Source: Commerzbank AG, November 2016. Funding European SMEs . Now, in a fast-moving digitally-driven environment, the market is comfortable with even young start-ups seeking alliances at an early stage of growth – whether to enable them to buy in innovation, offer new products, or enter new markets. Maths and business teacher Davitt college Sep 1995 - May 1996 9 months. Our capital markets experts in Europe, the USA and Asia are dedicated to delivering best-in-class solutions tailored to your funding needs, even within tightest time scales and challenging market conditions. In addition to funding the acquisition of new assets, leasing is also a very effective means of using existing assets to raise capital for deployment in other areas of the business. Unlike bank loans, leases may not have covenants on the company given the security of the underlying asset. Northampton-based Billing Finance has arranged extended lending facilities of £50m and appointed a sales director to lead over its product expansion. Leasing is not necessarily a substitute for bank lending or the loans market, but a highly flexible complement to it. Counsel for Commerzbank AG Chadbourne & Parke LLP Howard S. Beltzer hbeltzer@chadbourne.com Bank - Credit Facility Citibank Europe pic, UK Branch Loans Agency, Agent Office issuerpfla@citi.com; jillian.hamblin@citi.com; cristina.volc@citi.com Bank - Credit Facility Citibank International Plc Attn. We are also seeing the emergence of the French Placement Privé Européen, or European Corporate Private Placement, a cross-over product that addresses higher-risk entities while still offering attractive terms. Asset Advantage Limited (“Asset Advantage”) has signed a £50m committed financing facility with Commerzbank and EIF to provide asset financing to UK SMEs. But unless you believe interest rates are going to be a lot higher in the medium to long term, or you are going to find funding harder in the future for some reason, a shorter tenor will tend to give your company more freedom and be cheaper. A review of the loan market, asset financing and leasing, and M&A for SMEs by Reinhard Haas, Head of DCM Loans, Eoin Moore, Managing Director, Structured Asset Solutions Team and Dr Christoph Thierolf, Head of M&A . This document has been created and published by the Corporates & Markets division of Commerzbank AG, Frankfurt/Main or the group companies mentioned in the document ("Commerzbank"). Additional services such as maintenance and insurance can be included covering all of a company’s asset related needs, which can be very attractive for smaller businesses. Below, we assess the prospects for three core forms of SME funding and how each can be employed to achieve the optimal funding mix. However, it offers particular appeal for smaller companies in need of financing and cashflow flexibility as they seek to expand their businesses. Smaller unlisted and unrated companies typically look to fund acquisition principally with cash. Asset Advantage Limited (“Asset Advantage”) has signed a £50m committed financing facility with Commerzbank and EIF to provide asset financing to UK SMEs. Eoin Moore Director at Dresdner … Eoin Moore, Head of the UK-based Structured Asset Solutions team within the Advisory & Primary Markets division of Commerzbank, said: “Commerzbank has a strong track record in providing innovative financing facilities and tailored solutions to independent leasing companies in the UK. Join Facebook to connect with Eoin Moore and others you may know. This can be a very attractive form of financing as it releases capital, provides the liquidity benefit of upfront payment and can enable customers to manage credit exposure with larger customers. In recent years, financing conditions for small ticket lessors have improved, which has enabled strong growth in this market. • European debt funds – Debt funds have been introduced as part of the EU’s Capital Markets Union (CMU) project to mobilise greater diversity of funding for European enterprise. Commerzbank may act as a market maker in the financial instruments or companies discussed herein and may also perform or seek to perform investment banking services for those companies. Conversely, some SMEs can find themselves struggling to secure financing because they fail to fit with investors’ or lenders’ expectations. Eine Betrachtung des Kreditnehmermarktes, der Investitions- und Leasingfinanzierung sowie von M&A-Aktivitäten für kleinere und mittlere Unternehmen. • Security of funding – As longer term committed funding, SMEs often view leasing as a more secure source of finance for their investment needs than overdrafts or bank facilities that may have a shorter