Once it was the case that a company was expected to grow for a period before opening up its chequebook. © 2020 GlobalCapital is part of the Euromoney Institutional Investor PLC group, https://cbcm.commerzbank.com/en/hauptnavigation/home/home.html, ECM Bank of the Year for Capital Raises Related to Covid-19 — HSBC, Best Equity Capital Markets Advisor — Rothschild & Co, Best Bank for Small Cap Equity Capital Markets – Berenberg, ECM Bank of the Year for Green Equity Deals — Societe Generale, Market Participants Expect to See Consumer ABS Defy Pandemic Gloom in 2021, Yield Quest Sparks Drive to Esoteric ABS Assets, Securitization Markets Weigh Up an Extraordinary Year, Modern Slavery Act Transparency Statement. However, at the smaller end of the SME segment, independent leasing companies also play an important role. The term of lease facilities is also often longer than bank loans. Eoin Moore (AIB) Fernando de la Mora (Alvarez & Marsal) Susanne Wegner (Association of German Public Banks) Margherita Redaelli (Banca Popolare di ... Matthias Behrens (Commerzbank) Koen Holdtgrefe (Deutsche Bank) Meryl Harland (Deutsche Bank) Tobias Volk (Deutsche Bundesbank) 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 optimal funding solution needs to balance the potential rewards of the planned acquisition with an appropriate level of risk and debt for the acquiring company. Von Reinhard Haas, Head of DCM Loans, sowie Eoin Moore, Managing Director, Structured Asset Solutions und Dr. Christoph Thierolf, Head of M&A. This can be a quick and efficient way of raising new funds, potentially at lower cost and including the benefits of leasing such as attractive term and repayment profile. Commerzbank offers easy access to capital markets for your large scale financing needs, helping you fulfil your short and long-term goals. But prudent appraisal of the opportunities on offer will remain essential. See the complete profile on LinkedIn and discover Eoin… 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 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. Katherine Wall Senior Lawyer at Commerzbank AG London. It is not intended to be distributed to Retail Clients or potential Retail Clients. RCFs are often used in combination with other types of debt such as private placements, where a company wishes to stagger its debt repayments. 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%. At the end of the lease term, various options may be offered regarding disposal of the asset. Education University College Cork University College Cork ... Donna Moore Primary School Teacher at St. Mary's NS Ballygunner All material subject to strictly enforced copyright laws. Von Reinhard Haas, Head of DCM Loans, sowie Eoin Moore, Managing Director, Structured Asset Solutions und Dr. Christoph Thierolf, Head of M&A. Maintenance services and asset insurance are frequently included. • 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. Northampton-based Billing Finance has arranged extended lending facilities of £50m and appointed a sales director to lead over its product expansion. Katherine Wall. Eoin Moore, managing director at Commerzbank. 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. 2020 wurde der Preis zum ersten Mal an den besten Film des gesamten Festivals verliehen. This is true of traditional sectors like engineering as much as IT or fintech, as companies across every industry look for the innovation that will help shape future growth. Zoe Vincent Credit Adminstration Officer and Analyst at Union Bank UK plc Southend-on-Sea. In the years following the financial crisis, these leasing companies experienced a significant contraction in their sources of funding. 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. Below, we assess the prospects for three core forms of SME funding and how each can be employed to achieve the optimal funding mix. Borrowers then repay the financing over the life of the asset, which can be funded by revenues generated by the equipment. Eoin Moore. 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. As pension funds and insurers struggle to generate the yield they need from traditional bonds, so debt funds have found a highly interested investor audience. But it does mean that SMEs will continue to find plenty of funding options for imaginative, prudent and well-thought out acquisitions. That hasn’t necessarily relieved the pressure on companies to convince the market of aggressive synergies or payback periods to justify their M&A activity. As bond yields turn negative and investors continue to search for yield, some areas of Europe’s syndicated loans market are booming. Unlike bank loans, leases may not have covenants on the company given the security of the underlying asset. Joseph Potter. This communication may contain short term trading ideas. 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. Commerzbank Ag, Lending, Structured Commodity Trade Finance London. Eoin is a managing director and head of the UK-based Structured Asset Solutions team within the Advisory & Primary Markets division of Commerzbank. Eoin Moore Director at Dresdner Kleinwort London. PINPlease enter your 5 to 45-digits PIN in this field. 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. For any company involved in asset acquisition, lease financing is a flexible and value-added addition to the financing mix that can provide a much more tailored financing solution than traditional bank loans. Financing is provided for 100% of the acquisition cost of the assets. Potential counterparties/ distributors should review independently and/or obtain independent professional advice and draw their own conclusions regarding the suitability/appropriateness of any transaction including the economic benefit and risks and the legal, regulatory, credit, tax and accounting aspects in relation to their particular circumstances. In recent years, financing conditions for small ticket lessors have improved, which has enabled strong growth in this market. Likewise, family-owned businesses are often unused to the level of transparency and communication that investors will expect before they invest. • Seek out funding that’s attractive but also reliable investors – In a buoyant financing environment, borrowers need to be alert to new entrants offering aggressively-priced financing, only to retreat sharply from the market when macro-economic conditions move against them – a trend that has been evident in many European markets during the years following the financial crisis. Complementary funding for asset financing – Eoin Moore, Managing Director, Structured Asset Solutions Team Lease financing, alongside bank lending, has long been a complementary source of funding for SME capital expenditure requirements. Von Reinhard Haas, Head of DCM Loans, sowie Elizabeth Andrew. Von Reinhard Haas, Head of DCM Loans, sowie Oliver Schroeder. *Source: Estimating the Impact of Changes in Aggregate Bank Capital Requirements During an Upswing, Bank of England Working Paper No. But the European Central Bank is unlikely to make any drastic changes to its monetary policy in the short term. 