2023-M10 Investabill® Briefing

Investabill ETR® are fixed value Exchange Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M10, Credebt Exchange® held Active RSA of EUR 52.9m, with EUR 63.2m fully allocated. Investor redemptions rose to EUR 2.5m this month, with the trading figure for the period at EUR 11.37m for M10, and as is common, all available ETR in the market fully utilised.

Treasury performance for M10 fell to EUR 4.42m. October was a strong month where performance jumped ahead of all prior years by c.4.000%.

Performance Trading in 2023-M10 v 2022-M10 was down 41.5% with EUR 19.44m in M10 2022 v EUR 11.38m in M10 2023. Despite this, our strong year continues, as volumes remain above previous years at 19.80%, as the value to volume ratio increased again in line with higher value (and quality) traded ETR. Investors’ redemptions increased this month to EUR 2.5m compared to last months’ figure at EUR 0.58m. The Credebt® Index stayed on average for M10 at 67. A shipping trade was the largest trade this month at GBP 3.17m.

Trend Demand Yield started at around 2.065% and remained relatively steady for the month, with its peak at 2.073% mid-month and the lowest yield was 2.059% at the end of the month. Demand continues to remain below where it should be and the Trade Desk continues to seek more funding from institutional investors. The new Exchange Traded Securities [ETS] is expected meet the market’s demand for regulated products whilst still offering solid competitive returns. The total RSA for M10 was EUR 52.9m

2023 M10 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2023-M09 Investabill® Briefing

Investabill ETR® are fixed value Exchange Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M09, Credebt Exchange® held Active RSA of EUR 54.5m, with EUR 58.5m fully allocated. Investor redemptions fell to EUR 0.58m this month, with the trading figure for the period at EUR 19.68m for M09, and once again, all available ETR in the market fully utilised.

Treasury performance for M09 rose to EUR 15.25m. September was a strong month where performance jumped ahead of all prior years by c.11.00%

Performance 2023-M09 v 2022-M09 was up 25.27% with EUR 19.68m in M09 2023 v EUR 15.71m in M09 2022. Our strong performance for the year continues and volumes increased slightly compared to previous months at 21.19% as the value to volume ratio increased again in line with higher value (and quality) traded ETR. Investors’ redemptions dropped significantly to EUR 0.58m when compared to last month. The Credebt® Index was below its average of 75 at 68. A shipping trade was the largest trade this month at USD 3.46m

Trend Demand Yield started just over 2.080% and remained relatively steady for the month, dropping to its lowest towards the end of the month, before returning and ending at 2.081%. Demand continues to remain below where it should be and the Deal Desk continues to seek more funding from institutional investors. The new Exchange Traded Securities [ETS] is expected meet the market’s demand for regulated products whilst still offering solid competitive returns. Total RSA for M09 was EUR 54.5m

2023 M09 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2023-M08 Investabill® Briefing

Investabill ETR® are fixed value Exchange Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M08, Credebt Exchange^® held Active RSA of EUR 49.75m, with EUR 68.34m fully allocated. Investor redemptions climbed back up to EUR 1.26m this month. The trading figure for the month was EUR 15.35m, with all available ETR in the market fully utilised

Treasury performance increased from last month to EUR 14.0m. The Exchange’s performance remains ahead of all prior years by 8.960%

Performance 2023-M08 v 2022-M08 was down 39.03% with EUR 15.35m in M08 2023 v EUR 25.18m in M08 2022. Our volumes remained down this month by 18.53% as the value to volume ratio increases in line with higher value (and quality) traded ETR. Value remains ahead of all prior years by 8.960%. We saw a spike in Investors’ redemptions in M08 to EUR 1.26m. Credebt® Index has increased to 86. For the 6^th month in a row, a mining trade with the HS2 project in the UK was the single largest trade at GBP 3.25m

Trend Demand Yield started at 2.083%, the same as the previous month, and remained steady during the month ending at 2.081%. Demand continues to remain below where it should be, and the Deal Desk continues to seek more funding from additional investors. The introduction of the new product called Exchange Traded Securities [ETS] is expected to meet the market’s demand for regulated products, while still offering competitive returns. Total RSA for this month was EUR 49.75m

2023 M08 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2022-M09 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or Bills issued under Contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M09, Credebt Exchange® held Active RSA of EUR 75.37m, with EUR 78.82m fully allocated. Investors net redemptions were EUR 0.96m in the period with trading of EUR 15.78m+ and utilised all ETR.