term. This provides smaller companies with increased capacity to undertake the investment needed to drive the future growth of their business. As such, the strong growth in new leasing volumes in Europe is likely to continue. *Source: Estimating the Impact of Changes in Aggregate Bank Capital Requirements During an Upswing, Bank of England Working Paper No. This provided the client with a significant liquidity benefit from up-front payment, improved returns on capital and reduced credit exposure to the underlying customer. But those European SMEs that have remained steadfastly regional may find that they may be less appealing to potential investors and lenders, both in terms of their risk profile and competitiveness. If they don’t, you should think carefully about it. • Be realistic about how long funding is required – As a rule, the longer the tenor, the more demanding the terms of a financing agreement are likely to be. Likewise, family-owned businesses are often unused to the level of transparency and communication that investors will expect before they invest. No assurance can be given that any financial instrument or issuer described herein would yield favourable investment results. A flexible financing solution for asset investment. Katherine Wall. As an example of the bespoke nature of lease financing, a European energy company recently approached Commerzbank regarding funding for a new plant. But if there’s not a sufficient surplus on the balance sheet, there are plenty of alternatives for SMEs with a strong growth story and solid cashflow projections behind their M&A plans. Stefan Dreiser ... Eoin Moore. Eoin Moore, managing director at Commerzbank. Commerzbank partnered with the European Investment Fund on this facility. By working closely with the company, we were able to isolate the fixed component of the payment stream and acquired these receivables on a non-recourse basis. Katherine Wall. Find out more about Commerzbank https://cbcm.commerzbank.com/en/hauptnavigation/home/home.html. Joseph Potter. Drawdown and repayment terms can be tailored to match the revenue generation profile of the assets. A study by economists Joseph Noss (BoE) and Priscilla Toffano (IMF) from March 2014* points out empirical evidence which suggests that an increase in capital requirements by one percentage point, forces banks to cut their total lending in the short run by 1.2 - 4.5% or reduce credit growth by 1.2 - 4.6%. FILMFEST HAMBURG is an international film festival, the third-largest of its kind in Germany (after Berlin and Munich).It shows national and international feature and documentary films in eleven sections. Eoin has 4 jobs listed on their profile. Indeed, lending to European SMEs could be the single-strongest growth area for debt capital markets over the next few years, as international banks seek greater penetration into this still largely untapped market. View Eoin Moore’s profile on LinkedIn, the world's largest professional community. The facility included a drawdown period spanning a construction phase of several years and a highly customised amortisation profile to match the forecast financial profile of the project. For SMEs seeking competitive funding, that’s good news. Our capital markets experts in Europe, the USA and Asia are dedicated to delivering best-in-class solutions tailored to your funding needs, even within tightest time scales and challenging market conditions. Parmiters. Leasing therefore helps companies outsource their key asset management needs, freeing up time and resources to focus on their core business. See the complete profile on LinkedIn and discover Eoin… In addition, leasing can be used to finance most assets and has a high degree of flexibility in terms of deal size with possible transaction values as low as €1,000. For example: • Revolving credit facilities (RCFs) - Typically provided by an SME’s relationship bank, an RCF is usually offered for a five-year term. Operating leases are typically off-balance sheet for accounting purposes which is attractive for lessees, but accounting standards are due to change in this regard. Commerzbank was recently approached by a global IT services company seeking to monetise certain receivables relating to an IT outsourcing contract with an international customer. This communication is intended solely for distribution to Professional Clients and/or Eligible Counterparties of Commerzbank. Phil Coates. Zoe Vincent Credit Adminstration Officer and Analyst at Union Bank UK plc Southend-on-Sea. However, mid-cap and small-cap M&A activity is still in evidence as companies seek to take advantage of cash-rich balances sheets, ultra-low interest rates and access to