed its name to Credebt Exchange Limited. Credebt Exchange will continue the Credebt Exchange business model and will add a new product that pays Originators’ suppliers, or Creditors, too. The improved business model of paying Creditor invoices and purchasing Debtor invoices, led to the creation of the word: Credebt.

This blended business model is called Convertibill™ and is designed to further enhance cash flow for the Credebt Exchange Originators whilst also reducing their overall cost of funds. This is achieved by enabling Originators to offer their suppliers ‘payment on demand’ for a nominal discount. The discount is then offset against the cost of selling their customer invoices.

Over the coming months, wherever the Credebt Exchange name appears, it will be replaced by Credebt Exchange. Both new and existing Credebt Exchange Originators will be invited to avail of the payment on demand service for their suppliers and to continue sell their customer invoices using the Convertibill™ product offering.

During 2015-Q1, the Credebt Exchange extended product offering for Investors will be marketed under the product name Investabill™. As a sophisticated financial marketplace that facilitates the sale and purchase of Loans or Bills as Exchange Traded Receivables [ETR] or Investabills™. These ETR Investabills™ will continue to trade and generate the working capital Originators require.

2014-Q4 ETR Briefing

Exchange Traded Receivables [ETR], are Loans or Bills, the “Investabills”, issued under Contract and such Investabills are payable by investment quality† companies, or credit insured Investabills from Investment Grade [IG] insurers. As at Q4, Credebt Exchange® held RSA of EUR 23.6m, with EUR 5.6m allocated and EUR 0.2m Investor redemptions requested. The full spectrum of available ETR was utilised.

Strong treasury management continues to improve ETR settlement to EUR 4.9m, or 78% of all outstanding trades.

Performance 2014-Q4 was the fourth quarter and first full year of trading for the Exchange. Total Debtors numbered 480+ with a total trade of EUR 18.8m to Y/E. Daily volume increased by 16% on the previous quarter. Highest single value trade was in November at EUR 0.18m. Total current RSA are valued at EUR 23.6m+

Trend Yield remained stable for the quarter at an average of 3.47%. Originator trading volumes increased by 16% with continues strong Originator supply expected for 2015. Additional capacity for RPA in excess of EUR 50.0m+ are expected in 2015 with new institutional demand of EUR 10.0m remaining confirmed during the quarter (subject to contract).

2014-Q4 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2014-Q3 ETR Briefing

Exchange Traded Receivables [ETR], are invoices issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at Q3, Credebt Exchange® held RSA of €21.8m, with €5.5m allocated and €0.6m Investor redemptions requested in the quarter. The full spectrum of available ETR was utilised.

Further Treasury improvement on ETR settlement at €4.4m, or 79% of all outstanding trades during the period. There continues to be no delinquent ETR recorded to date. Market conditions remain favourable and stable for 2014 to Y/E.

Performance 2014-Q3 was the third quarter of normal trading for Credebt Exchange®. Debtors increased to 390+ with the total trade value of €13.1m YTD. Daily volumes increased by 17% on the previous quarter, 2014-Q2. Highest single value trade was in July at € 0.38m. Total current RSA are valued at € 21.8m+.

Trend Yield remained stable for the quarter at an average of 3.614%. Originator trading volumes increased by 17% with strong Originator supply expected during 2014-Q4. Additional capacity for RSA in excess of €13.5m+ is expected in 2014-Q4 with new institutional Investor demand of €10.0m remains confirmed during the quarter (subject to contract).

2014-Q3 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

100+ Retail Investors

Today the Exchange received funds from it’s one hundreth Retail Investor. In just twelve months since the first RSA/RPA Trade was executed, achieving 100+ Retail Investors demonstrates a strong appetite from the retail investment community for strong, short term cash-equivalents such as ETR….

2014-Q2 ETR Briefing

Exchange Traded Receivables [ETR], are invoices issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at Q2, Credebt Exchange® held RSA of €19.6m, with €4.7m allocated and €0.5m Investor redemptions requested in the quarter. The full spectrum of available ETR was utilised.

