One compartment per transaction
Each investment has its own compartment, its own assets and its own investors.
— Investments · 04
Capital markets
Every Kerdo investment is a security: a note with its own ISIN, issued by a compartment of a Luxembourg securitisation company.
SecuritisationISINCustody
Kerdo uses the Luxembourg Securitisation Law to turn a private investment into a security. A compartment of a securitisation company acquires the asset and issues notes; the assets of each compartment are segregated from those of every other compartment.
The note has its own ISIN, settles through standard securities settlement and is held on the investor’s account at their bank. Valuations and payments are handled by the paying agent of the series.
— Building blocks
How the structure works.
Notes with an ISIN
Investors hold a security, not an interest in a private vehicle.
Paying agent
Payments to noteholders go through the paying agent of the series.
— Process
Step by step.
- 01
Asset
The compartment acquires the private company position or the asset of the transaction.
- 02
Issue
The compartment issues notes under the programme documentation and the Final Terms.
- 03
Settlement
Notes are subscribed and settled through the investor’s custodian bank.
- 04
Payments
Proceeds are paid by the paying agent to the holders of the ISIN.
— Points to consider
Risks.
The risk factors of each transaction are set out in its documentation, which prevails.
- Noteholders are exposed to the assets of their compartment only, and to the performance of those assets.
- The notes are not listed on a trading venue and there is no organised secondary market.
- Costs of the structure, including the paying agent, are set out in the documentation of each series.
— For whom
- Investors in any Kerdo transaction
- Wealth managers booking notes for their clients
General information for professional investors about an area of activity. It does not present or offer any specific transaction. Transactions are shown only to registered members in the Kerdo platform, on the basis of the documentation of each series.
— Contact
Questions on capital markets?
A question on a transaction, on access for your clients or on a company you would like to present.
info@kerdo.io— Members
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