Structuring a Securitisation

Securitisation

A securitisation transaction represents a limited number of tradable and/or non-tradable assets that are bought by a Compartment respectively transferred by a transferor to the Compartment. This means that a securitisation is a transaction in which a securitisation vehicle, acting in the name and behalf of a specific Compartment, acquires risks related to certain claims or assets and finances this by issuing securities (bonds, notes, shares, profit participation rights, etc.) whose returns are linked to those risks.

The Compartment issues the corresponding securities, which is priced with the value of the underlying assets and from the payments and income received (e.g. interest, dividends, rents, charter rates).

Analysis of customer needs

The individual needs of our institutional clients are the basis for our activities. Together with our clients, we analyse the individual parameters of the securitisation, as well as the timing of the transaction. Based on this analysis, we take over the documentation, creation and establishment of the Compartment.

Moreover, we have the necessary and organisational prerequisites to carry out all of the needed administration and calculation services.

Vehicle Structure

Compartments are ringfenced structures with no legal personality under a securitisation platform setup under the Luxembourg Securitisation Law.

Compartments can issue a variety of securities and could be setup as fully clearable or in a registered form.

Compartments issued by our platforms and administered by PSI Services SA are for (semi-) institutional investors, and therefore do not require approval from the Luxembourg Financial Markets Authority (Commission de Surveillance du Secteur Financier („CSSF“)). An approval would only be required if securities are issued to the public on a continuous basis.