Proprietary Private Bonds
Proprietary Private Bonds designates the CGPH Group perimeter of private-bond programmes made available to eligible institutional and professional investors through the identified Luxembourg group securitization vehicle.
Our approach.
Proprietary Private Bonds groups the private-bond programmes structured within the CGPH Group perimeter and offered to eligible investors through the identified Luxembourg group securitization vehicle. CGPH Banque d’affaires acts in an advisory, structuring and selection capacity. The identified Luxembourg group securitization vehicle acts as issuer of each programme; investors subscribe under the definitive private-placement documentation of the programme. The active bond programmes are presented under Bond Selection.
Private-bond programmes give eligible investors a structured, documented and repeatable way to allocate capital to defined real-economy exposures — real-estate developments and receivables of the healthcare and public-sector world — outside the public bond markets. The value of that access depends on the discipline that shapes each programme: who issues, what backs the notes, how cash flows are traced, and how investor rights are documented from subscription through repayment.
CGPH Banque d’affaires organises that discipline. We shape each programme’s design within the CGPH Group perimeter, select the underlying exposure, coordinate with the issuer and with the qualified external legal, tax and audit professionals whose work supports the definitive documentation. We then present the resulting programme to eligible investors, whose subscription always proceeds under the terms of that documentation.
The active programmes are grouped under Bond Selection, which presents the two currently active theses: the Selected Real Estate Private Debt Bond and the Healthcare Credit EMTN Programme Bond. Each programme keeps a distinct asset thesis and its own documentation set; further theses may be added to the range over time.
Programme design covers the definition of the underlying exposure, the drafting of the definitive documentation with qualified external counsel, the coordination of custody, paying-agent and reporting arrangements, and the qualification of eligible investors. Selection covers matching each investor mandate to the currently active programmes. Follow-through covers periodic reporting during the life of the notes and continuity of dialogue up to repayment.
- Eligible institutional investors: pension funds, insurance companies, endowments and sovereign-related allocators
- Single and multi-family offices and their investment vehicles
- Eligible professional investors and qualified investment structures
- Adding private-market fixed-income exposure
Institutional books adding a curated private-bond sleeve alongside their public-market fixed-income allocations, under documented governance.
- Diversifying a family-office allocation
Family offices seeking access to distinct real-economy theses through a single institutional counterpart and a coherent documentation set.
- Rebalancing towards asset-backed structures
Professional investors moving part of their credit exposure towards asset-backed private structures with defined documentation and reporting.
- Scale
- Mid-market European private bond programmes structured through the identified Luxembourg group securitization vehicle.
- Timing
- Typically several months from mandate to closing, depending on complexity and counterparties.
- Geography
- Luxembourg-centric structuring with distribution towards Continental European institutional investors and selected international allocators.
- Programme design coordinated within the CGPH Group perimeter
- Underlying selection: real estate, healthcare and public-sector receivables
- Digital subscription channel on blockchain via Altherum Tokenization, within the same eligibility and documentation framework
- Coordination with the identified Luxembourg group securitization vehicle as issuer
- Definitive private-placement documentation prepared by qualified external legal counsel
- Custody, paying-agent and reporting arrangements identified in the programme documentation
- Eligibility qualification and subscription support for eligible investors
- Selected Real Estate Private Debt Bond
Private-debt programme linked to selected real-estate developments, structured through the identified Luxembourg vehicle.
- Healthcare Credit EMTN Programme Bond
EMTN-framework programme linked to selected healthcare-sector and public-sector receivables.
Digital subscription via Altherum Tokenization
The notes of the active programmes can also be subscribed in digital form through Altherum Tokenization, the group’s tokenization platform, where each note is represented as a digital security recorded on blockchain. The digital channel changes neither the legal nature of the instruments nor the eligibility framework: offers remain reserved exclusively for eligible institutional, professional and otherwise qualified investors, and are carried out in reliance on the exemptions from the obligation to publish a prospectus available under the applicable European prospectus regime — including offers addressed solely to qualified investors — and equivalent private-placement exemptions. All rights, terms, risk factors and eligibility conditions remain those defined in the definitive private-placement documentation of each programme, issued by the identified Luxembourg group securitization vehicle.
- 01Programme design
We define the underlying exposure, the note structure and the investor eligibility framework with the CGPH Group and qualified external counsel.
