2014-Q1 ETR Briefing

Exchange Traded Receivables [ETR], are invoices 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 RPA of €5.2m, with €3.2m allocated and €1.0m Investor redemptions requested in the quarter. The full spectrum of available ETR was utilised.

Strong treasury management improved ETR settlement to €2.4m, or 68% of all outstanding trades during the period. There continues to be no delinquent ETR recorded to date. Market conditions are favourable and stable for 2014.

Performance

2014-Q1 was the third quarter of trading for Credebt Exchange®. Total Debtors numbered 280+ with a total trade value of € 8.1m to date. Daily volume declined for the period at 25+ due to i-ETR suspension. Highest single value trade was in January at € 0.25m. Total current RSA are valued at € 15.5m+

Trend

Yield trending downwards at an average of 3.75% during the quarter. Originator trading volumes remained unchanged, with significant Investor redemption requests in January. Originator demand remains strong for 2014. Additional capacity for RPA in excess of €25.0m+ are expected in Q2-2014, subject to Institutional Investor demand.

2014-Q1 ETR Briefing Trade Credebt

2014-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

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