WORLD BANK. SME Financing and the SME ABS Market in Europe

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1 WORLD BANK SME Financing and the SME ABS Market in Europe Michel Noel Lead Financial Sector Specialist Finance and Private Sector Development, Europe & Central Asia

2 AGENDA SME Financing in Europe Asset-Backed Instruments for SME Financing ABS Market Trends

3 AGENDA SME Financing in Europe Asset-Backed Instruments for SME Financing ABS Market Trends

4 SMEs play an important economic role in Europe EU Candidates: Croatia, Macedonia, Turkey Balkans: Albania, Bosnia & Herzegovina, Serbia & Montenegro Share in # of enterprises Share in employment Share in value added EU Share in GDP : EU EU Candidates : : 46.0 * Balkans : 52.3 USA : 50.7 Source: For EU-27 data, Eurostat (2005). For remaining data, UNECE SME databank (2003) & SBA (2007) * No data for Turkey

5 SMEs face more difficulties accessing financing in the new member states than in Western Europe EU-15: > than 75% of SMEs in the EU-15 have sufficient financing NMS: < than 66% of SMEs in the New Member States have sufficient financing Banks are the financial institution most used by SMEs Sources of financing used as % of the companies surveyed: EU-15 EU-12 Banks 79% 66% Leasing/Rent Companies 24% 35% Public Institutions supporting investment 11% 11% Private Investors 7% 8% Private financing companies (other than banks) 4% 3% Venture capital companies 2% 1% Other 2% 7% Don't know/no answer 12% Source: Eurobarometer surveys, 2005 & 2006

6 In CEE, working capital is financed mostly with internal funds Percent of working capital financed by: Other Sources Government Leasing Credit Cards Trade Credit Informal Borrowing Borrowing from banks Equity Internal Funds ENP Balkans EU candidates EU EU 8+2: Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovakia, Slovenia, Bulgaria & Romania Source: BEEPS 2005

7 as are new investments! Percent of new investments financed by: Other Sources Government Leasing Credit Cards Trade Credit Informal Borrowing Borrowing from banks Equity Internal Funds ENP Balkans EU candidates EU Access to finance is a key problem in the CEE countries The majority of SMEs rely on bank financing for their investments and working capital Source: BEEPS 2005

8 AGENDA SME Financing in Europe Asset-Backed Instruments for SME Financing ABS Market Trends

9 Asset-backed instruments are useful financing avenues for SMEs Traditional collateral requirements are often a barrier to finance for SMEs A-B instruments capitalize on those assets SMEs are rich in Leasing - Financial instrument contracted between an asset owner and an asset user, in which the asset user pays rental for usage of asset Enables companies to finance their investment needs without making a large initial cash outlay Factoring A type of supplier financing that enables companies to sell their accounts receivable to a factor at a discount for immediate cash SME lending is perceived as risky and with a high capital cost Securitization - Method of transferring risk from SME lender to capital market investors SME loans Leasing receivables Trade receivables Credit card receivables Microfinance loans Loans to MFIs

10 Typical asset securitization transaction Credit Enhancement Cash-generating assets Bonds Owner/Seller of cash- Generating assets Proceeds Special Purpose Vehicle Proceeds Investors

11 Participants in a securitization transaction Originator- the owner/seller of the cash-generating assets Special purpose vehicle (SPV) - an independent legal entity that holds the assets until maturity Credit enhancer - an entity or process that increases the creditworthiness of the underlying assets Rating agency - assesses the creditworthiness of the underlying assets and the securitization structure Underwriter - a financial institution marketing and distributing the bonds to be issued Investors - purchasers and holders of the bonds issued by the SPV Servicer - when needed, an entity is responsible for the recovery of the assets securitized

12 Key Features of Securitization Risk transfer Transfer of risk through sale of debt instruments (asset-backed securities, ABS) whose cash flows and performance depends on the underlying performance of the portfolio of assets securitized Leveraging and financing tool Enables originators to attract investors to invest in their risk assets Releases resources which can be used to originate new risk assets

13 Key Features of Securitization Asset pooling Securitized assets generally grouped into portfolios with welldefined criteria enabling clear identification and quantification of underlying cash flows (ex mortgage loans, credit card receivables) Unbundling of risk Risk attached to securitized assets unbundled into different layers Cash flows applied sequentially first to servicing lowest risk layer then in strict order to the highest risk tranches = waterfall principle Bottom tranche receives residual portfolio cash flows after the needs of prior ranking tranches are met = equity piece or first-loss piece (FLP)

14 Key Features of Securitization Debt obligations issued to purchase collateral assets: senior tranche (A or above) mezzanine tranche (B to BBB) subordinated/equity tranche (no rating) Proceeds to meet tranches: coupon interest payment from collateral assets maturity of collateral assets sale of collateral assets Losses in ABS portfolios: Cash flows down the securitization structure in sequence Losses are recognized as a write down of most junior ranking tranche outstanding Losses move up a securitization structure (once tranche extinguished by losses, write down of next most junior tranche, etc)

15 Key Features of Securitization Credit enhancement mechanisms Over-collateralization (face value of financial assets in portfolio exceeds amount of securities issued) Dedicated reserve (cash collateral) accounts Guarantees from third parties Multi-originator structures Securitizations requires large asset pools to be costeffective To gain economies of scale, originator with small asset pools can combine their pool with that of other originators

16 True Sale vs. Synthetic Securitization True Sale - the originator sells portfolio of assets to the SPV and removes it from its balance sheet SPV uses proceeds to purchase the asset pool Structure is fully funded Primary benefit for originator is funding In Europe, more than 80% of transactions are true sale Synthetic - assets remain on balance sheet of originator and only risk is transferred to capital markets through the use of credit derivatives, ex. Credit Default Swaps (CDS) SPV invests proceeds in highly rated securities Structure is partially funded or unfunded Smaller investor base More complex for regulators Easier to carry out Lower transaction costs

