- Notes are subscribed through the client’s custodian bank on the ISIN of the series.
- The bank needs the ISIN, the Final Terms and the settlement details.
- After issue, NAV and documents are available through the paying agent and the partner platform.
For a wealth manager, a note issued by a securitisation vehicle is subscribed like any other security: an order on an ISIN, placed with the custodian bank that holds the client’s account.
Before the order
- The Final Terms of the series and the programme memorandum
- Confirmation that the client qualifies as a professional investor
- The custodian bank’s internal approval for the security, where its policies require it
The order
- The wealth manager places a subscription order on the ISIN with the custodian bank
- The bank instructs settlement through its clearing system
- Notes are delivered against payment on the issue or subscription date
After settlement
The notes appear in the client’s account alongside other securities. Prices are published through the paying agent. Partners onboarded with Kerdo also find NAV history, documents and notices for each series in the partner platform.
Redemption
At maturity, or on early redemption where the Final Terms allow it, the redemption amount is paid through the paying agent and the clearing systems to the client’s account, and the notes are cancelled.
This article is general information for professional investors and does not constitute investment, legal or tax advice. The documentation of each series governs.