Coronavirus COVID-19

Special Information Briefing COVID-19 (No. 19): Key details on the third tranche of the guarantee facility provided in RDL 8/2020 and 15/2020

14/05/2020

In this Information Briefing, we analyse the terms and conditions of these tranches of the guarantee facility, as set out in the Council of Ministers Resolution.

To alleviate the economic effects of COVID-19, on 5 May 2020, a Resolution of the Spanish Council of Ministers was published (the “Council of Ministers’ Resolution”), approving, among other things, the implementation and the terms and conditions of:

-the third tranche of the Official Credit Institute’s (“the ICO”) guarantee facility for an amountof EUR 20 billion intended to guarantee the financial debt (existing or new) of self-employedindividuals, SMEs and companies that do not qualify as SMEs, with respect to creditinstitutions, financial credit institutions, electronic money institutions, and paymentinstitutions, in relation to certain working capital and liquidity needs of such companiesand self-employed individuals (the “Third Tranche”);

-the tranche of the facility for re-guarantees granted by Compañía Española deReafianzamiento, S.M.E., Sociedad Anónima (“CERSA”) for an amount of EUR 500 million(the ” Re-guarantees Tranche”);and

-the tranche of the guarantee facility for the issuance of promissory notes listed on theAlternative Fixed Income Market (MARF) which will amount to EUR 4 billion (the “MARFTranche”).

The entire content of the Information Briefing can be found in the PDF.

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