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