17 Types of Asset-Backed Securities Asset-backed securities (ABS) (In a broad sense) ABS (In a narrow sense) Mortgage-backed securities (MBS) Collaterised Debt Obligations (CDOs) Consumer Loans Credit Card Receivables Leasing Receivables Residential Mortgages (RMBS) Commercial Mortgages (CMBS) Collaterised Loan Obligations (CLO) Collaterised Bond Obligations (CBO) Trade Receivables SME Loans 1 1 SME loans may be classified as ABS or CDO. Example, Moody s classifies loans with more than 1000 debtors as ABS, otherwise as CDOs.

18 AGENDA SME Financing in Europe Asset-Backed Financing Instruments for SMEs ABS Market Trends

19 Issuance in European ABS market (broad sense) has traditionally lagged behind the US market US ABS issuance volume in Q has decreased by 76.5% from Q European ABS issuance expected to decline to the lowest level since 2004 Volume of European and US ABS (broad sense): New Issues ( bln) Europe USA Source: European Securitization Forum and Asset-Backed Alert Data

20 however, a major decline is expected in European ABS issuance in % Change RMBS % CDOs % CMBS % Corporate % Consumer % Total % UK & Spain are expected to be the most affected CDO and Corporate ABS may pick up as Basel II capital requirements make securitization attractive Greece, Belgium, & CEE countries are expected to see increased issuance volumes as securitization provides inexpensive funding Source: European Securitization Forum

21 European ABS market (broad sense) is concentrated in specific countries UK has 47% of total issuance, followed by Spain with 17% Germany and Italy also large players Nearly no market in other countries European ABS issuance by country, 2006 and 2007 ( bln) Austria Belgium Denmark Source: European Securitization Forum France Germany Greece Ireland Italy Kazakstan Luxembourg Netherlands Portugal Russia Spain Sweden Switzerland Turkey UK Ukraine Multinational

22 RMBS and CDOs dominate the broad European ABS market European ABS Issuance by Asset Type, 2007 (% shares) ABS 12% CDO 27% RMBS 51% CMBS 10% Source: European Securitization Forum

23 European ABS market (narrow sense) is led by the same four players European ABS transactions: EUR Million Equiv alen 120, ,000 80,000 60,000 40,000 20,000 0 Spa in United Kingdom Germ any Netherlands Italy Fra nce Turkey Euroma rket Portuga l Total Overall ABS issuance has slowed down as a result of the credit crunch! (with the exception of Spain) Spanish SME sector contributed to 25% of total ABS volume UK volumes rise due to SME transactions, however the UK market has slowed down due to credit card securitizations Issuance in Italy declines due to a decrease in leasing and consumer loan issuance Source: Moody s

24 while the SME sector is dominant in the narrow ABS market. EMEA ABS Transactions 2007: Volumes by Asset Type Leases 7.6% Health Care Receivables 2.2% Future Receivables 3.0% Floorplans - Auto Dealer 0.9% Credit Card 0.5% Other 3.5% Whole Business 8.6% SME 53% SME Loans - synthetic 22.3% Consumer Loans 8.5% Automobiles - Prime 11.9% SME Loans - cash 31.0% SME sector represents 53% of overall ABS rated volume in 2007 (up from 33% in 2006) Automobile loans are the next largest sector, followed by consumer loans Source: Moody s, EMEA-CIS, CEE, North Africa, & the Middle East

25 European SME ABS market is increasing and led by Spain In 2007, SME issuance increased by 94.1 % year on year, with SME loans being the largest source of underlying assets Source: Moody s, EMEA-CIS, CEE, North Africa, & the Middle East

26 European SME CDO market is declining, led by Spain & Germany European SME CDO - Portfolio Notional Amount by Country Germany Spain Netherlands Austria B elgium (EURm) Switzerland Italy Portugal Bulgaria Finland 40,000 35,000 30,000 25,000 20,000 15, ,0 00 5, Source: Fitch 2008 Ratings Outlook: Stable 2008 Asset Performance Outlook: Declining Spanish SME CDOs highly concentrated in real estate; thus projected to slow down

27 reflecting the importance of public support programs! European SME CDO - Portfolio Notional Share by Country Spain 34.8% Germany 42.2% Netherlands 12.2% Austria 0.6% ` Belgium 3.2% Switzerland 2.9% Italy 0.3% Portugal 3.1% Bulgaria 0.0% Finland 0.6% Source: Fitch

28 Outstanding Defaults Across European SME CDOs Default rates in Europe are expected to rise!

29 Performance of European ABS Upgrades outpaced downgrades by a ratio of 2.2:1. Performance of European Consumer ABS deteriorated in 2007, mainly by poor performance of UK credit card transactions In 2008, asset ratings are expected to be mostly stable

30 In 2007, rating activity of US ABS has been positive Despite fears of subprime contagion, upgrades outpaced downgrades by a ratio of 4.4.:1 (excluding real estate) In 2008, asset performance of US consumer ABS is expected to decline

31 WORLD BANK Thank you! Tel: Mobile:

32 Same declining trend in the U.S. SME CDO market Figure 1: U.S. SME CLO Volume # Transactions ,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 - Volumne ($mm) Year # Transactions (left axis) Dollar Volume(right axis) SME loans: Loans that are not publicly rated and with par amounts less than $250 million. Transactions that are backed by more than 50% SME loans. Source: Moodys

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