London - 17 July 2019 - Stenn is delighted to announce the closing of a $200 million securitisation programme with Natixis. The programme enables Stenn to maintain its rapid growth and provide suppliers and buyers around the world with much-needed working capital.
This new programme sees Stenn extend its international trade finance programme towards its multi-billion target. It marks a significant extension to Stenn’s previous capital programmes and fuels the company’s expansion as it strives to address the $1.5 trillion ‘trade finance gap’. Stenn aims to widen its catchment to include an additional fifty countries and provide an even faster, more agile service for international businesses.
Greg Karpovsky, Founder of Stenn, commented: “At Stenn, we constantly work towards shaping the future of cross-border trade finance by building a scalable solution using innovative technology for our investors and clients. I am very excited and proud of the Stenn team along with Natixis and Crayhill who collaboratively built this unique securitisation platform. This allows Stenn and our investors to continue to grow to a multi-billion-dollar programme and welcome more investors as we meet the ongoing needs of international trade finance.
In today’s climate, with ongoing discussions of trade wars and an uncertain geopolitical landscape, it’s important that businesses can confidently plan ahead. Access to trade capital is a massive contributor towards being able to do this.”
The receivables securitisation programme prepares Stenn for additional private capital investors in the future. Core partners, Natixis and Crayhill Capital Management LP worked with Stenn to create and structure a platform which is scalable and prepared for growth.
Emmanuel Issanchou, Global Head of Structured Credit & Solutions at Natixis commented: “This multi-jurisdiction securitisation is a perfect example of Natixis’ commitment to creating innovative solutions for the emerging alternative finance market. We are pleased to build upon our already successful partnership with Stenn and to further support Stenn’s growth.”
Josh Eaton, Managing Partner of Crayhill, commented: “Stenn is already a trailblazer in providing international trade finance to underserved markets. This securitisation facility, which will deliver capital at a pace to match Stenn’s origination pipeline, shows that Stenn is at the forefront of alternative finance.”
Michael Tenitsky, Chief Legal Officer of Stenn, commented: “We greatly value the support of Natixis and Crayhill in completing the securitisation programme. This milestone firmly establishes Stenn in the capital markets and lays the foundations to support our rapid growth. Having closed such a complex transaction, we are confident in our ability to execute similar transactions in the future.”
Stenn is a UK-based non-bank trade finance provider specialized in cross-border trade. Stenn’s trade finance solutions are comprehensive and can be combined to cover the entire supply chain from purchase order to delivery of goods. Innovative practices allow Stenn to finance in sectors and geographic regions currently unserved in global trade. The company operates globally with offices in Los Angeles, Dallas, New York, Miami, London, Amsterdam, Dusseldorf, Berlin, Mumbai, Chennai, Singapore, Hong Kong, Guangzhou, Hangzhou, Suzhou, Shanghai
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Natixis is a French multinational financial services firm specialized in asset & wealth management, corporate & investment banking, insurance and payments. A subsidiary of Groupe BPCE, the second-largest banking group in France through its two retail banking networks, Banque Populaire and Caisse d’Epargne, Natixis counts nearly 16,000 employees across 38 countries. Its clients include corporations, financial institutions, sovereign and supranational organizations, as well as the customers of Groupe BPCE’s networks. Listed on the Paris stock exchange, Natixis has a solid financial base with a CET1 capital under Basel 3(1) of €11.1 billion, a Basel 3 CET1 Ratio(1) of 11.6% and quality long-term ratings (Standard & Poor’s: A+ / Moody’s: A1 / Fitch Ratings: A+).
(1) Based on CRR-CRD4 rules as reported on June 26, 2013, including the Danish compromise - without phase-in.
Figures as at 31 March 2019
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