Raiffeisen-Leasing Polska (RLPL), which is wholly owned by Raiffeisen Bank Polska, has completed an extension of its lease receivables securitisation.
The limit of the programme, launched in December 2014, has been raised from PLN 950m (220.3m) to approximately PLN 1.5bn. The transaction was arranged by Raiffeisen Bank International AG.
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The transaction was conducted via ROOF Poland Leasing 2014 DAC, a special purpose entity which financed the acquisition of the receivables with issuance of securities worth PLN 1.25 bn (senior tranche of PLN 870m and mezzanine tranche of PLN 383.5m).
The European Investment Bank (EIB) and ING Bank ?l?ski were the investors, while the European Investment Fund (EIF) provided support in the form of a guarantee.
The lessor’s portfolio includes vehicles as well as machinery and equipment.
Romuald Zienkiewicz, executive director of finance at RLPL, said: "This is the next in series of securitisation deals initiated by Raiffeisen-Leasing Polska. The pioneering transaction was concluded in 2006 as the first securitisation of lease receivables in Poland and a standard setter. An attractive portfolio of receivables as well as longstanding experience of RLPL team in organising and servicing similar transactions allowed for structuring a transaction with high ratings and attractive financing costs."
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By GlobalDataOver the last decade, the total value of long-term financing made available to RLPL by EIB has nearly reached PLN 2.5bn.
According to the lessor, these transactions have allowed it to finance new lease contracts with SMEs amounting to more than PLN 5bn in total.
Additionally, RLPL has recently signed with the EIF agreements worth PLN 800m on implementation of the following guarantee programmes: RSI (Risk Sharing Instrument), CIP (Competitiveness and Innovation Programme) and COSME (Competitiveness of Small and Medium-sized Enterprises).
