2016-Q4 ETR Briefing

Investabill ETR® are fixed value Exchange Traded Receivables that are loans or bills issued under contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at Q4, Credebt Exchange® held RSA of EUR 178.6m+, with EUR 16.3m allocated and EUR 1.38m of Investor redemptions transacted. Annual trading totalled EUR 87.6m+ of trade value with all available ETR utilised.
Treasury performance was strong and marginally ahead of trading at EUR 18.7m of settled ETR in the period.
Performance Seasonal trading in 2016-Q4 ETR resulted in trade volumes decreasing by 10.1% compared to 2016-Q3. Total creditors & debtors increased to c.3,450 with total trade of EUR 25.7m in the period. Daily volumes were down and marginally below the annual trend. Highest single value trade was in M11 at EUR 0.74m. Total RSA increased 49.3% to EUR 178.6m+
Trend Yield showed a significant increase from low of 1.554% at the start of the Quarter to 2.165% at Q/E. As predicted, this return to strong yield is due to the very strong growth of Originator RSA supply and is the first increase since the market opened in 2013. This significant increase in RPA capacity to EUR 178.6m+ will be available for use in 2017.

2016-Q4 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

2016-Q3 ETR Briefing

Investabill ETR are fixed value Exchange Traded Receivables that are loans or bills issued under contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at Q3, Credebt Exchange® held RSA of EUR 119.6m+, with EUR 17.1m allocated and EUR 2.35m of Investor redemptions transacted. YTD trading totalled EUR 58.4m+ of trade value with all available ETR utilised
Treasury performance below parity at EUR 18.9m of settled ETR due to growth of new Originator members in the period.
Performance 2016-Q3 ETR trade volumes increases were stable at 15.00% compared to 2016-Q2. Total creditors & debtors increased to c.2,750 with total trade of EUR 25.1m in the period. Daily volumes were stable and consistent with average annual trend. Highest single value trade was in M09 at EUR 0.86m. Total RSA increased 21.5% to EUR 119.6m+
Trend Yield stabilised mid-Quarter at a low of 1.554% ending the Quarter at 1.568%. Yield is predicted to rise above the 2.000% mark in Q4. This return to strong yield is due to the strong growth of Originator supply and will be the first increase since the market opened in 2013. Additional RPA capacity, in excess of EUR 200.0m+ will be available for use in 2016/7.

2016-Q3 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

2016-Q2 ETR Briefing

Investabill ETR are fixed value Exchange Traded Receivables that are loans or bills issued under contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at Q2, Credebt Exchange® held RSA of EUR 98.4m+, with EUR 14.6m allocated and EUR 1.10m of Investor redemptions transacted. 3-Years’ trading totalled EUR 102.4m+ of trade value with all available ETR utilised.
Treasury performance below parity at EUR 12.0m of settled ETR due to growth of new Originator members in the period.
Performance 2016-Q2 ETR trade volumes increased significantly by 63.1% compared to 2016-Q1. Total creditors & debtors increased to c.2,500 with total trade of EUR 21.1m in the period. Daily volumes were stable and consistent with average annual trend. Highest single value trade was in M06 at EUR 1.31m. Total RSA increased 25.6% to EUR 98.4m+
Trend Yield dipped sharply mid-Quarter hitting an all-time low of 1.271% before stabilising for the Quarter end at 1.631%. Yield is predicted to fluctuate between 1.400% and 1.900% for Q3. It is expected that Q3 will see a further increase in the growth of Originator supply. Additional RPA capacity, in excess of EUR 156.1m+, will be available for use in 2016.

2016-Q2 ETR Briefing</strong

† 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

Investabill

Brexit impact on Investabill® & Credebt Exchange®

The result of last week’s referendum in Britain was shocking. Like most other financial institutions, Credebt Exchange® had an action plan in place, but did not expect we would ever have to implement it. As you know, Investabill® is a simple product that is based on traded invoices/ETR.

