First promissory note loan concluded between Telekom and AXA
The credX platform is now operational. Right at the outset, Deutsche Telekom issued a promissory note loan with a volume of 50 million euros and a 10-year maturity to insurance companies of the AXA Group. With immediate effect, issuers with good to very good credit ratings on the one hand and professional investors on the other can register. As members they can use the web-based platform to prepare, negotiate, conclude and manage the processing and settlement of debt issues and loans. As a neutral intermediary for private placement of bonds, promissory note loans (Schuldscheine) and credit, credX provides an alternative to the predominant placement and syndication via banks.
Marcus Thiel, CIO AXA Konzern AG: “Digitalization and innovative positioning on debt capital markets are important action areas for AXA. The new digital platform credX allows us to directly and efficiently initiate and close transactions with issuers.”
Equally positive, Markus Schäfer, Head of Capital Markets at Deutsche Telekom, comments that “credX has finally simplified the issuance of promissory note loans. So far, this segment has been inferior to bond markets in terms of price and efficiency. The credX platform complements our existing access to capital markets and significantly reduces the effort required to bring supply and demand for promissory note loans together.”
Not only is the credX-Team headed by CEO Ralf Kauther delighted with its successful production launch. “Another piece of good news is that the experienced industrial manager Wolfgang Reitzle has taken a stake as a shareholder”, says Kauther. “Much like platform pioneer Joachim Schoss, the founder of Scout 24, not only does Reitzle support the company as a capital provider; he also does so actively with his expertise and contacts.”
“Industry, SMEs and the public sector need highly transparent and efficient access to debt capital,” says Wolfgang Reitzle. “On the credX platform, treasurers and financial officers can contact investors directly – with little effort and expense and without any compromises regarding security. I already know a number of decision-makers who really appreciate such an innovative offering and want to use it to augment their past access options.”
Joachim Schoss says: “We established Scout 24 exactly 20 years ago. In these two decades I’ve seen, time and again, how well positioned platforms develop their functionalities for many years and realise exponential networking benefits after only modest beginnings. I’ve been actively engaged as a lender and consultant to credX for a year now. And I’m impressed how fast the team has succeeded in thoroughly digitising the complex business processes for issuing and lending and attracting initial, top-class clients. We’re now ideally poised to extend our customer base and gradually develop additional applications.”