Commerzbank placed mezzanine capital risks backed by a portfolio worth €120 million ($147.25 million) of accounts receivable from European mid and large-caps.

The synthetic transaction called CoCo Finance II-1 was done without transfer of the securitized accounts receivable or naming of the relevant borrowers.

"In an uncertain market environment investors have shown their trust in the competence of Commerzbank and in the continuity of its securitization programs," said Birgit Storz, head of the strategy unit in the corporates segment of Commerzbank, in a press release.

The deal was not rated by an external rating agency, instead the bank said it structured and later placed the deal with the aid of the Basel III compliant regulatory formula approach.


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