This is the first external financing closed by Coface. It concerns the factoring activities of Coface’s German subsidiary, Coface Finanz GmbH. In addition to the significant amount raised by Coface, this operation is one of the very few securitisations of factoring receivables in Europe.
Structured from Paris, coordination was handled by HSBC France and Natixis. The operation involved the different banks’ ABCP conduits which provided this market financing.
Commenting on the operation, Fabrice Grillo, finance partner at Freshfields Bruckhaus Deringer LLP in Paris said “the complexity of the underlying contracts between Coface and its clients and the nature of the receivables on which this market financing is backed have made the implementation of this operation particularly difficult. We are delighted to have been able to advise the Coface teams on this ambitious project, which demonstrates once again the know-how and the experience of French banks in the field of structured finance.”
The Freshfields team was led by Fabrice Grillo, partner, Caroline Marion and Laureen Gauiot in France and Bernhard Kaiser, partner, and Julia Baldus in Germany. Cyril Valentin, partner, and Bertrand Lacombe provided tax advice.
