The Buyer Credit Policy covers banks that finance foreign buyers of Spanish goods and services.

This insurance covers the bank against the risk of non-payment of the credit granted to the foreign buyer.

Transactions may be insured in any currency listed by the European Central Bank.

Transactions denominated in unlisted foreign currencies may also be considered on a case-by-case basis. 

The deadline for the payment of compensation is one hundred days from the date on which the Insured Party provides proof of the incident. 

Who is the insured party? 

The Policyholder and the Insured Party will always be the financial institution(s) that grant the credit to finance the internationalisation transaction of the Spanish company. This coverage can be obtained by financial institutions based in Spain or abroad. 

Who can apply for coverage?

Both the policyholder (which will always be the bank) and the exporter*, if financing has not yet been arranged with a specific bank.

*In the case of the exporter, once the transaction has been approved, Cesce will issue an indicative tender, which the exporter can transfer to the financial institution with which it finally decides to operate. The Tender will be formalised in a Policy once the assigned Bank sends a signed copy to Cesce as proof of acceptance. 

Maximum coverage percentage of 99% for commercial and political risks. 

• Commercial risks: non-payment due to insolvency in fact (prolonged default) or a statutory filing in law (insolvency proceedings, bankruptcy, suspension of payments, etc.) of the debtor and, where applicable, of the guarantor, provided that they are private companies.

• Political risks: non-payment or lack of transfer or convertibility due to situations of political violence, catastrophic events, serious economic difficulties abroad, expropriation, nationalisation of the debtor or guarantors, measures adopted by the Spanish government or by a foreign government, etc., in addition to non-payment of the credit by a public debtor or guarantor.

Eligible amounts in Cesce coverages on behalf of the State

Transactions with a payment term of two years or more

• The buyer is required to make an advance payment of at least 15% of the Exported Value (OECD Arrangement).
• Local Costs may not exceed 50% [40% in Category I countries] of the Exported Value (OECD Arrangement).
• The domestic content included in the contract must constitute at least 30% of the credit covered by Cesce in operations in countries in groups 0 to 4, 40% in countries in groups 5 to 7 and at least 20% in green operations or with SME exporters (Domestic Content Standard).

Transactions with a payment term of under two years

• The OECD Arrangement does not apply to these transactions, and therefore neither do the advance payment or Local Costs rules. Only the minimum national content requirement described above applies to these transactions..

Don’t stop bringing us your transactions. For transactions in which the established limits are exceeded based on the Spanish content, Cesce will look for the most appropriate structure to provide a solution to your financing or coverage needs, through cooperation with other ECAs, with private insurers or multilateral institutions.

Costs will be calculated in accordance with the OECD Consensus. 

The cost of the premium varies depending on factors such as the country, the percentage of coverage, the duration of the risk, and the creditworthiness of the debtor.

You can calculate the estimated amount of the premium by using our OECD premium calculator.   

You must send a request which will be studied and analysed. 

Upon receipt of an application, Cesce analyses the risk for which cover is requested, on the basis of the information provided by the Insured. Once the risk has been analysed, the Company submits a proposal to the decision-making body - the State Risks Committee.

In the event of approval, Cesce will issue an Offer of Conditions. If the Insured accepts the Offer, the parties formalise the coverage by signing the Insurance Policy and the payment of the premium by the Insured. 

If you are interested, you can fill in the application form and send it to us by email to cuentadelestado@cesce.es.   

If you have any doubts, call us on +34 91 193 19 99 or send us your details and we will contact you.