Strong treasury continues to improve ETR settlement at €3.0m, or 68% of all outstanding trades during the period. There continues to be no delinquent ETR recorded to date. Market conditions remain favourable and stable for 2014.

Performance
2014-Q2 was the fourth quarter of trading for Credebt Exchange®. Total Debtors numbered 350+ with a total trade value of € 12.2m to date. Daily volume increased marginally on the previous quarter, 2014-Q1. Highest single value trade was in June at € 0.17m. Total current RSA are valued at € 19.6m+

Trend
Yield trend stabilised early in the quarter at an average of 3.607%. Originator trading volumes increased slightly with strong Originator supply expected during 2014-Q3. Additional capacity for RSA in excess of €20.0m+ is expected in 2014-H2 with new institutional Investor demand of €10.0m confirmed during the quarter (subject to contract).

2014-Q2 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

Year-1 Success

Credebt Exchange® completed its first full year’s trading today and has much to celebrate. Careful, prudent management of supply and demand enabled the Exchange to manage an orderly market whilst meeting both Originator and Investor expectations as published. From the outset, the management of Credebt Exchange® stuck to its principal aims of of ensuring Investor funds are protected at all times and that Investors’ yield is delivered. Coupled with this core objective, the Exchange also ensured that intelligent finance was delivered to Originators and finally, that the Exchange grew in line with expectations.

As can be seen from the 2014-Q2 Briefing, demand and supply continue to grow in parallel. Intermediaries demonstrated continued support for Credebt Exchange® with increased Investor funding combined with many Investors deciding to re-invest both their principal and yield for a second year.

Originators continue to seek out Credebt Exchange® as an alternative non-bank finance provider specifically because of its ease of use and swift execution service provision. During 2014-Q2 Originators from wide and diverse industry cross-sections joined the Exchange with particular interest from recruitment, services and export oriented businesses. During the Summer months, it is expected that Originators will increase by 15-20% with a total of 60% growth in new Originators expected before year-end.

All in all, Credebt Exchange® has clearly demonstrated its flexibility and capability and looks forward to strong expansion during its second year of trading.

Non-Bank Finance

Since mid-2013, more than €10.0m of working capital has been provided to the numerous Irish micro-medium sized businesses trading on Credebt Exchange®.  Instead of using traditional lenders, savvy business owners choose to sell their invoices on Credebt Exchange® because it is more convenient, straightforward and less costly.

Dealing with traditional lenders like banks, factoring or invoice discounting companies is both time consuming and costly. In addition, because the business owner is borrowing, there are endless requirements for documentation coupled with onerous liens and personal guarantees.  Regularly, due to the circumstances of the business owner, the personal guarantee is insufficient and funding is refused.  When all of these factors are combined with stringent lending criteria, the outlook for business borrowers continues to look bleak.

The decline in funding and overdraft facilities available from traditional lenders has resulted in several innovative newcomers.  These new non-bank finance providers are slowly changing the business landscape by meeting explicit, once-off funding requirements. Operating in niche sectors of the market, the importance of these new providers has largely been ignored by the establishment.

Some non-bank providers specialise in either short or long-term lending with others preferring to offer project or venture based lending.  Online platforms have also emerged that offer supply chain finance, ad-hoc invoice based lending and receivables discounting too.  Notwithstanding the importance of these new non-bank providers, a viable alternative to the bank overdraft or invoice discounting facility is still a primary requirement.

The overdraft or invoice discounting facility is an essential tool for most businesses. Where non-bank lending or ad-hoc trading in invoices may improve cash flow, it lacks certainty.  Business owners need absolute certainty on the availability of working capital to ensure continued operational success.  Nowhere is this more prevalent than in the micro-medium sized business sector.