- 02Issuance coordination
The identified Luxembourg group securitization vehicle proceeds with issuance under the definitive documentation.
- 03Selection and dialogue
We match each investor mandate with the active programmes and support the review of the definitive documentation.
- 04Subscription and settlement
Subscription is completed under the terms of the definitive documentation, and settlement proceeds through the identified operational counterparties. Subscription may be completed in traditional form or digitally via Altherum Tokenization, under the same documentation.
- 05Follow-through
Periodic reporting, coupon servicing and dialogue continue for the life of the notes, coordinated with the paying-agent and reporting counterparties named in the documentation.
- Institutional discipline
Every programme is prepared with definitive documentation, identified counterparties and eligibility qualification, in coordination with qualified external legal and tax counsel.
- Traceable underlyings
Each programme is anchored to a defined real-economy exposure whose characteristics are described in the definitive documentation.
- Coherent selection
The active programmes are presented as distinct theses, allowing investors to combine them within a documented allocation framework.
- Single institutional counterpart
Investors interact with CGPH Banque d’affaires as advisor and structurer, while the issuer, custody and paying-agent roles are held by the entities identified in the programme documentation.
- Legal
Definitive documentation, terms and conditions of the notes, security arrangements and investor rights are prepared and negotiated by qualified external legal counsel.
- Tax
Structural tax questions on the vehicle and cross-border treatment for investors are addressed with qualified tax counsel; each investor coordinates the treatment of its own participation with its own advisers.
- Financial and operational
Custody, paying-agent, calculation-agent and reporting functions are held by the identified operational counterparties named in the programme documentation.
- Audit and control
Underlying assets, cash flows and reporting are subject to the audit and control arrangements defined in the programme.
- Group-perimeter alignment
Programmes are shaped within the CGPH Group perimeter, keeping selection, structuring and follow-through consistent across the range.
- Documentation-first approach
Every element of the investor relationship — rights, information, coupon servicing, repayment — is defined in the definitive documentation of the programme.
- Distinct, non-fungible theses
The active programmes remain meaningfully different in terms of underlying, structure and eligible investor profile.
- Eligible professional and institutional investors comfortable with private-placement documentation.
- Allocators seeking segregated compartments backed by identified underlyings.
- Investors accepting a private-market horizon and defined redemption windows.
- Retail investors ineligible under the definitive documentation.
- Investors requiring daily listed-market liquidity.
- Requests for guaranteed returns outside the programme terms.
- Programme parameters — including tenor, structure, security arrangements and pricing — are set by the definitive documentation of each programme.
- Access is reserved to eligible professional and institutional investors as defined by the applicable law and the programme documentation.
- CGPH Banque d’affaires acts as advisor, structurer and selector; the identified Luxembourg group securitization vehicle acts as issuer.
- Who issues the bonds?
- The identified Luxembourg group securitization vehicle acts as issuer of each programme. CGPH Banque d’affaires acts in an advisory, structuring and selection capacity.
- How is the underlying exposure defined?
- Each programme is anchored to a specific real-economy thesis — currently real estate and healthcare and public-sector receivables — described in its definitive documentation.
- Who can subscribe?
- Subscription is reserved for eligible institutional and professional investors, family offices and qualified investment structures as defined by the applicable law and the programme documentation.
- How are coupons serviced and how is settlement organised?
- Coupon servicing, calculation-agent and paying-agent functions and settlement channels are set by the definitive documentation and operated by the identified operational counterparties named in the programme.
- Where is programme information published?
- The definitive private-placement documentation of each programme constitutes the single source of information for terms, rights, risk factors and eligibility.
- Can the notes be subscribed on blockchain?
- Yes. Subscription can be completed digitally through Altherum Tokenization, where the notes are represented as digital securities recorded on blockchain. Eligibility is unchanged — the offering remains reserved for eligible institutional, professional and otherwise qualified investors under prospectus-exemption regimes — and the definitive private-placement documentation of each programme remains the sole source of terms and rights.
Any private bond referenced is issued by the identified Luxembourg group securitization vehicle and offered through definitive private-placement documentation, reserved for eligible professional and institutional investors. CGPH Banque d’affaires acts in an advisory, structuring and selection capacity.