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Siemens finance arm launches ABS

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Siemens Financial Services (SFS) has released an asset-backed securities (ABS) 'light' programme, aimed at small and medium-sized companies with receivables portfolios of at least EUR3 million. SFS said ABS 'light' will provide up to 100% financing in advance in exchange for portfolios of receivables, which it will buy on a revolving basis. SFS said it would assume up to 100% of the default risk of the receivables, which would be carried on its own balance sheet.Martin Hartge, head of sales