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Alantra advises TWC on the placement of €25m in promissory notes backed by a portfolio of commercial trade receivables


ServiceFunding and Structured Finance

Dec 2021
Trade receivables securitisation

Madrid Alantra, the global investment banking and asset management specialist, has advised Trade & Working Capital (“TWC” or “the Company”), a Spanish-based working capital liquidity provider, on the placement of €25m in promissory notes, backed by a portfolio of insured trade receivables (Project Lion). The total amount the Company is targeting will expand to €100m in under 12 months, with Alantra being the exclusive advisor for future transactions.

Project Lion comprised the private placement of €25m of notes issued by the HT Working Capital 1 fund, which is listed in the MARF (Fixed Income Alternative Market in Spain). The receivables are insured by Euler Hermes (Aa3 by Moodys; AA by S&P).

Alantra acted as lead placement advisor in the issuance of promissory notes between HT Working Capital 1 and an international Asset Manager. The transaction will allow TWC to expand its regional footprint in Spain and provide liquidity to a wider range of corporates. Alantra aims to diversify and expand the pool of future investors participating in MARF.

Joel Grau, CEO of Alantra Credit Portfolio Advisory stated: “Our team has strong expertise across securitisations, structuring and credit, in addition to local market knowledge, which have been key drivers in the successful delivery of this transaction. We expect an increase in activity across the securitisation space in Spain and other European markets in the near future.”

Francesco Dissera, Head of Securitisations at Alantra Credit Portfolio Advisory commented: “We’re pleased to have been able to provide a collaborative team across our Spanish and UK offices to combine our knowledge of the sector and local markets. We look forward to continuing to support the ongoing investments opportunities in this operation.”

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