Where these innovative non-bank finance providers can solve some liquidity issues, they do not offer, or attempt to replicate, the certainty provided by an overdraft facility.  Also, shrewd business owners will quickly identify that the fees and annual interest charges of 12-25% rule out the possibility of regular use.  In response to this, an alternative to the traditional overdraft or invoice discounting facility quietly entered the market last year.

The Credebt Exchange® non-bank finance replaces the overdraft seamlessly by providing intelligent finance with certainty.  As opposed to a lending model, the Exchange uses a selling model that dispenses with the liens and frustrations of the lending industry.  As a wholesale marketplace with both buyers and sellers, Credebt Exchange® is charged with ensuring liquidity and affordable funds availability.

Buyers on the Exchange are Investors with excess capital seeking a yield and business owners, as the Originators of invoices, are the sellers.  Credebt Exchange® negotiates and strikes deals on a daily basis by matching Investors’ buy to Originators’ sell orders.  To manage an orderly market, Originator sell offers are filled according to specific funding allocation dates that are published on the Credebt Exchange® website.  On each allocation date the Exchange agrees to provide the Originator’s total annual working capital requirement and thereby provides the funding certainty they need.

The working capital requirement of the Originator dictates the total value of invoices they must sell in any given year.  Unlike traditional lending models, the Originator is not required to sell their ‘whole book’ and nor do they provide any liens or personal guarantees.  The Originator simply selects the Debtors whose invoices they wish to sell and Credebt Exchange® buys them on behalf of Investors on the Exchange. As a percentage of turnover, funding costs tend to be 0.5% – 5.0% per annum.

With the Exchange projecting trade of €35.0m by year end, this is a compelling alternative to the overdraft or invoice discounting facility.  Any micro-medium sized business owner in need of working capital should certainly consider this new non-bank finance as an option.  Providing intelligent finance in today’s market without the need for liens or personal guarantees is a welcome and well-conceived alternative. Credebt Exchange® is quietly maintaining its orderly market whilst also having the potential to disrupt the traditional lending market beyond recognition.

2014-Q1 ETR Briefing

Exchange Traded Receivables [ETR], are invoices issued under Contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at Q1, Credebt Exchange® held RPA of €5.2m, with €3.2m allocated and €1.0m Investor redemptions requested in the quarter. The full spectrum of available ETR was utilised.

Strong treasury management improved ETR settlement to €2.4m, or 68% of all outstanding trades during the period. There continues to be no delinquent ETR recorded to date. Market conditions are favourable and stable for 2014.

Performance
2014-Q1 was the third quarter of trading for Credebt Exchange®. Total Debtors numbered 280+ with a total trade value of € 8.1m to date. Daily volume declined for the period at 25+ due to i-ETR suspension. Highest single value trade was in January at € 0.25m. Total current RSA are valued at € 15.5m+

Trend
Yield trending downwards at an average of 3.75% during the quarter. Originator trading volumes remained unchanged, with significant Investor redemption requests in January. Originator demand remains strong for 2014. Additional capacity for RPA in excess of €25.0m+ are expected in Q2-2014, subject to Institutional Investor demand.

2014-Q1 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

4. Notice of Intent [NoI]

IMPORTANT:- Some links in this article will only be accessible to authorised Members that have logged into the Exchange Trade Centre

All Debtors that are submitted using the ‘Create new Debtor‘ menu item are subject to approval by the Credebt Exchange® Back Office. IMPORTANT NOTE:-Originators should allow 72-hours for every Debtor approval to occur.

At the same time, the Originator must issue a Notice of Intent [NoI] to each new Debtor created. The NoI is a courtesy letter to the Debtor to advise them that you will be selling invoices, payable by them, to Credebt Exchange®. 

The Sample NoI can be copied and modified (i.e. the text can be substantially changed) before being pasted onto the Originator’s own letterhead.  However the Originator chooses to modify the Sample NoI, the Notice of Assignment [NoA], that is shown as the last page of the NoI, should not be altered.

