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Securitisation Guarantee (VBG-E/VBG-R)

Facilitation of external funding

In addition to the Securitisation Guarantee for refinancing on the capital market (VBG-E), the Federal Government introduced an the Securitisation Guarantee for the refinancing of Hermes-covered export credits extended by commercial banks through “Pfandbriefbanken” (German covered bonds banks) (VBG-R). The purpose is to improve the commercial banks’ conditions for export finance.


Besides, the following improvements now apply to both versions of the Securitisation Guarantee (VBG-E and VBG-R):

  • The date on which the VBG-E/VBG-R enters into force is fixed according to the requirements of the policyholder (immediately or at a fixed date); at the same time the date determines the horizon of risk relevant for the premium.
  • In accordance with the consulting practice so far, a provision is included in the contract for the granting of a guarantee whereby the refinancing agreement has to be amended accordingly if any significant amendments are made to the export loan agreement.
  • It is made clear that (unlike with Covered Bond Guarantees intended for that purpose) the risk of seizure by a creditor of the refinancing institution is not included in the cover.
  • Besides, it is clarified that in the event of an indemnification payment under a VBG-E/VBG-R the claim under the loan agreement has to be transferred to the Federal Government by way of the assignment by the refinancing institution.
  • For the purpose of counting it against the statutory cover limit, the maximum liability under a VBG-E/VBG-R is explicitly stated.

Securitisation Guarantee as additional cover complementing buyer credit cover 

The Securitisation Guarantee makes it easier for banks to externally refinance export credits extended under buyer credit cover as certain improvements to the cover in favour of the refinancing institution were made.


Depending on the source of the refinancing funds, different versions are available:

  • Securitisation Guarantee E (VBG-E) for external refinancing through commercial banks or through the capital market; subject of cover is the claim under the export credit.
  • Securitisation Guarantee R (VBG-R) for refinancing through “Pfandbriefbanken”; subject of cover is the claim under the refinancing loan; this version is directed primarily at banks which do not do covered bond business themselves (applications for this product can only be made online in the customer portal myAGA).


In addition to these, the Federal Government offers other products complementing buyer credit cover:

Securitisation Guarantee at a glance

Target group

  • as policyholders
    • German banks
    • German branch offices of foreign banks
    • Foreign banks (under certain conditions)
  • as beneficiary (refinancing institution)
    • German or foreign banks (VBG-E)
    • Other refinancing institutions (e.g. special purpose companies) under certain conditions (VBG-E)
    • Pfandbriefbanken (German covered bonds banks) (VBG-R)

Payment terms of the covered transactions

Depending on the underlying Buyer Credit Guarantee (normally medium/long-term)


Special features

In favour of the refinancing institution which acquires the covered debt, the Federal Government waives

  • the waiting periods (guarantee is callable on first demand)
  • the uninsured portion (indemnification: 100% of the covered amount receivable)
  • the right to raise defences or objections on the basis of the General Terms and Conditions of Buyer Credit Cover (unconditional claim to indemnification)


A Securitisation Guarantee is applied for in addition to a Buyer Credit Guarantee (the application can be submitted at a later stage when Buyer Credit Cover already exists).


From the viewpoint of the beneficiary it is a 100% guarantee callable on first demand. In the internal relationship between the Federal Government and the lending bank, the terms and conditions of the Buyer Credit Guarantee remain applicable; the framework conditions of the provision of the Securitisation Guarantee, which are not relevant for the refinancing institution, are governed by a separate contract for the granting of a guarantee.


In individual cases, a Securitisation Guarantee (VBG-E/VBG-R) may also be combined with an Airbus Guarantee.



  • One-off, term-dependent premium calculated as a percentage of the assigned principal amount;
  • In the case of a combination of an Airbus Guarantee and a Securitisation Guarantee (VBG-E/VBG-R) (case-by-case decision) only half the normal premium will be charged for the Securitisation Guarantee.
  • Normally, there are no administrative fees (exception: a Securitisation Guarantee (VBG-E/VBG-R) is applied for only after buyer credit cover/an Airbus Guarantee has been granted)
  • For a detailed calculation there is an interactive premium calculator available (German version only).