Treasury collections of EUR 10.40m was c.33.00% less than the value of ETR traded during the month. The Exchange performance remains ahead of all prior years by c.6.60%

Performance 2021-M09 v 2022-M09 trade dopped off by almost 50.00% and reversed the year-on-year results to just 6.60% at EUR 135.55m in 2022 v EUR 127.17m for 2021. Volumes remain down by c.40.00% and Investors’ redemptions spiked again by doubling to c.EUR 0.96m. Credebt® Index disappointed at 70 days. Total credebtors were c.6.7k+. The largest trade was a South Africa/Poland coal freight trade at c.EUR 2.43m.

Trend Standard/On-Demand Yield started at c.2.075% and, removing the spike below 2.000%, ended the month at c.2.036%. Demand continues to remain below where it should be with more funding required. Bank deposit yields are at zero/0.000%, and with the Trade Desk rates for Investors as it sought to improve demand, yield from ETR in M09 remained at c.3.750% to M/E. Total RSA was EUR 41.73m

2022-M09 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2022-M08 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or bills issued under contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M08, Credebt Exchange® held Active RSA of EUR 41.97m, with EUR 78.82m fully allocated. Investors net redemptions were EUR 0.33m in the period with trading of EUR 25.18m+ and utilised all ETR.
Treasury collections of EUR 12.62m was c.50.00% less than the value of ETR traded during the month. The Exchange performance remains ahead of all prior years by c.23.00%
Performance 2021-M08 v 2022-M08 trade rose sharply by almost 50.00% and lifted year-on-year results overall by c.23.00% to EUR 119.84m in 2022 v EUR 97.40m for 2021. Volumes remain down by c.20.00% and Investors’ redemptions were down another c.40.00% to c.EUR 0.33m. Credebt® Index disappointed at 86 days. Total credebtors were c.6.6k+. The largest trade was an aggregates/mining trade at c.EUR 3.59m
Trend Standard/On-Demand Yield started at c.2.135% and, with small spikes removed, trended downwards to c.2.087% to end the month. Demand continues to remain below where it should be with more funding required. Bank deposit yields are at zero/0.000%, and with the Trade Desk propping rates, Investors saw c.3.750% yield from ETR in M08 with more demand being sought. Total RSA was EUR 41.97m

2022-M08 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2022-M07 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or bills issued under contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M07, Credebt Exchange® held Active RSA of EUR 80.59m, with EUR 70.07m fully allocated. Investors net redemptions were EUR 0.58m in the period with trading of EUR 18.44m+ and utilised all ETR.
Treasury collections of EUR 14.11m was c.27.00% up on the Traded ETR in June as trade increased during the month. The Exchange performance is ahead of all prior years by c.17.00%
Performance 2021-M07 v 2022-M07 trade dipped slightly for a third time but year-on-year results remain up by 17.46% at EUR 94.67m v EUR 80.460m. Volumes were down c.42.00% and Investors’ redemptions dropped c.60.00% to c.EUR 0.58m for the month. The Credebt® Index hit an historic low of 67 for the month and could track lower. Total credebtors were c.6.6k+. The largest trade was a Durban/Gdansk coal shipping trade at c.EUR 2.93m.
Trend Standard Yield started at c.2.076% and spiked downwards to c.2.012% before recovering up at 2.139%. Demand remains below where it should be with more funding needed. Bank deposit yields are at -c.1.000%, Investors saw c.3.750% yield from ETR. Investors’ appetite for Leasabill ETR® 3-Year 4.000% was down for the month. Total RSA was EUR 80.59m

2022-M07 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2022-M06 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or bills issued under contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M06, Credebt Exchange® held Active RSA of EUR 79.74m, with EUR 67.10m fully allocated. Investors net redemptions were EUR 1.34m in the period with trading of EUR 12.73m+ and utilised all ETR.
Treasury collections of EUR 9.01m was c.40.00% less than the Traded ETR as trade eased slightly in the month. The Exchange performance is ahead of all prior years by c.30.00%
Performance 2021-M06 v 2022-M06 trade dipped slightly for a second time but year-on-year results remain up by 30.51% at EUR 76.22m v EUR 58.40m. Volumes were down c.40.00% and Investors’ redemptions remained level at c.EUR 1.34m for the month. The Credebt® Index rose slightly again to 79 and appears to have stabilised. Total credebtors were c.6.6k+. The largest trade was in aggregates at c.EUR 2.34m for the third time since the beginning of 2022.
Trend SStandard Yield started at c.2.106% and spiked downwards to c.2.055% before recovering down at 2.084%. Supply remains below where it could be and improvement is needed. With bank yields of negative c.1.000%, Investors saw c.3.750% yield from ETR. Investors’ appetite for Leasabill ETR® 3-Year 4.000% was down the month. Total RSA was EUR 79.74m+