The Notice of Assignment [NoA] is a separate document and although it must be included with the NoI, it should not be confused with it. The NoI and NoA are two separate documents. Where the Originator is permitted to modify the NoI as explained in the previous paragraph, the NoA should only be amended to show the Originator’s name and the date that they became a Member of Credebt Exchange®. No other changes should occur on the NoA.


Viewing the Currency Accounts

A-, R- & C-Trades

IMPORTANT:- Some links in this article will only be accessible to authorised Members that have logged into the Exchange Trade Centre

When reviewing individual Credebt Exchange Statements (i.e. Exchange transaction statements for individual Debtors that are access from the Exchange Trade Centre | Transaction Statement), you will notice that some items in the Reference column show a specific letter and number beside each trade. These symbols are:

  • A-Trades – Allocated Trades
  • R-Trades – Reconciled Trades
  • C-Trades – Cleared Trades

 
Any Trade without a specific letter and number beside it means that Trade has occurred and is not yet Settled, i.e. no payment has been received that pays the Face Value of the ETR in full.


Credebt Exchange statement

All payments received on a Debtor’s account appear on the Debtor’s Exchange statement and are numbered in sequence, i.e. the first payment number is 1, the second is 2, etc. Trades with an A – and number beside them mean that a payment (with the same corresponding number) has been received but is not yet reconciled. For example, A1 – 98765 means that the first payment received on this Debtor account has been allocated to invoice reference 98765.

Trades with an R – and number beside them mean that a payment has been received and it has been reconciled too. For example, R1 – 98765 means that the first payment received on this Debtor account has been reconciled to invoice reference 98765.

Trades with a C – and number beside them means that a payment has been received, is reconciled and also that the Reserve has been paid to the Originator. For example, C1 – 98765 means that the first payment received on this Debtor account has been reconciled to invoice reference 98765 and the Reserve amount has been paid to the Originator. This concludes the entire life-cycle of the specific ETR.

Expected Date Affects Reserve

IMPORTANT:- Some links in this article will only be accessible to authorised Members that have logged into the Exchange Trade Centre

When using Upload Revolving ETR (or opening any Trade), the date entered in the Expected Date is very important and should be clearly understood. The Exchange calculates the daily Discount using the payment date entered in the Expected Date field, i.e. if an Originator estimates their Debtor will pay in 60 days and the ETR is Settled (i.e. paid in full by the Debtor) in 55 days, the Exchange still calculates the daily Discount for the entire 60 days.

The Originator should carefully consider, and give their best estimate of, when a particular Debtor will Settle a specific ETR. When creating a Debtor on the Exchange Trade Centre, setting blanket terms of 90 days may reduce/remove the red warnings that appear on the Overdue Now column in the Exchange Trade Centre | Transaction Statement (that affects the release of any Reserve as documented in the Overdue Policy), but may also increase the cost of funds to the Originator.

As explained in the Credebt Exchange® Low Cost Capital information leaflet, the Exchange is a fast moving, liquid market and confirmed RSA Offers to Originators means that specific funds are allocated to that Originator. The funds are allocated based on:

  • Total Low Cost Capital required (to meet their working capital requirements)
  • The Day Sales Outstanding [DSO] value specified by the Originator

 
An Originator that requires working capital of €1.0m with a DSO of 45-days will require ½ the funds allocation that an Originator with a DSO of 90-days requires. Credebt Exchange® is charged with operating an equitable trade balance between the demand from Investors and the supply from Originators. Over allocation to an Originator undermines the Exchange’s ability to maintain its equitable trade balance.

5. Upload Revolving ETR

IMPORTANT:- Some links in this article will only be accessible to authorised Members that have logged into the Exchange Trade Centre

Invoices submitted using the Upload Revolving ETR interface must be in PDF format only. Depending on your accounting system, it should be possible to export invoices into PDF format and users of the latest versions of Microsoft Office® can save documents to PDF format. If your accounting system cannot produce PDF documents, ask your IT administrator to supply you with PDF generating software.