Uninsured percentage

No uninsured portion for the beneficiary (refinancing institution)

Securitisation Guarantee: Your advantages at a glance


You can apply for a Securitisation Guarantee quite easily in our customer portal myAGA.

Additional Cover

A Securitisation Guarantee is applied for in addition to a Buyer Credit Guarantee. This application can also be submitted at a later date.

No uninsured percentage for the beneficiary

There is no uninsured percentage to be borne by the beneficiary (refinancing institution) for a Securitisation Guarantee.

How does a Securitisation Guarantee work? 

The Securitisation Guarantee supplements buyer credit cover of the Federal Government. It is granted – in each case relating to a single specific buyer credit – to the lending bank. However, only the refinancing institution can file a claim under the guarantee (contract in favour of a third party). The terms of the guarantee applicable in favour of the refinancing institution correspond to a large extent to the terms of standard bank guarantees. In the internal relationship between the lending bank and the Federal Government, the lending bank must indemnify the Federal Government for any obligations not existing under the Buyer Credit Guarantee. The framework conditions governing the granting of the guarantee are set out in a separate contract (Contract for the Provision of a Securitisation Guarantee). Although the assignment of the covered claim to repayment of the buyer credit to the refinancing institution is a precondition for the enforcement of the Securitisation Guarantee, any deficiency in title of this assignment does not impede the enforcement of the guarantee. An assignment also of the collateral for the buyer credit to the refinancing institution is not normally required.

Applying for a Securitisation Guarantee

You can apply quite easily for this product online in the myAGA customer portal. Please submit your online application there in order to apply for cover under a Securitisation Guarantee. For this purpose please register once and comfortably with just a few steps with our myAGA customer portal. If you already use myAGA, you can log on directly with your access data.


If you need assistance with the application or if you have any questions regarding the suitable product for you, please contact our business consultants.

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FAQs Securitisation Guarantee

What is the purpose of the securitisation guarantee?

With the Securitisation Guarantee the refinancing institution is granted a first demand guarantee issued by the Federal Government. By taking out a Securitisation Guarantee, the Federal Government’s excellent rating is applied to the refinanced transaction. This makes it easier for the bank providing a buyer credit (policyholder) to refinance itself or at least to negotiate more favourable refinancing terms.

What risks are covered? 

The Securitisation Guarantee safeguards the lending bank’s claim to repayment of the buyer credit granted to the foreign buyer, which is transferred to the refinancing institution, at terms similar to those of a bank guarantee. In this way the refinancing institution is indirectly granted cover of its claim to repayment of the refinance credit extended to the lending bank.

Who can apply for a Securitisation Guarantee?

German banks, branch offices of foreign banks registered in Germany as well as (after a case-by-case analysis) foreign banks can apply for a Securitisation Guarantee for the refinancing of their buyer credits covered under a Federal export credit guarantee.

Who is the beneficiary under the Securitisation Guarantee?

Only the refinancing institution is entitled to assert a claim under the Securitisation Guarantee (beneficiary). Any banks eligible to receive buyer credit cover, and after a case-by-case analysis, other refinancing institutions in Germany and abroad qualify as beneficiary.

What horizon of risk is covered?

Before the Federal Government’s liability under the Securitisation Guarantee commences, both the disbursement of the loan and the assignment of the covered loan amount must have taken place. Liability ends as soon as and to the extent that the refinancing institution receives the payments made towards the covered amount owing, however, no later than 90 days after the due date of the final instalment under the buyer credit agreement provided that no request for payment under the Securitisation Guarantee has been made by that time.

Do you have any additional questions regarding a Securitisation Guarantee? 

Our experts will be pleased to answer any questions regarding a Securitisation Guarantee and will guide you step by step through the application process if desired.

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