Press Release Press Release


December 04, 2013

Commerzbank has successfully launched the innovative and new securitisation structure CoTrax Finance II-1

  • 22m US$ mezzanine tranche of a 500m US$ portfolio of trade financing transactions with international banks successfully placed

Commerzbank continues its track record as provider of innovative products for the securitisation market. As a first in Germany, a 500m US$ portfolio of short term trade-related financings with banks – mainly in emerging markets – was securitised and the mezzanine tranche was successfully placed with institutional investors. CoTrax Finance II-1 is a synthetic transaction and thus does not involve the true sale of assets. Investors do not obtain knowledge about individual creditors in the underlying portfolio. The 22m US$ mezzanine tranche was placed via a private auction, which prompted considerable interest among investors.

„CoTrax Finance II-1 reflects the strong position and good reputation of Commerzbank in the field of international trade finance. We received a great deal of positive feedback: Investors were keen to gain access to a new asset class and to benefit from Commerzbank’s decades of experience in trade finance. The stable performance of our existing securitisations gave investors additional comfort and had a positive influence on their spread requirements,“ says Christof Gabriel Maetze, Member of the Divisional Board of Corporate Banking at Commerzbank. 

CoTrax Finance II-1 is – similar to Commerzbank’s CoSMO securitisations – not rated by an external rating agency, but was instead structured with the Supervisory Formula Approach according to regulatory requirements under the Basel III framework. 


Press contact:
Martin Halusa:   0170 8528638
Bernd Reh:       0170 9143734


About Commerzbank

Commerzbank is a leading bank in Germany and Poland. It is also present worldwide in all markets for its customers as a partner to the business world. With the business areas Private Customers, Mittelstandsbank, Corporates & Markets and Central & Eastern Europe, it offers its private and corporate clients as well as institutional investors the banking and capital market services they need. With some 1,200 branches Commerzbank has one of the densest branch networks among German private banks. In total, Commerzbank boasts nearly 15 million private customers, as well as 1 million business and corporate clients. In 2012, it generated revenues of just under EUR 10 billion with approximately 56,000 employees on average.