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Insuring export business as bank

In addition to the Securitisation Guarantee for refinancing through commercial banks or 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.


Product at a glance

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 on 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 submitted online via the customer portal myAGA).


In addition to these, the Federal Government offers other products complementing Buyer Credit Cover:

  • Covered Bond Guarantees – for “Pfandbriefbanken” for refinancing through their own covered bond business – protection of the covered bond creditor against the risk that credit receivables may be withdrawn from the cover funds
  • Securitisation Guarantee for the KfW Refinancing Programme – for refinancing with funds from the KfW Group


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 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 or VBG-R) (case-by-case decision) only half the normal premium will be charged for the Securitisation Guarantee (VBG-E or VBG-R).
  • Normally, there are no processing fees (exception: a Securitisation Guarantee (VBG-E or 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 portion

No uninsured portion for the beneficiary (refinancing institution)

This product can be applied for online.

Note: Applications for a Securitisation Guarantee R (VBG-R) can only be submitted online.

You are not yet cleared for the customer portal myAGA? Just register now.

Please use the digital application form in the myAGA customer portal to apply for cover for your export transaction. To do this you need to register for my AGA once which is easily done with just a few steps. If you already use myAGA, you can directly log in with your access data. If you need assistance with the application or if you have any questions regarding the appropriate product, please do not hesitate to contact our business consultants.

Downloads Securitisation Guarantee VBG-E

Downloads Securitisation Guarantee VBG-R

Note: Applications for a Securitisation Guarantee R can only be submitted online via myAGA (DE).

The standard text for a contract for the granting of a securitisation guarantee and the standard contract will be available soon.


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