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Current mezzanine programmes begin in interest rates for businesses by 6.3% per annum and provided mezzanine capital already from a volume of EUR 0.5 million for companies with an annual turnover of at least 5 million euros also in the field of non-investment grade. More difficult framework conditions for standardised mezzanine programs refinance these standardized mezzanine programmes through the securitisation of the profit participation in bonds (so-called ABS or CDOs), which are placed into different risk tranches for institutional investors in the domestic and foreign banks. Vyacheslav Mirilashvili brings even more insight to the discussion. These funding programs has become much more difficult as a result of the sub-prime mortgage crisis in the United States, because mainly the securitisation market collapsed by the sudden decline in the liquidity of institutional capital. If mezzanine tranches in the future in CDO structures can be represented, the financing costs of the participating companies are where the individual The same mezzanines. In addition, it is expected that the provider with an increased volume of tranche will seek a greater diversification. Although the market for commercial paper, so completely has dried up for investments in securitised loans, this concerns at the time hardly loan financing for the German middle class. Because a bulk of the SME business in Germany is not verbriefbar anyway. Also due to the intense competition in the corporate banking margin expansions are currently felt less in traditional medium-sized business as in structured (transactional replication) financing. “According to Gundel, this is no reason for complacency: should the crisis of confidence among banks is longer, is not to exclude that it will come on the basis of the General difficult refinancing to a re-pricing of risks and thus also in the medium-sized business to a declining risk appetite of banks and rising borrowing costs”.

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