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. 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. Zoe Vincent. As an example, Commerzbank has recently provided structured financing facilities to a number of independent lessors in the UK, which has enabled these companies to accelerate the expansion of their lease portfolio and provide significant incremental finance to UK SMEs. 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 . Der Publikumspreis ist mit 5.000 Euro dotiert und wird seit 2015 gestiftet von der Commerzbank . The investor market for the product has so far been limited to French insurers. ", emphasises Dr Christoph Thierolf, Head of M&A. Leasing therefore provides a cost-effective solution to companies that require the use of an asset for a period shorter than its useful life. Head of ABCP Conduit Finance at Commerzbank London, United Kingdom 162 connections. 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. • 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. Eoin Moore. In fast jedem Unternehmen ist irgendwann der Punkt erreicht, an dem die Möglichkeiten des derzeitigen Geschäftsumfangs ausgeschöpft sind. 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. In addition to reduced exposure to risks of asset ownership, a range of additional services can be provided as part of a leasing facility. If they don’t, you should think carefully about it. Global merger and acquisition activity in the first half of 2017 witnessed an 8.4% increase to US$1.5 trillion versus the same 2016 period. See the complete profile on LinkedIn and discover Eoin… In particular, corporates need to be very mindful that any debt keeps them within the levels of gearing expected for their sector. Asset Advantage Limited (“Asset Advantage”) has signed a £50m committed financing facility with Commerzbank and EIF to provide asset financing to UK SMEs. SMEs can access leasing via the vendor channel, the branch network of banks and lessors or through a broker. Sonja Bennefield. Im Portal für Privat- und Unternehmerkunden finden Sie Ihren Online-Zugang sowie alle Angebote und Informationen, die Sie für Ihre Bankgeschäfte benötigen. Parmiters. Plenty of factors are set to heighten event risks across markets. : Mrs. Mariangela Nissidou / Mr. As an example of the bespoke nature of lease financing, a European energy company recently approached Commerzbank regarding funding for a new plant. Such services are becoming more important in the context of environmental concerns. Join Facebook to connect with Eoin Moore and others you may know. You have not yet been activated or have you forgotten your login name/user number or PIN? Eoin Moore, managing director at Commerzbank. 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. So we don’t envisage any sharp change in pricing, or any decline in investor appetite for opportunities to lend. The financial benefits of leasing detailed above are particularly attractive for smaller companies. Sources of liquidity now available to small and medium-sized enterprises (SMEs) across Europe are healthier than they have been for many years. 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. Any prices provided herein (other than those that are identified as being historical) are indicative only, and do not represent firm quotes as to either size or price. This communication is for information purposes only. Commerzbank AG London Branch is authorised and subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Do you have any questions or need any help? Alongside a growing pan-European debt funds market, alternative sources of funding are coming directly from institutional investors such as insurers and pension funds. Leasing is estimated to have financed 23.5% of total new investment in equipment and vehicles in Europe in 2014, up from 22.1% in 2013. Funding European SMEs . 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 . We will be pleased to help you on the phone. Although availability of bank lending has now improved significantly, evidence indicates SMEs increasingly see the value in diversifying their sources of finance. This can apply to many assets, and Commerzbank has provided operating leases of varying sizes to clients in a broad range of industries. This communication or the manner of its distribution may be restricted by law or regulation in certain countries. Lease financing of over €100m was provided to the company, with a repayment term of over 15 years satisfying the client’s requirement for long term funding. Commerzbank offers easy access to capital markets for your large scale financing needs, helping you fulfil your short and long-term goals. Team Head Commerzbank AG / Banking / Business Continuity / Problem Solving London. Financing conditions for these independent lessors have improved in recent years, which is enabling strong growth in this market and increasing the availability of leasing options to smaller businesses. Leasing is not necessarily a substitute for bank lending or the loans market, but a highly flexible complement to it. Katherine Wall. 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. But a strong appetite among French banks and the French government to expand its use could see distribution open up to a far wider audience. Eoin is a managing director and head of the UK-based Structured Asset Solutions team within the Advisory & Primary Markets division of Commerzbank. 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. Going forward, usage-based leasing arrangements are expected to increase. Katherine Wall Senior Lawyer at Commerzbank AG London. Commerzbank Corporates & Markets is the investment banking division of Commerzbank, integrating research, debt, equities, interest rates and foreign exchange. And, even being lower than the year before, 2016 marked already the second highest year since 2007. Stefan Dreiser ... Eoin Moore. Easy access to capital markets for your large scale financing needs with advisory, structuring, syndication and execution. 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. 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.
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