more sources of funding. Banks remain the key providers of lease financing to SMEs, either directly or via the vendor channel. See the complete profile on LinkedIn and discover Eoin… Katherine Wall Senior Lawyer at Commerzbank AG London. Oliver Schroeder. Eine Betrachtung des Kreditnehmermarktes, der Investitions- und Leasingfinanzierung sowie von M&A-Aktivitäten für kleinere und mittlere Unternehmen. Eoin Moore. Alongside a growing pan-European debt funds market, alternative sources of funding are coming directly from institutional investors such as insurers and pension funds. By accepting this communication, a recipient hereof agrees to be bound by the foregoing limitations. Oliver Schroeder Director - Conduit Finance Frankfurt Rhine-Main Metropolitan Area. More than 70,000 SMEs and large enterprises count on a long-term and trusting cooperation with Commerzbank. Once it was the case that a company was expected to grow for a period before opening up its chequebook. By determining which assets can be acquired through leasing, a firm can make optimal use of its cashflows and reserve other funding channels for working capital and other financing requirements. Richard Young Structured Finance at Commerzbank AG London. Funding may be drawn during a construction phase, with repayments delayed until revenues start to come on stream or structured to reflect a ramp-up period or seasonality. Lease financing, alongside bank lending, has long been a complementary source of financing for the capital expenditure requirements of companies, ranging from large multinationals to SMEs. Easy access to capital markets for your large scale financing needs with advisory, structuring, syndication and execution. However, independent leasing companies are playing an increasingly important role in the SME market. Customer service agreements that have a fixed payment stream may also be applicable. Capital can also be released via refinancing vendor finance that companies provide to their customers. Sonja Bennefield. Compared to financing via a traditional loan, leasing is a highly flexible means to fund the acquisition of assets or equipment. Commerzbank Publikumspreis Die Zuschauer entscheiden per Stimmzettel, welcher der teilnehmenden Filme der Sektion Eurovisuell zum Siegerfilm prämiert werden soll. Recent research indicates over 40% of European SMEs use leasing, thereby financing a higher proportion of SME investment than any other individual form of bank lending. Commerzbank Corporates & Markets examines the benefits of leasing in corporate finance, Author: Eoin Moore, Managing Director, Structured Asset Solutions Team, Commerzbank Corporates & Markets. There are 20+ professionals named "Eoin Moore", who use LinkedIn to exchange information, ideas, and opportunities. jim marsh Director at Milestones Communications Ltd Hemel Hempstead. The permanent wholesale finance facility, tailored to the profile of business that Kennet originates, will enable the company to quickly grow its lease portfolio creating a new independent lessor of scale and providing much needed finance to SMEs in the UK. For the European SME sector, the interest among investors to finance strategic acquisition is strong and is well supported by initiatives by the EU’s CMU initiative. So we don’t envisage any sharp change in pricing, or any decline in investor appetite for opportunities to lend. Eoin Moore, Head of the UK-based Structured Asset Solutions team within the Advisory & Primary Markets division of Commerzbank, said: “Commerzbank has a strong track record in providing innovative financing facilities and tailored solutions to independent leasing companies in the UK. Eoin Moore, Head of the UK-based Structured Asset Solutions team within the Advisory & Primary Markets division of Commerzbank, said: “Commerzbank has a strong track record in providing innovative financing facilities and tailored solutions to independent leasing companies in the UK. Leasing also enables companies to benefit from full economic use of assets without bearing the risk of ownership. Richard Young. Brian Cantwell speaks to Eoin Moore, managing director of the structured asset solutions team at Commerzbank, about driving change in the UK SME leasing and lending market Eine Betrachtung des Kreditnehmermarktes, der Investitions- und Leasingfinanzierung sowie von M&A-Aktivitäten für kleinere und mittlere Unternehmen. Richard Young. Commerzbank Ag, Lending, Structured Commodity Trade Finance London. Eoin Moore. Corporate Financing . Commerzbank and/or its principals or employees may have a long or short position or may transact in financial instrument(s) and/or securities referred to herein or may trade