As with the Brexit referendum itself, there are strong arguments as to the impact of Brexit on the Originators, or sellers, of ETR. These Originators will already have been affected by the drop in the value of Sterling against the Euro. However, as Credebt Exchange® buys, sells and settles ETR ‘in currency’ on a spot basis, this has no effect on Investors.

Foreign exchange [Fx] is a complex financial area that should not be simplified in this article. Credebt Exchange® must adhere to accounting standards by reporting its Fx position and does so under what is called Translation Fx. This may impact the Exchange’s year-end trading profit as a ‘paper loss’ and should not be confused with a real or true loss.

For Investors, regardless of where the ETR debtor/obligor is located or the currency that the ETR is settled in, the 4-Tier Capital Protection remains unchanged. Moreover, Credebt Exchange® does not offer foreign exchange hedging or protection to its Members. This means that any real Fx loss (called Crystallised Fx), must be borne by the Originator. This may impact the Originator harshly in the coming months and this is the commercial reality of all Euro denominated suppliers that sell and settle in Sterling.

Specifically, if an Investor invests in Euro, regardless of the currency of any ETR they may own, they are traded and settled in Euro. This means that regardless of how severely ETR Originators are affected by Brexit, Investors remain immune. The same is true of Investors that invested in Sterling or US Dollar.

Brexit may bring new opportunities to Credebt Exchange® as Britain comes to terms with the commercial reality of its decision. A shrinking British credit market would create a vacuum that the Exchange may choose to help fill. Whilst Euro based Originators may require additional working capital from the Exchange as they seek out alternative markets away from Britain. Also, EU and British organisations may decide to relocate some or all of their operations across both jurisdictions and in doing so will again require increases in the investment/working capital that Credebt Exchange® offers.

Credebt Exchange® does not offer any opinion as to the Brexit outcome or indeed what lies ahead. It does however remain firmly committed to its continued support of all its Members and particularly to its Originators as they grapple with this unprecedented Brexit event.

2016-Q1 ETR Briefing

Investabill ETR are fixed value Exchange Traded Receivables that are loans or bills issued under contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at Q1, Credebt Exchange® held RSA of EUR 78.3m+, with EUR 10.3m allocated and EUR 0.59m of Investor redemptions transacted. 11-Quarters trading totalled EUR 81.3m+ trades with all available ETR utilised.
Treasury performance below parity at EUR 14.7m of settled ETR due to growth of new Originator members in the period.
Performance 2016-Q1 ETR trade declined by 6.1% compared to 2015-Q4 but was a 91.3% improvement on 2015-Q1. Total creditors & debtors increased to c.1,600 with a total trade of EUR 12.9m in the period. Daily volumes decreased by 19.1% but was a 91.3% improvement on 2015-Q1. Highest single value trade was in M2 at EUR 0.25m. Total RSA increased 10.3% to EUR 78.3m+
Trend Yield repeated its second sharp dip downwards and ended the Quarter as predicted just above 2.500%. Yield is predicted to fluctuate between 2.400% and 2.600% for Q2. It is expected that Q2 will see an further increase in the growth of Originator supply. Additional RPA capacity, in excess of EUR 156.7m+, will be available for use in 2016.

2016-Q1 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

2015-Q4 ETR Briefing

Investabill ETR are fixed value Exchange Traded Receivables that are loans or bills issued under contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at Q4, Credebt Exchange® held RSA of EUR 71.0m+, with EUR 10.8m allocated and EUR 1.79m of Investor redemptions transacted. 10-Quarters trading totalled EUR 68.4m+ trades with all available ETR utilised.
Treasury above parity at EUR 13.2m of settled ETR due to seasonality and RPA terminations.
Performance 2015-Q4 ETR trade returned to strong growth and an increase of 24.3% above Q3. Total creditors & debtors increased to 1,300+ with a total annual trade of EUR 45.7m. Daily volumes increased by 6.1% on Q3. Highest single value trade in the Year was in June at EUR 1.31m. Total RSA increased 12.2% to EUR 71.0m+
Trend Yield showed a sharp trend downwards and ended the Year below predictions of 3.000% at 2.912% for Q4. Yield will fluctuate between 2.800% and 3.100% for the start of 2016. It is expected that 2016 will see a significant growth in Originator supply. Additional RPA capacity in excess of EUR 146.7m+ available in Q4 and/or 2016.

