2019-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 21.78m, with EUR 22.68m allocated. Investors redeemed EUR 1.48m in the period and trading for M10 was EUR 7.99m+ with all available ETR utilised.

Treasury performance at EUR 7.54m of settled ETR was almost at parity with trade value for the month. Collections have increased in line with expectations.

Performance 2019-M10 v 2018-M10 showed an easing in trade volume decrease to -13.48% with trade value decrease easing to -26.22%. SME access to trade credit continues to be a negative factor. The Credebt® Index of 94 indicates a favourable market for the Exchange for Q4 and this is expected to increase substantially in 2020. Year to date Trade was c.EUR 86.97m. Total creditors & debtors were c.5.4k. The largest single trade was EUR 0.25m

Trend Yield struck the 2.000% ‘watermark’ level briefly in the month before dipping to another new annual low of 1.899%. This continues to be driven by concerns on Brexit and lack of demand from Originators. The yield level will probably hold firm for the remainder of 2019 as the supply v demand imbalance stabilises. Available active RPA capacity was EUR 21.78m+

2019-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