IMPORTANT:- Submit only one single invoice at a time using the Upload Revolving ETR interface. If you need to split PDF ‘spools’ of invoices into separate PDFs for each invoice, we suggest (but do not recommend) using PDF Split & Merge.

As explained in the previous article, you must Open a Trade before you can proceed to this step and Upload Revolving ETR. Login to the Exchange Trade Centre | Dash Board and use the Upload Revolving ETR menu item from the left side menu. All mandatory fields on this form are marked with an asterisk * and three fields require special attention:

  • Face Value
  • Expected Date
  • Attach Invoice

 
The Face Value must exactly match the total value shown on the invoice that is attached to this form and submitted to the Exchange. The Expected Date is a ‘best estimate’ of the date that the invoice will be Settled by the Debtor. The date entered here is important because it affects how the Reserve is calculated and how the Collections Policy is monitored.

IMPORTANT:- Before using the Save or Submit buttons on this form, read the ETR Save, Submit & Send article.

Attach Invoice

As stated, copies of the invoices submitted using the Upload Revolving ETR interface must be in PDF format only. If, for whatever reason, your invoices contain any text or markings relating to Credebt Exchange, remove them before uploading the invoice to the system using the ‘Choose File’ button.


My Debtors interface

Use the Upload Revolving ETR form to upload each invoice to the Exchange Trade Floor. Once this Revolving ETR Invoice Upload form is submitted, you have successfully completed all of the steps required to Trade and sell your ETR on Credebt Exchange®.

Move to the Next Step: ETR Save, Submit & Send >>>

4. Open a Trade

IMPORTANT:- Some links in this article will only be accessible to authorised Members that have logged into the Exchange Trade Centre

As explained in the previous article: 3. Create new Debtor, you must have at least one authorised Debtor on the system before you can proceed to this step and Open a Trade. Before being able to sell any invoices on the Exchange, Originators must first commit to sell all invoices/ETR to specified Debtors over a certain period of time (typically 12 months). This commitment is documented using the Open a Trade menu item from the left side menu of the Exchange Trade Centre | Dash Board.

The Open a Trade interface requires that the Debtor is selected, the Payment Terms are entered and that the Originator commitment to sell all the ETR to that Debtor are specified in these three fields:

  • Total Face Value of ETR (the Revolving ETR Limit)
  • Number of ETR
  • Revolving Offer Months (the Revolving ETR Period)

 
The Originator uses their ‘best estimate’ when entering the data in these three fields. When the Debtor is selected from the drop-down dialog, the system automatically populates the ‘Total Face Value of ETR’ field using the figure entered in the ‘Predicted Annual Revenue’ field on the Add new Debtor interface.

Using the same ‘best estimate’, the Originator enters the number of ETR they will issue over the Revolving Offer Months. The Revolving Offer Months is typically 12 months as seen in the screenshot below. In this example, the Originator is committing to sell 24 ETR with a total Face Value of 120,000 over a Revolving Offer Months period of 12 months. The form is then submitted to the Exchange so that actual trading in specific ETR can commence.

IMPORTANT:- Each Debtor requires a single Open a Trade for the Revolving Offer Months period. In this example, once this Open a Trade is submitted, another submission is not needed until the first 12 month period has expired.


Open a Trade interface

IMPORTANT:- Allow 24 hours for the Exchange Back Office to authorise each Revolving ETR trade.

Move to the Next Step: 5. Upload Revolving ETR >>>

3. Create new Debtor

IMPORTANT:- Some links in this article will only be accessible to authorised Members that have logged into the Exchange Trade Centre

If there is more than one user on your Originator account, it is possible that these other users have added Debtors to the account. Before using the ‘Create new Debtor’ menu item, you should check the list of Debtors enabled on the account. To do this, simply login to the Exchange Trade Centre | Dash Board and select the My Debtors menu item from the left side menu. If there are no Debtors listed on this interface, use the instructions below and Create new Debtor and note that all Debtors must have Status ‘Authorised’ before any invoices/ETR can be traded and sold on the Exchange.


