STRUCTURING 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 requirements
The individual requests of our institutional clients serve as a profound basis for our services. Together with our clients, we analyse the key terms and conditions of the securitisation and the requested timing of the transaction. Based on these requests, we initiate the creation and establishment of the Compartment.
Afterwards, our servicer executes the entire administration and calculation duties.
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 FVD Securities SA and administered by FVD 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.