in such financial instruments with other customers on a principal basis. But prudent appraisal of the opportunities on offer will remain essential. Similarly, vendor programmes from lessors provide a key source of sales support for many manufacturers. Leasing is an important means of financing for larger corporates. • Transfer of asset risk – Operating leases and contract hire provide a cost effective solution for SMEs that require the use of an asset for a period shorter than its useful life, removing concerns of asset ownership. It is not “investment research” or “financial analysis” as these terms are defined in applicable regulations and has not been prepared by a research analyst. Neither Commerzbank nor any of its respective directors, officers or employees accepts any responsibility or liability whatsoever for any expense, loss or damages arising out of or in any way connected with the use of all or any part of this communication. : Mrs. Mariangela Nissidou / Mr. PINPlease enter your 5 to 45-digits PIN in this field. The investor market for the product has so far been limited to French insurers. Просмотрите профиль участника Irina Konoplianik в LinkedIn, крупнейшем в мире сообществе специалистов. In particular, corporates need to be very mindful that any debt keeps them within the levels of gearing expected for their sector. Find out more . This is certainly true for bilateral lending. Being able to provide up-to-date figures and reporting and a clear picture of the company’s strategy and purpose for seeking funding will help an SME access a wider pool of funding opportunities and, potentially, lower the cost of financing. The past performance of financial instruments is not indicative of future results. A review of the loan market, asset financing and leasing, and M&A for SMEs by Reinhard Haas, Head of DCM Loans, Eoin Moore, Managing Director, Structured Asset Solutions Team and Dr Christoph Thierolf, Head of M&A . Operating leases and contract hire provide temporary and flexible use of assets, with risks like asset depreciation or obsolescence borne by the lessor. RCFs are often used in combination with other types of debt such as private placements, where a company wishes to stagger its debt repayments. Schuldschein – the German-originated private debt instrument characterised by its simple documentation - has seen 50% growth in the past five years, according to research by Commerzbank, and is now available in at least a dozen countries across Europe. • Optimisation of cash flow and working capital – Leasing provides funding for 100% of the acquisition cost of assets. In addition, as longer term committed funding, leasing is typically viewed as more secure than bank overdraft facilities. In addition to reduced exposure to risks of asset ownership, a range of additional services can be provided as part of a leasing facility. Eoin is a managing director and head of the UK-based Structured Asset Solutions team within the Advisory & Primary Markets division of Commerzbank. But this comes with its own risks as new entrants look to capture market share. View the profiles of people named Eoin Moore. Zoe Vincent. In addition to the security of long term committed funding, this substantially reduces the size of individual repayments. Richard Young Structured Finance at Commerzbank AG London. And, even being lower than the year before, 2016 marked already the second highest year since 2007. Eine Betrachtung des Kreditnehmermarktes, der Investitions- und Leasingfinanzierung sowie von M&A-Aktivitäten für kleinere und mittlere Unternehmen. Von Reinhard Haas, Head of DCM Loans, sowie Eoin Moore, Managing Director, Structured Asset Solutions und Dr. Christoph Thierolf, Head of M&A. SMEs can access leasing via the vendor channel, the branch network of banks and lessors or through a broker. Sources of liquidity now available to small and medium-sized enterprises (SMEs) across Europe are healthier than they have been for many years. Lease financing, alongside bank lending, has long been a complementary source of funding for SME capital expenditure requirements. Oliver Schroeder. Since the global crisis, plenty has been written about banks paring back their lending activities and more stringent capital adequacy rules limiting funding opportunities, particularly for higher-risk borrowers such as smaller companies. Copying and distributing are prohibited without permission of the publisher. Release of capital tied up in existing assets. Eoin is a managing director and head of the UK-based Structured Asset Solutions team within the Advisory & Primary Markets division of Commerzbank.
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