Pan-European Guarantee Fund - (EGF) - 29 Ottobre 2020 - Regione Abruzzo
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Pan-European Guarantee Fund (EGF) – 29 Ottobre 2020 Alessandro Tappi EIF Chief Investment Officer
2 1 EGF – Fondo Pan-Europeo di Garanzia 2 Prodotti di credito (FEI) 3 Prodotti Equity (FEI) 4 Processo di Selezione degli intermediari
Pan-European Guarantee Fund 3
Pan-European Guarantee
An EIB Group COVID-19 response measure
Fund (EGF)
Risorse Veicolo Intermediari Beneficiari
Contribuzione pro rata dei Paesi Fondo gestito dalla BEI (Partnership Stessa tipologia di intermediary e Principalmente PMI e Mid-Caps
Membri dell’UE Platform) prodotti offerti dal Gruppo BEI e altre istituzioni pubbliche.
- Finanziamenti diretti (BEI)
- Garanzie di portafoglio (FEI)
- Investimenti in fondi di VC/PE (FEI)
PMI, Mid-
Banche Caps &
EIF istituzioni
publiche
Pan
UE European Funds Up to
up to
Paesi Membri
€25bn
Guarantee
Fund
EIB NPIs
€200bn* Private
equity, VC
& venture
debt
investment
Direct lendingPan-European Guarantee Fund 4
Pan-European Guarantee Fund
An EIB Group COVID-19 response measure
Obiettivi (e vincoli) Distribuzione Geografica Nessun settore escluso
(% on total resourced mobilized for final recipients)
(% del totale moblizzato)
Paesi Membri UE Utilizzo delle risorse basato sulla
domamnda di mercato, con l’obiettivo di
dare una risposta efficace alla crisi
COVID
Top 3
10%
> 65% < 7% EGF
Expected
Loss
Istitutzioni < 5bn Ovvero: < 2.5%
Corporates
Public (20%) su 200 miliardi di impieghi
< 30% < 5%Pan-European Guarantee Fund: (Ottobre 2020) 5
Pan-European Guarantee Fund
Contribuzioni (% di €25bn target)
€25bn target
96.6% Attuale
0.4% Atteso
1% Non deciso ancora
2% NO
Status Finalised Contribution Agreement Will contribute Will not contribute Pending decisionPan-European Guarantee Fund 6
Credito & Equity – Risorse EGF e prodotti (FEI)
Up to €15.7bn
€2.5bn €855m
Capped guaranteed amount
guarantees
€2.9bn
Capped Top-up
guarantees facility
Up to €18.7bn
Uncapped guaranteed amount Target fund
guarantees size facility
€6.1bn Uncapped
guarantees
Pan-European Replacing
€150m
Guarantee defaulting
Credito €3.7bn Tranche guarantees**
(securitisation)
Fund
LP facility
Equity
€12.7bn €4.3bn
Turnaround /
Special
Sits Funds
Senior Private
Credit Selective €200m
(private credit) Loan Funds
€400m €200m7 EGF – PMI & Mid-Caps Prodotti di Credito (FEI)
Pan-European Guarantee Fund – Debt Products 8
Prodotti di Credito
Capped guarantees Uncapped guarantees Senior Private Credit
AAA guarantee AAA guarantee Finance for funds providing
Risk sharing providing loss protection providing capital relief flexible senior debt and
mechanism on the guaranteed and loss protection alternative financing solutions
portfolio
EGF Resources
allocated €2.5bn €6.1bn €0.4bn
Target portfolio Up to €15.7bn Up to €18.7bn Up to €1.1bn
amount
[6.4x EGF resources allocated] [3x EGF resources allocated] [2.8x EGF resources allocated]
Target mobilised
resources for Financial Up to €26bn Up to €28bn Up to €2.2bn
Intermediaries [10.2x EGF resources allocated] [4.6x EGF resources allocated] [5.5x EGF resources allocated]
Target mobilised Up to €36bn Up to €39bn Up to €3bn
resources for Final
Recipients [14.3x EGF resources allocated] [6.4x EGF resources allocated] [7.6x EGF resources allocated]Pan-European Guarantee Fund – Debt Products 9
Prodotti di Credito
Intermediari Transferimento del beneficio fin.
Commercial Guarantee Microfinance Lower level of collaterals provided as security
banks societies institutions
Ethical banks National promotional Alternative Reduction in interest rates, e.g. through the
banks lenders reduction of the credit risk spread
Crowd-lenders Debt funds SPVs Increased access to finance for riskier
borrowers such as start-ups.
