Shareholders and TSI Partners

Palmengartenstraße 5-9
60325 Frankfurt am Main

Tel: +49 (0)69 7431-0
+49 (0)69 7431-2888

Contact person for securitisation

Philipp Becker
Senior Manager
ABS, ABCP, Strukturierung

Tel: +49 (0)69 7431-9411


Role of KfW in the securitisation market

KfW is Germany's most important promotional bank - for private individuals as well as for enterprises, cities, municipalities and non-profit and social organisations. Particularly, KfW is Germany's leading financier of SMEs. It provides long-term investment loans as well as working capital loans for enterprises. As a general rule, KfW grants its loans through regular banks, and to make it easier for the bank to approve the loan, KfW also assumes the bank's risk in some cases.

Within its promotional business KfW also promotes capital market funding of SMEs with the aim to develop and stabilise an alternative long-term funding source for SMEs in addition to bank lending. Acting as an investor in securitisation products, KfW is open for discussions with potential originators from the early structuring phase on and cooperates with other promotional institutions in Europe (e.g. European Investment Fund, EIF).

KfW launched its securitisation programmes PROMISE and PROVIDE back in 2000. Since then banks were enabled to transfer the risks of SME portfolios (PROMISE) and residential mortgage portfolios (PROVIDE) with the involvement of KfW via special purpose vehicles to the capital market. Until today, more than EUR 125 Bn have been placed with institutional investors in about 70 transactions.