2015-Q4 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

2015-Q3 ETR Briefing

Investabill ETR are fixed value Exchange Traded Receivables, that are loans or bills issued under contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at Q3, Credebt Exchange® held RSA of EUR 63.3m+, with EUR 13.2m allocated and EUR 1.39m of Investor redemptions transacted. 9-Quarters trading totalled EUR 54.4m+ trades with all available ETR utilised.
Treasury performance down 12.1% to 87.1% at EUR 10.7m of settled ETR due to RPA ending & new RPA replacements.
Performance 2015-Q3 ETR trade value dropped 10.7% below Q2 due to seasonality & RPA expirations. Total creditors & debtors increased to 1,100+ with a total YTD trade of EUR 30.8m. Daily volumes increased by 17.4% on Q2. Highest single value trade was in September at EUR 0.21m. Total current RSA increased 16.4% to EUR 63.3m+
Trend Yield continued to trend downwards and dipped below predictions of 3.25% at an average yield of 3.24% for Q3. Yield will stabilise at this rate until Y/E. Continued strong Originator supply expected for remainder of 2015. Additional capacity for RPA in excess of EUR 84.7m+ available in Q3 with new institutional demand of EUR 20.0m+ remained ‘subject to contract’ for the period.

2015-Q3 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

2015-Q2 ETR Briefing

Investabills are fixed value Exchange Traded Receivables [ETR], that are loans or bills issued under contract for goods and services supplied to investment quality† companies, or credit insured invoices from Investment Grade [IG] insurers. As at Q2, Credebt Exchange®  held RSA of EUR 54.3m+, with EUR 9.9m allocated and EUR 0.63m Investor redemptions requested. 2-Years trading celebrated with EUR 43.0m+ ETR trades and all available ETR utilised.
Treasury management almost achieved parity with ETR settled at EUR 9.9m, or 99.5% of all outstanding trades.
Performance 2015-Q2 continued strong growth in ETR trade with an increase of 19.9%. Total Creditors & Debtors numbered 930+ with a total YTD trade of EUR 19.4m. Daily volume increased by 59.1% on the previous quarter. Highest single value trade was in June at EUR 0.28m. Total current RSA are valued at EUR 54.3m+
Trend Yield trending downwards from an average of 3.52% and is expected to average 3.25% in Q3. Volumes increased by 59.1% with continued strong Originator supply expected for 2015. Additional capacity for RPA in excess of EUR 52.3m+ is expected in H2 with new institutional demand of EUR 10.0m remaining confirmed during the quarter (subject to contract).

2015-Q2 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

2015-Q1 ETR Briefing

Exchange Traded Receivables [ETR], are loans or bills, the “Investabills”, issued under Contract and such Investabill are payable by investment quality† companies, or credit insured Investabills from Investment Grade [IG] insurers. As at Q1, Credebt Exchange®  held RSA of EUR 36.1m, with EUR 6.5m allocated and EUR 0.2m Investor redemptions requested. The full spectrum of available ETR was utilised.
Strong treasury management continues to improve ETR settlement to EUR 5.4m, or 83% of all outstanding trades.
Performance 2015-Q1 started considerably stronger with an overall trade increase of 19.9%. Total Debtors numbered 560+ with a total trade of EUR 6.7m. Daily volume increased by 95.3% on the previous quarter. Highest single value trade was in November at EUR 0.24m. Total current RSA are valued at EUR 36.1m+
Trend Yield remained stable for the quarter at an average of 3.42%. Originator trading volumes increased by 95.3% with continues strong Originator supply expected for 2015. Additional capacity for RPA in excess of EUR 50.0m+ are expected in 2015 with new institutional demand of EUR 20.0m remaining confirmed during the quarter (subject to contract).

2015-Q1 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