Scope publishes rating report for EIB Group's Spanish SME initiative – SME risk-sharing

Scope Ratings publishes the rating report for EIB’s Spanish SME initiative, a synthetic risk-sharing transaction of secured and unsecured credits to Spanish SMEs and self-employed individuals, originated by nine Spanish originators and managed by the EIF.

Scope Ratings publishes the detailed rating report for EIB Group's SME Initiative Uncapped Guarantee Instruments for Spain. The report contains Scope´s credit analysis regarding the ratings assigned to the Senior Risk Cover and the Upper Mezzanine Risk Cover, as well as important regulatory disclosures.

Click here to access the full rating report

The SME Initiative Uncapped Guarantee Instruments (SIUGI) for Spain is a risk-sharing transaction of Spanish SME credit rights (i.e. loans, revolving lines and financial leasing). The reference assets are originated by nine Spanish banks participating in the SME initiative for Spain, which is managed by the European Investment Fund (EIF). The EIF enters into bilateral guarantees with each participating bank to obtain the risk exposure to the SME credit rights.

The risk-takers in this transaction are the European Investment Bank (EIB), the EIF, the European Union, and the Kingdom of Spain. The nine banks originating the credit rights and benefiting from this initiative are Banco Cooperativo Español, Banco Popular, Banco Sabadell, Banco Santander, Bankia, Bankinter, CaixaBank, Ibercaja and Liberbank.