STS-eligible securitisation
Refinance the book through transparent, standardised notes.
The seasoned receivables book is structured to meet the EU's Simple, Transparent and Standardised criteria — granular loan-level disclosure, homogeneous assets and no re-securitisation. STS status brings favourable regulatory capital treatment for bank investors and opens the pool to a materially wider investor base.
The structure
Pool, tranche, standardised notes.
Four steps take a seasoned, verified pool from the balance sheet to the capital markets — and recycle the proceeds back into new advances.
- 1
Pool the seasoned receivables
Verified, certified-work receivables are aggregated into a homogeneous pool — single asset class, granular, with no re-securitisation — sold to a bankruptcy-remote special-purpose entity.
- 2
Tranche the risk
The SPE issues notes in senior, mezzanine and junior tranches. Subordination, dilution reserves and excess spread provide credit enhancement; we retain material net economic interest in line with the rules.
- 3
Issue STS-eligible notes
The transaction is structured and verified against the STS criteria, with full loan-level and investor-report disclosure. Senior notes carry favourable capital treatment for qualifying bank investors.
- 4
Service, report and recycle
We continue to service the receivables and publish standardised investor reports through the life of the notes. Proceeds recycle into new advances, multiplying the working capital reaching SMEs.
Why STS matters
Standardisation is the wider door.
STS is not a marketing label — it is a regulatory standard that lowers the cost of capital and broadens who can hold the paper. For the originator it means a deeper, cheaper, more durable funding base; for the investor it means transparency, comparability and preferential treatment.
What STS delivers
- Favourable regulatory capital treatment for qualifying bank investors
- Granular, standardised loan-level and investor-report disclosure
- Homogeneous, granular pool with no re-securitisation
- Risk retention aligning originator and investor incentives
- A wider, more durable investor base than bilateral funding
Investor protections
Four protections behind every note.
The enhancements that let an investor underwrite the cash flows rather than the originator — structural, reserved, disclosed.
- Structural
Diversification
A granular pool spread across debtors, segments and geographies, held inside hard per-debtor and per-segment concentration limits.
- Reserves
Dilution reserves
Non-credit reductions — set-off, retention and disputes — are reserved against and sized to observed history, protecting the cash flows behind the notes.
- Evidence
Loss history by vintage
Realised credit losses are disclosed by vintage rather than as a single blended figure, so investors can model performance through the cycle.
Learn more - Disclosure
Standardised reporting
Loan-level data and investor reports are published on a fixed cadence through the life of the transaction, meeting STS transparency requirements.
The collateral, in figures
A book sized to be refinanced.
€XXXm
Receivables financed
Cumulative gross value of construction invoices advanced into the real economy.
methodologyXX%
Green-tagged renovation
Share of advances against energy-efficient renovation work, tagged to the EU Taxonomy. Figure pending CFN's published portfolio data.
[figure pending]X.X%
Historical loss rate
Realised credit losses across the seasoned receivables book, by vintage.
portfolio reportBuilt & affiliated to
- EIF-guaranteed
- European Guarantee Fund
- EU-Taxonomy ready
- STS-eligible
- ISO 27001
- GDPR
- FCI member
- Audited by [Auditor]
Evaluating a facility?
Request the data room: portfolio composition, loss history by vintage, dilution analysis, governance pack and the proposed risk-sharing structure.
Keep Europe building. Get paid today.
Two doors: finance your construction invoices, or partner with us on risk-sharing.
EIF-GUARANTEED · EUROPEAN GUARANTEE FUND · ISO 27001 · GDPR