Morgan Stanley preps direct lending securitization

By Owen Sanderson
03 Feb 2020

Morgan Stanley is arranging a trade receivables ABS for Gedesco, a Spanish non-bank SME factoring company, in what will be a rare publicly syndicated term offering in the asset class. Most of the deal, however, is backed by direct lending to Spanish mid-cap firms.

The provisional portfolio is a €357.7m book comprising 10% factoring, 30% promissory notes, and 60% direct lending — making it a highly unusual deal. Moody’s said: “Given the heterogeneous type of products eligible in this transaction and the relatively loose portfolio limits, which allow a very volatile pool ...

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