A is a Luxembourg-based unregulated securitisation fund that issues bonds for institutional and professional investors, channelling capital into a portfolio of 159 lending companies that originate microcredit and asset-backed financing for small and micro entrepreneurs across emerging economies in Europe, the Caucasus and Central Asia. The fund operates an integrated, vertically-aligned model — bypassing the traditional microfinance fund intermediary — giving investors direct exposure to the full value chain, from capital deployment to end-borrower repayment. Capital is deployed through three lending products: direct lending to SMEs (with 130% collateralisation), financial leasing of productive assets (full collateralisation), and operational leasing through carsharing platforms (revenue-based, asset-owned model). Portfolio companies apply the EBRD (European Bank for Reconstruction and Development) microcredit methodology, with strict due diligence, 1-in-3 approval rate, and local loan officers operating within 100 km of end-borrowers. The fund holds EUR 554.8M in total assets across 10 countries, has issued EUR 607.5M in bonds since inception, and maintains a 13.8% equity buffer with no defaults on bonds in 15 years of operation. The bond programme is structured as an EMTN (Euro Medium Term Note) facility of up to EUR 2 billion, listed on the Luxembourg Stock Exchange with Citibank N.A. (London Branch) as paying agent. Bonds are senior unsecured, fully collateralised by the underlying loan portfolio, with all bondholders treated pari passu. FX risk is actively managed, with no leverage applied at fund level.
DEAL 6 — A
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