PC-0412
Private credit
Notes backed by a pool of senior secured loans, issued by a ring-fenced compartment of a Luxembourg vehicle. Interest is paid to every holder in one transaction each month.
92 of 96 lots placed · $240,000,000 of a $250,000,000 programme
TERMS IN PRACTICE
Typical yield
7–9%
Min. ticket
$100,000
Lock-up
180 days
Distributions
Monthly
Settlement
T+0, DvP
Eligible investors
Professional (EU) · Accredited (US)
Vehicle. One securitisation compartment per issue, so each pool of loans is ring-fenced from the others.
Instrument. Fixed-rate notes, here 8.20% a year paid monthly, issued as ERC-3643 tokens with the investor restrictions of the term sheet written into the compliance modules.
Lock-up. 180 days from issue, enforced by the token: a transfer before the date is refused and the reason recorded.
Income. The administrator sends the interest collected; we compute each holder’s interest, pay all holders at once and reconcile with the custodian the next morning.
OTHER ASSET CLASSES