2022-M06 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2022-M05 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or bills issued under contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M05, Credebt Exchange® held Active RSA of EUR 70.47m, with EUR 62.96m fully allocated. Investors net redemptions were EUR 1.51m in the period with trading of EUR 15.64m+ and utilised all ETR.
Treasury collections of EUR 11.57m was 35.18% less than the Traded ETR as trade eased somewhat. The Exchange performance remains ahead of all prior years by c.44.00%
Performance 2021-M05 v 2022-M05 trade reversed the April dip with year-on-year results moving back up in value by 27.98%. Volumes were down 39.65% but YTD values were up c.44.0% at EUR 63.49m v EUR 43.88m. Investors’ redemptions eased back at c.55.00% to EUR 1.51m for the month. The Credebt® Index dropped rose slightly to 76 and is showing early signs of stabilising. Total credebtors were c.6.6k+. The largest trade was another c.EUR 2.11m for supply of aggregates.
Trend Standard Yield started at c.2.136% and dropped to c.2.090% before ending flat at 2.106%. Supply is not as strong as it could be and is expected to improve. With bank yields of negative c.1.000%, overall Investors saw c.3.750% positive yield from ETR. Investors’ appetite for Leasabill ETR® 3-Year 4.000% held during the month. Total RSA was EUR 70.47m+

2022-M05 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2022-M04 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or bills issued under contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M04, Credebt Exchange® held Active RSA of EUR 70.47m, with EUR 63.10m fully allocated. Investors net redemptions were EUR 3.42m in the period with trading of EUR 11.02m+ and utilised all ETR.
Treasury collections of EUR 8.09m was 36.18% less than the Traded ETR as trade eased somewhat. The Exchange performance remains ahead of all prior years by c.50.00%.
Performance 2021-M04 v 2022-M04 trade eased back in April with year-on-year results showing down in value. Volumes were down 16.21% but YTD values were up c.50.0% at EUR 47.85m v EUR 31.66m. Investors’ heavy redemptions at EUR 3.42m were up by c.2.5 x. The Credebt® Index dropped to 73 for the first time in 2+ years. Total credebtors were c.6.6k+. The largest trade was the c.EUR 1.99m aggregates supply for the HS2.
Trend Standard Yield started at c.2.127 and peaked at 2.160% before ending flat at 2.129%. Trade Desk continued to support the 3.000% Fixed Yield. With bank yields of negative c.1.000%, overall Investors saw c.3.750% positive yield from ETR. Investors’ appetite for Leasabill ETR® 3-Year 4.000% held during the month. Total RSA was EUR 70.47m+

2022-M04 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time

2022-M03 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are leases, monetary obligations or bills issued under contract for assets, goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at M03, Credebt Exchange® held Active RSA of EUR 66.01m, with EUR 54.72m fully allocated. Investors net redemptions were EUR 1.01m in the period with trading of EUR 16.69m+ with all ETR utilised.
Treasury collections of EUR 11.26m was 48.12% less than the Traded ETR as trade ramped up. The Exchange continues to perform well ahead of all prior years by 50.00% and more.
Performance 2021-M03 v 2022-M03 continued strong into March with year-on-year results again doubling in value. Volumes were down 27.63% but YTD values were c.100.0% higher at EUR 36.83m v EUR 18.51m. Investors’ redemptions eased somewhat to EUR 1.01m down c.13.00%. The Credebt® Index increased by 2 days to 82. Total credebtors moved up to c.6.6k+. The largest trade was in a ship demolition at c.EUR 1.63m
Trend Standard Yield started at c.2.145 and dropped overall to 2.122% before ending down at 2.134%. Trade Desk continue to support the 3.000% Fixed Yield. With bank yields of negative c.1.000%, overall Investors saw c.3.750% positive yield from ETR. Investors’ appetite for Leasabill ETR® 3-Year 4.000% held during the month. Total RSA was EUR 66.01m+

2022-M03 ETR Briefing

† Investment quality is a combination of Investment Grade [IG] organisations & other credit worthy organisations, as determined by AIG and other credit rating providers, from time to time