© 2026 Arizent. All rights reserved.

Moody’s Rates KfW Promise Deal

Published Updated 1 Min Read

Moody’s Investors Service said today  that it will rate  the senior swap and the class A+ Notes totalling $943million equivalent, issued by the German state sponsored bank, Kreditanstalt für Wiederaufbau (KfW) under the Promise Neo  2012- 1 transaction.

The  ratings agency will rate the deal’s, EUR721.77mn, senior swap; and  the EUR0.1mn, class A+ certificate, both ‘Aaa’.

Promise Neo 2012- 1 is a partially funded synthetic securitization in  which HSH Nordbank AG  buys credit protection on a portfolio of secured and unsecured loans granted by itself to small and medium-sized enterprises (SME) based in Germany.

Through the synthetic transaction, HSH’s will obtain credit protection on its SME  loan book, which allows the bank to add the reference claims plus the attached  guarantee claims against KfW into the cover pool of its public sector covered bond, according to Moody’s presale report published today.  

For reprint and licensing requests for this article, click here.

More From Asset Securitization Report

Moody’s Rates First Aussie ABS Deal for 2012

Perpetual Trustee Co. is in the market with the first Australian ABS for this year. The AUD 517.2 million ($551.9mn) SMART Series 2012-1 U.S. Trust deal securitizes a portfolio of Australian auto leases, commercial hire purchase agreements, chattel mortgages and finance leases secured by motor vehicles originated by Macquarie Leasing Pty Limited. The capital structure includes […]

U.K. SME Guarantees Could Bolster Securitization for Sector

A new SME guarantee scheme announced by the U.K. government could be positive for SME ABS issuance and would align the U.K. with its European peers. In a speech to the conservative party annual conference, George Osborne, Chancellor of the Exchequer, said he has asked the Treasury to look at ways of injecting money into […]

KfW Plans More ABS Activity for 2011

In ts capital market press briefing today, KfW Bankengruppe said that the situation in the European securitization markets has “brightened up this year.” Securitization transactions totaled around €86 billion and were sold to investors. This is compared to the €19 billion in 2009, with the securitizing banks using the instrument primarily for funding purposes. In 2010, the German-sponsored […]

KfW Supports ABS Revitalization

KfW Banking Group said it participated as an anchor investor in securitizations focusing on SMEs worth €0.7 billion ($1 billion) up to the end of the third quarter. The German state-sponsored banking group said in a statement today that it supports the revitalization of the securitization market “because these must function as an important means […]

KfW Says Functioning ABS Mart Still Far Away

KfW Bankengruppe said that the securitization markets continue to be in a very difficult situation. Although some transactions took place in the course of the year, a functioning, liquid market is still very far away. The German state sponsored bank emphasized that first and foremost it will be necessary for investors to regain trust in […]