Export-receivables facility builder
Borrow against what Ethiopian lenders can actually price: ECX warehouse receipts and assigned export letters of credit. Model the borrowing base, tranching and collateral coverage live.
Export flow profile
Monthly flow
ETB 265.4m
$1.68m
Facility size
ETB 1.19bn
Collateral required
ETB 1.49bn
1.25× coverage
Tenor
6 mo
Tranche structure
Senior (80%) — local banksETB 955.6m
Junior (20%) — DFI / sponsor first-lossETB 238.9m
Senior pricing
364d T-bill + 150–250bp (≈ 18.3–19.3% ETB) or SOFR + 450bp if USD-linked
Junior pricing
22–26% ETB, first-loss; DFI / impact capital candidate
Security package & covenants
- ▪Pledge over ECX warehouse receipts, perfected via the exchange registry
- ▪Assignment of export L/C proceeds into a controlled collection account
- ▪ECX warehouse-receipt coverage ≥ 1.25×, monthly borrowing-base certificate, export L/C assignment
- ▪Marine & warehouse insurance assigned to the security agent