Bibby invoice finance securitisation

Bibby has securitised its book of receivables - claimed to be the first for an invoice finance company according to its CE. All current and future receivables will be placed in a SPV that will increase the capacity for funding by almost £300m and - says Bibby - will lower the cost of funding, One reason for this might be the regulatory capital benefits its funding banks will achieve beacuse of the funding structure and/or it being rated