My Debtors interface

As explained in the previous article: 2. Add new Currency, if you are going to sell invoices/ETR in more than your base currency, you must first use the ‘Add new Currency’ menu item. Once the currency is added, you can enter your Debtors. Login to the Exchange Trade Centre | Dash Board and select the Create new Debtor menu item from the left side menu.


Adding a new Debtor

The Add new Debtor interface provides you with a drop down list of available currencies (if you need to add another currency re-read article 2. Add new Currency). Enter all the Debtor details on this form and note that mandatory fields are marked with an asterisk *.

Before submitting the form, you should also attach the ‘Debtor Experience’. Depending on your accounting system and the terminology you use, Debtor Experience is also referred to as the trading history, or Debtor statement, or customer transactions report, amongst other names. Export the Debtor Experience from your accounting system and copy the data into the debtor_template.xls. The Exchange system will accept correctly entered data in this specific format in .XLS format only. With the form completed and the correctly formatted debtor_template.xls attached, submit the form for processing by the Exchange Back Office.

Note:-If the form will not accept the debtor_template.xls, check that the file is saved as in .XLS format and that you have entered all the data in the format prescribed. Then try uploading it again

IMPORTANT:- Allow 72 hours for the Exchange Back Office to enable the Debtor application Status to ‘Authorised’.

Move to the Next Step: 4. Open a Trade >>>

2. Add new Currency

IMPORTANT:- Some links in this article will only be accessible to authorised Members that have logged into the Exchange Trade Centre

As explained in the previous article: 1. Base Currency, the country of registration determines the base currency that the Originator trades in. To add another currency, the Originator logs into the Exchange Trade Centre | Dash Board and selects the Add new Currency menu item from the left side menu.


Adding a new Currency Account

The Add new Currency interface provides you with a drop down list of countries and their corresponding currency. The first three entries on this list are:

  • Europe – EUR €
  • UK – GBP £
  • USA – USD $

 
Once you have selected the Country & Currency you wish to trade in, you must select the Bank Account that you will use to receive Purchase Payments and Reserve Payments.

IMPORTANT:- before deciding what bank account to use for receiving payments, carefully read about and understand Trading in Multiple Currencies


Entering the new currency bank account

With a clear understanding of the implications of Trading in Multiple Currencies, you can choose the ‘Use Existing Bank Account Yes’ radio button or the ‘Add new Bank Account’ radio button. If you use the ‘Add new Bank Account’ radio button, you must enter new bank account details for a bank account that can receive foreign currencies (consult your bank for further details on how to do this).

Move to the Next Step: 3. Add new Debtor >>>

R-Trade Reconciliation

IMPORTANT:- Some links in this article will only be accessible to authorised Members that have logged into the Exchange Trade Centre

As an experienced user of the Exchange, you will now understand the importance of the R-Trade. Before any Reserve is paid on any Debtor account, it must first be reconciled to show R-Trades that equal the Debtor payment(s). To reconcile a Debtor account, login to the Exchange Trade Centre | Dash Board and select the Transaction Update menu item on the left side menu. Using the Manual Transaction interface payments are reconciled to ETR before being submitted to the Back Office for approval. If correctly reconciled, the Balance field displays a 0.00 or -0.00 value.

Simply select the Debtor’s Name from the list available in the drop-down dialog, then select a single payment from the Payment(s) drop-down dialog and, holding down the CTRL button on your keyboard, select the invoices and credit notes that reconcile the selected payment exactly.

If the invoices and credit notes do not match the payment amount exactly, then check either of the check boxes: & Specific Deductible(s) or & Trailing Balance until the Balance field displays a 0.00 or -0.00 value. Once a zero Balance figure is shown, submit the form.


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