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Providing international investors with a new asset class in the Portuguese securitisation market

StormHarbour, the leading independent global markets and financial advisory firm, today announces it has acted as the Sole Arranger and Lead Manager for EDP - Energias de Portugal - on its successful €450 million tariff deficit securitisation, the largest public securitisation in Portugal since the financial crisis.

StormHarbour was able to leverage its significant international distribution capability to upsize the deal from €300 million to €450 million, following strong demand from real money investors across Europe and other jurisdictions, creating the first international public securitisation of electricity receivables in Portugal.

The deal, Volta Electricity Receivables Securitization, establishes a new asset class in the Portuguese international securitisation market and is structured through a two year average life, fixed rate, triple B rated offer, priced at the tight end of initial guidance at 132bps over Portuguese Government Bonds.

The issue yields an attractive 4.25%, and carries a coupon of 4.172%. The proceeds of the transaction will be used to pay for the acquisition of a portion of the 2012 Portuguese Tariff Deficit held by EDP, which resulted from the deferral, for the period of 5 years, of the recovery of the 2012 over costs (including the adjustments for 2010 and 2011) related to the acquisition of electricity by EDP from special regime generators.

The transaction is further evidence of Portugal’s successful return to the international debt markets and follows on EDP´s remarkable return to the corporate bond market last year. StormHarbour’s unique model continues to benefit from the shifting financial services landscape in Europe, particularly in sectors vacated by full service banks and the transaction further underlines the Group’s growing commitment to the region.

Paulo Gray, Principal and Managing Director at StormHarbour commented: “This ground-breaking deal is further evidence of growing investor confidence in Portugal’s continued path to recovery.

We waited for a window of opportunity and took advantage of our distribution network to cement a deal that enables EDP to optimise its balance sheet and gain access to a new investor base.”

Antonio Cacorino, co-founder and Managing Principal at StormHarbour, said: “Southern Europe represents a significant opportunity for StormHarbour, and Portugal is a key market for our ambitious European growth strategy. Our depth of expertise and insight into the local market has allowed us to play a significant role in this unique securitisation. We are honoured by the confidence EDP has shown in our capabilities, both in execution and placement, demonstrating our credentials in this market. This is another landmark moment for StormHarbour, as we continue to advise on innovative deals in a reviving market. ”