Leasing
companies
Finanziamenti ammissibili Guarantee fee
Senior loans Leasing Revolving credit Capped Guarantees: 20bps on the outstanding
lines guaranteed amount
Documentary With recourse Subordinated Uncapped Guarantees: 70bps on the outstanding
finance factoring loans guaranteed amount
Quasi-equityPan-European Guarantee Fund – Debt Products 10
“Capped”: (contro-)garanzie
Più credito a PMI, a condizioni migliori
70% Benefits
Debt products
Guarantee cover on a
loan by loan basis
SMEs Collateral reduction
Maturity extension
Lower interest rates
Risk Broader reach & new sectors
retained
by the
Financial Guarantee Cap
Intermediary rate*
(FI) Expected Loss + Full delegation model
portion of FIs
Unexpected Loss Reduced cost of risk
Partial regulatory capital relief
Increase in financing volumes
Total portfolio of financing to Offer new & riskier debt products
Final Recipients
*Maximum 30% Guarantee Cap Rate; The Expected Loss shall factor the historical performance and the expected impact of the pandemic.Pan-European Guarantee Fund – Debt Products 11
“Uncapped”: (contro-)garanzie
Più credito a PMI, a condizioni migliori
70%
Debt products
Benefits
Guarantee rate on a
loan by loan basis SMEs Collateral reduction
Maturity extension
Lower interest rates
Broader reach & new sectors
Risk
retained
by the
Financial
Intermediary
(FI)
Full delegation model
FIs
Reduced cost of risk
Full regulatory capital relief
(on guaranteed portion)
Total portfolio of financing to Increase in financing volumes
Final Recipients
Offer new & riskier debt productsPan-European Guarantee Fund – Debt Products 12
Aiuti di Stato
➢ Temporary Framework o “De minimis” (da confermare)
➢ Caratteristiche dei finanziamenti (i.e. durata, importo garantito…)
➢ Periodo di inclusion: Dicembre 2021. Con De minimis anche 2022-2023.
Sec. 3.1 TF
Capped
guarantees De minimis ?
Sec. 3.1 TF
Uncapped Sec. 3.2 TF
guarantees De minimis ?
Q4 2020 Q4 2021 Q4 2022 Q4 2023
Inclusion period to be confirmedPan-European Guarantee Fund – Debt Products 13
Prodotti di Credito – Fondi di Credito
senior debt, non distressed loans, bonds e asset-based finance
€0.4bn GPs
EGF Resources Fund
allocated manager
AIFM
AIFM / Team
Up to €3bn Diversified
Loans*
Bonds*
SMEs
Target mobilised resources Debt Fund
for Final Recipients Institutional investors Asset-based finance*
*non distressed14 EGF – Equity (FEI)
Pan-European Guarantee Fund – Equity Products 15
EIF Equity
A range of solutions to address smaller company COVID-19 liquidity issues
Existing funds Replacing Turnaround Selective
Target fund defaulting / Special Loan
Top-up facility size facility LP facility Situations Funds Funds
Purpose Support funds with Supporting funds Selectively replacing Investments into Investments into loan
limited or with fundraising defaulting or likely to funds with dedicated funds with selective
insufficient undrawn difficulties to help default investors turnaround/special investment approach
capital to provide reach their targeted allowing fund situation strategies that provide bespoke
follow-ons to their fund size in case of managers to complete thereby supporting the debt solutions for
portfolio companies limited investors’ their initial investment recovery of companies. Focus on
or invest in new interest during strategy COVID-19 impacted new financing
companies subscription period firms origination.
Budget
(Indicative)
≈ 0.9bn ≈ 3.0bn ≈ 0.2bn ≈ 0.2bn ≈ 0.2bn
Targeted VC/BA/TT/PE/Private VC/BA/TT/PE/ VC/BA/TT/PE/ Increased availability Bespoke non-bank
counterparts Credit/Mezzanine funds. Mezzanine funds Private Credit/ of financing for debt solutions for
and final fundraising or active in Mezzanine funds distressed SMEs and SMEs and Mid-Caps.
beneficiaries Two options:Top-ups can their subscription investing in SMEs Mid-Caps.
be structured on pari- period. and investing in and Mid-Caps
passu or preferred terms. SMEs and Mid-Caps
VC = Venture Capital;
BA = Business Angels;
TT = Tech transfer;
PE=Private Equity16 EGF Selezione degli Intermediari Finanziari
Pan European Guarantee Fund 17
Open Call for Expression of Interest
Our Financial Intermediary selection process*
Application Eligible countries: contributing Member States
if full Expression of Interest is submitted
Screening*
• Application review
• Evaluation based assessment criteria
if the financial intermediary is pre-selected
Due • Due diligence (format and extend depends if FI is existing or new)
diligence* • Requirement of further information if necessary
if the additionality requirements are met
Approval and signing • Approval via EIF governance bodies
• Legal negotiations and signing
❑ Approval of operations until 31 December 2021
❑ Inclusion period (for guarantee products) towards FI is 31 December 2021, the inclusion period can be extended up
to December 2023 subject to De minimis framework being available
*The EIF, at its full discretion, may skip steps of the selection and due diligence process for financial intermediaries in EIF portfolio or FI that have been approved the last 6 months but not yet signed .
** Signed Declaration of Honour and full application submitted18 Grazie ☺
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