Refinancing
Based on the explicit guarantee as well as the loss compensation obligation by FMS, FMS-WM, as a member of the “Bund Family”, is positioned as a Prime Frequent Issuer (primarily focused on money market) maintaining a stable and broadly diversified refinancing structure.
Refinancing is generated from long and short-term funding sources. A balanced mix allows for a sustainable, cost-efficient and flexible funding structure.
In line with its mandate, FMS-WM established its own money and capital market refinancing programs and focuses its activities on the main currencies EUR, USD, GBP where original funding needs exist due to the composition of the asset portfolio.
As of 2019, Bundesrepublik Deutschland Finanzagentur GmbH is to provide the long term euro-denominated funding for FMS-WM. However, FMS-WM will continue to raise long-term foreign currency funding, in particular Pound Sterling and US dollars, and short-term money market funding itself.
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Kapitalmarkt
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Geldmarkt
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| Issuing Format | Benchmark transactions, public transactions and private placements (plain vanilla only) | ECP-CD/ USCP/ Bilateral Repo/ Eurex Repo/ Deposits from institutional clients |
| Tenors | 1 year up to 10 years; focus on 2-5 years | 1-364 days |
| Currencies | Focus on USD / GBP | All currencies of the wind-down portfolio |
| Programs | EUR 65 bn EMTN Program | European Commercial Paper Program, US Commercial Paper Program |