eppf transactions do not fall under the definition of securitisation according to point (61) of Article 4(1) of Regulation (EU) No 575/2013. Notes issued by the eppf will reflect the credit risk of the underlying Borrower without tranching. eppf transactions with a guarantee also differ from traditional repackaging transactions due to the direct recourse (via the guarantee) to the underlying borrower. Not all eppf transactions do count with a guarantee though.
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