Key Milestones

Our positioning

CIC offers financing solutions by securitisation, via transactions secured by assets that generate recurring cash flows and which are financed by debt securities subscribed by our banking conduit (ABCP) or directly placed in the capital markets (ABS)

Key numbers of the Conduit Satellite

  • 2 860 M€ at end of June 2023
  • 40 billions euros of CP issued on the markets since the creation of Satellite
  • 2000

    CIC has been active in securitisation for more than 20 years

  • 2019

    Creation of Satellite, CIC's ABCP conduit
    ECP and NeuCP programs
    3 securitisation transactions added to the conduit

  • 2020

    4 transactions and 1 000 M€ in outstanding
    Strong resilience of the conduit during the Covid crisis
    First Finance Lease

  • 2021

    Arranger of an international transaction of 2 billion USD of trade receivables
    7 operations including 4 STS
    Simple, Transparent and Standardized

  • 2022

    4 operations including 2 STS

  • 2023

    2 operations in the first half of 2023
    Several operations expected for the second half of 2023
    Outstanding target: 4 000 M€ at end of 2023 and develop USCP Program (“US Commercial Paper”)

Securitisation: Main benefits

Adapted to the financing of the working capital

  • The size of the program has no limit and can start at €50M or less if there is a “ramp-up” objective
  • The amounts can be adapted according to the evolution of the customer's activity
  • The structuring of the operation closely follows the needs and specificities of the client's activity (seasonality, long receivables, etc.)

Stable and flexible financing tool

  • A common funding platform
  • New subsidiaries or currencies can easily be added to the program
  • The commitment of the banks can be 1 year, 2 years, 3 years or more if necessary

Funding diversification and efficiency

  • Competitive all-in costs:
    • CP issued on the markets by the Conduit and highly rated
    • CP rating decorrelated from client rating
    • The client can benefit from part or all of the negative rate of the CP rate (the refinancing index of the conduit)
    • Access to the ABCP market (separate from the bond or banking market)
  • No impact on the bank's exposure in terms of consumption of commitment limits on the customer

Others Advantages

  • Improves customer performance in terms of DSO reduction
  • Releases permanently and recurring blocked cash
  • Asset Risk Transfer
  • Improves financial communication
  • Structuring of the servicing process / Diversification of funding sources / Possible accounting deconsolidation / Improvement of financial ratios

Our expertise

  • Strong ability to act as arranger
    • Expertise in various asset classes
    • Skills include modelling and data analysis
  • Dedicated Middle Office
    • On-going monitoring of the transactions
    • Assisting the structuring team in setting-up transactions
  • “One stop shopping“ for all services required in a securitisation transaction
    • Account bank, specially dedicated bank account
    • Swap bank to cover FX and/or Interest needs
  • Strong access to ABCP markets
    • The Conduit Satellite provides direct access to the European ABCP Markets
    • Diversified and loyal investor base
  • CIC Markets: a longtime investor in public ABS, RMBS and CMBS
    • CIC has been a major investor in public securitisation transactions for 17 years (all type of assets)
    • The investment team is very experienced (+20 years)
    • Advisor of one of the Cigogne Fund compartments dedicated to ABS / RMBS





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