Securitization
Advisory and structuring support on securitization and asset-backed programmes. Issuance is carried out by the identified Luxembourg group securitization vehicle and reserved for eligible institutional and professional investors.
Our approach.
We advise on securitization and asset-backed structuring — mandates in which an identified pool of receivables or assets is transferred to the identified Luxembourg group securitization vehicle, which funds itself by issuing notes to eligible institutional investors. Our role is to align the asset perimeter, the vehicle, the note architecture, the servicing chain and the investor audience so that each of them is coherent with the others.
A securitization holds together only when the asset data supports the structure. Eligibility criteria, portfolio composition, historical performance and expected cash flows are the foundation on which the vehicle, the notes and the credit-enhancement architecture rest. We start every mandate by reviewing that foundation with the originator and with independent professionals.
Roles are affirmatively defined. The originator transfers the eligible assets. Qualified legal counsel confirms the transfer analysis, the vehicle formation and the definitive documentation. A regulated servicer manages the assets under the servicing agreement. The identified Luxembourg group securitization vehicle issues the notes. Independent parties provide administration, agency and audit services. CGPH Banque d’affaires acts as adviser, structurer and process coordinator across these workstreams.
Our work covers asset eligibility analysis, portfolio-data review, transfer analysis where applicable (true-sale or other transfer mechanism as confirmed by qualified counsel), vehicle and note architecture, cash-flow waterfall, credit-enhancement design (subordination, reserves, over-collateralisation as applicable), servicing and reporting rhythm, and coordination with the investor audience under confidentiality.
- Corporate groups and originators with identifiable receivables or assets.
- Sponsors of asset-backed programmes.
- Financial institutions organising a structured funding channel.
- Eligible institutional and professional note investors.
- Recurring receivables portfolio
An originator generates a recurring flow of eligible receivables and wants a structured funding channel calibrated to their behaviour.
- Asset-backed programme
A sponsor wants a note programme backed by a pool of eligible assets, with coordinated governance and servicing.
- Balance-sheet management
A financial institution structures a securitization to diversify its funding or to manage its balance-sheet exposure in coordination with qualified counsel.
- Scale
- Mid-market European securitization programmes with segregated compartments and asset-backed structures.
- 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.
- Asset perimeter analysis and eligibility review.
- Portfolio data review and cash-flow modelling.
- Transfer analysis (true-sale or other mechanism as confirmed by qualified counsel).
- Vehicle and note architecture, waterfall and credit enhancement.
- Servicing and reporting framework.
- Investor engagement coordination under confidentiality.
- 01Framing
We assess the underlying assets, the originator’s data, the target structure and the eligible investor audience.
- 02Design
We define the vehicle, the note architecture, the waterfall, the credit-enhancement layers and the documentation architecture with qualified counsel.
- 03Servicing
We coordinate the servicing arrangement and the reporting rhythm expected by the note investors.
- 04Placement
We coordinate engagement with eligible institutional and professional investors under confidentiality.
- 05Settlement
We coordinate subscription and settlement with the issuing vehicle, the servicer and the appointed agents.
- Data-supported structure
The waterfall and credit-enhancement design reflect the observed behaviour of the underlying assets.
- Institutional discipline
Servicing, reporting and audit are calibrated to the standard expected by note investors.
- Clear role architecture
Originator, vehicle, servicer, agents, auditors, adviser and investors each remain in their own capacity.
- Legal
Qualified external counsel handles the transfer analysis, the vehicle documentation and the note documentation.
- Tax
Qualified tax advisers confirm the treatment of the transfer, the vehicle and the note flows.
- Servicing
A regulated servicer manages the assets under the servicing agreement and provides the required reporting.
- Audit
Independent auditors review the financial statements of the vehicle and, where relevant, the portfolio reporting.
- Data-first structuring
The architecture responds to the observed behaviour of the assets and is calibrated to that behaviour.
- Institutional readiness
The documentation and servicing are prepared to the standard expected by professional-investor review.
- Coordinated workstreams
Legal, tax, servicing, agency and audit workstreams advance on a single calendar owned by the mandate lead.
- Originators with an identifiable pool of receivables or credit exposures.
- Sponsors seeking segregated, bankruptcy-remote structures.
- Programmes designed for eligible professional and institutional investors.
- Portfolios without documented origination or servicing history.
- Structures targeting retail distribution without a regulated framework.
- Requests for guaranteed returns outside programme terms.
- Structural features, terms, credit-enhancement levels and availability are defined by the definitive documentation and by the participating counterparties.
- CGPH Banque d’affaires provides advisory, structuring and process-coordination services; issuance is carried out by the identified Luxembourg group securitization vehicle and servicing is provided by a regulated servicer.
- Who issues the notes?
- The identified Luxembourg group securitization vehicle issues the notes under the definitive transaction documentation. CGPH Banque d’affaires acts as adviser, structurer and process coordinator.
- How is asset eligibility defined?
- Eligibility criteria are defined with the originator and qualified legal counsel, based on the asset characteristics, the historical data and the target investor audience.
- Who services the assets?
- A regulated servicer manages the assets under the servicing agreement and provides the reporting required by the note investors and the appointed agents.
- Who can subscribe to the notes?
- Eligibility is defined by the definitive transaction documentation. It is generally reserved for eligible institutional and professional investors.
- What is the reporting rhythm?
- The rhythm is defined in the servicing and administration documentation and reflects the standard expected by professional-investor review.
Securitization and asset-backed programmes structured with CGPH Banque d’affaires’ advisory support are intended for eligible institutional and professional investors, under the definitive transaction documentation issued by the identified Luxembourg group securitization vehicle.