Euro Secured Notes Issuer
Created in 2014, ESNI is open to all French and European credit institutions that meet the criteria set out in Guideline ECB/2015/27.
ESNI converts credit claims into securities, turning assets that could previously only be used as central bank collateral into very high quality financial instruments that can be exchanged on the interbank market.
By allowing banks to turn their corporate loans into high-quality collateral for use in interbank transactions, ESNI helps to encourage corporate financing, and especially the financing of SMEs and VSEs.
The issued securities (ESNs) are based on the FIBEN rating of the underlying credit claim debtor (or on banks’ internal risk assessments). This means they do not need to be rated by an external agency before being posted as collateral in Eurosystem refinancing operations.