2019-M11 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or Bills issued under Contract for assets, 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 31.14m, with EUR 23.20m fully allocated. Investors redeemed EUR 1.25m in the period and trading for M11 was EUR 7.90m+ with all ETR utilised.

Treasury performance at EUR 6.16m of settled ETR was unusually below the trade value for the month. It is expected that Collections will finish out the Year slightly higher.

Performance 2019-M11 v 2018-M11 showed a repeat decline in trade volume of -40.09% with the trade value decrease easing further to -19.55%. SME access to trade credit continues to be a negative factor. The Credebt® Index of 109 makes a favourable market for the Exchange for the remainder of Q4 and this is expected to increase substantially in 2020. Year to date Trade was c.EUR 88.09m. Total creditors & debtors were c.5.4k. The largest single trade was EUR 0.68m

Trend Yield averaged c.1.920% in the month starting at 1.902% and ending on 1.926%. Brexit looming, the increase in the Credebt® Index and lack of demand from Originators are all contributing factors. Driven by supply and demand economics, the yield level will most likely remain at this sub-2.000% level until Y/E. Available active RPA capacity was EUR 31.14m+

2019-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