Source: European Investment Bank
- The EIB Group has signed a €93 million synthetic securitisation agreement with Cetelem, BNP Paribas Personal Finance commercial brand in Spain, to support sustainable projects in the country.
- The agreement will allow Cetelem to unlock €200 million to finance projects carried out by households aimed at enhancing the energy efficiency of homes.
The EIB Group, composed by the European Investment Bank (EIB) and the European Investment Fund (EIF), has signed a €93 million synthetic securitisation agreement with Cetelem, BNP Paribas Personal Finance commercial brand in Spain, targeting 100% green projects that support energy efficiency in the country. The operation will help Cetelem to mobilise €200 million to finance projects carried out by households that will increase the energy efficiency of homes.
The operation will originate a new portfolio of climate action and environmental sustainability loans to households. These loans will support residential property renovations, small scale renewable energy projects, and the purchase of energy-efficient equipment in Spain. Eligible investments in energy-efficient housing equipment will include, among others, the installation of high-energy performance boilers, insulation windows or solar panels. The projects financed by this operation will improve energy efficiency, reduce CO2 emissions and help mitigate climate change.
A significant number of these projects are expected to be implemented in cohesion regions where the income per capita is below the EU average.
This operation is one more demonstration of the EIB Group’s role of promoting new financial instruments like securitisation that help unlock capital for green projects, reduce the risk borne by sponsoring financial institutions and strengthen the EU capital markets union.
“We are very pleased to join forces for the first time with Cetelem in Spain to make easier for households investing in energy efficiency projects”, stated Gemma Feliciani, EIB Director of Financial Institutions. “Supporting financial institutions to unlock capital that make the energy transition accessible to all is at the core of EIB vision to advance climate action and the integration of the European capital markets”.
EIF Chief Executive Marjut Falkstedt added: “This securitisation operation is a good example of how innovative financing methods can help the transition to a greener and more sustainable future. The agreement with Cetelem will make loans available to households so that they can invest in improving the energy efficiency of their homes and making them a relevant actor in the combat against global warming”.
María Ruiz-Manahan, CEO of BNP Paribas Personal Finance Spain, confirms with satisfaction that “this agreement will enable both, our clients and commercial partners, to benefit from better financing conditions, contributing to a more inclusive and responsible consumption models”. Ruiz-Manahan adds that “thanks to this operation and EIB support, BNP Paribas Personal Finance Spain through its commercial brand Cetelem, reinforce its position in the financing of solar panel and sustainable solutions for households, aligned with the purpose of our company.”
The agreement with Cetelem contributes to the EIB Group’s strategic priorities of climate action, sustainable housing, cohesion and the capital markets union. These are part of the Group’s eight priorities set out in its Strategic Roadmap for the years 2024-2027.
Transaction details
This transaction is the first synthetic securitisation entered into between Banco Cetelem and the EIB Group, referencing a portfolio of Spanish consumer auto exposures. Both entities of the EIB Group are involved in the transaction. The EIF is providing protection on the mezzanine tranche of €93 million which is in turn counter-guaranteed by the EIB. The junior tranche is fully retained by Cetelem. Key features of the transaction include synthetic excess spread, a one-year revolving period and pro-rata amortisation of the tranches, subject to performance triggers.
Background information
About the EIB Group
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.
The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.
All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.
In Spain, the EIB Group signed €12.3 billion of new financing for more than 100 high-impact projects in 2024, helping power the country’s green and digital transition and promote economic growth, competitiveness and better services for its people.
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About BNP Paribas Personal Finance
“Promote access to more responsible and sustainable consumption to support our customers and partners”
BNP Paribas Personal Finance, known in the Spanish market through its commercial brand Cetelem, is a bank specializing in consumer credit, personal loans, card management, current accounts, paid savings accounts and deposits, operating in Spain since 1988.
Financial partner of major companies in the distribution of durable consumer goods and the motor industry, it is also a reference for market information and analysis thanks to studies by the Cetelem Observatory.
The Cetelem Observatory has been publishing its studies in Spain since 1997. It is a benchmark for the analysis of Spanish consumer habits and trends. The Cetelem Observatory has been consolidated with five important annual reports (Motor, Consumption Europe, Sustainability, Consumption Spain and Bike), monthly editions, and specific thematic and seasonal studies.
BNP Paribas Personal Finance is located in the International Financial Services area, within the retail banking division of BNP Paribas. BNP Paribas Personal Finance is an active member of the Spanish Association of Credit Institutions (ASNEF), the Association of Spanish Companies Against Fraud (AEECF) and the Association for the Development of Customer Experience (DEC).