Private Credit • EU • Note/Bond • SPV Notes (ABT)

Invoice-Backed Notes for SME Lending ($2.5M)

Private-credit originator issues short-duration notes backed by verified SME invoices. Rolling windows, automated KYC/AML, and programmatic investor reporting. An anonymized practitioner case.

Snapshot

Raised
$2,500,000 Investors
38 qualified Tenor
90–120 days per note Stage
Issuance → Post-Issuance Platform
Tokeny Status
Active redemptions Anonymized

Context & Objectives

Issuer: SME-lending originator with an invoice-factoring pipeline seeking repeatable capital at predictable costs.

  • Stand up a program (not one-off deal) with rolling issuance windows.
  • Automate onboarding (eligibility + KYC) and document e-signing.
  • Provide investors with transparent reporting: pool stats, delinquencies, recoveries.

Structure & Jurisdiction

Legal wrapper

Bankruptcy-remote SPV issues asset-backed notes referencing a revolving pool of verified invoices (true sale/assignment).

Jurisdiction

EU-aligned issuance with platform-native registry and EU KYC/AML; cross-border investor allowlists.

Collateral

Eligible invoices (B2B), concentration limits per debtor/sector, advance rates with haircuts, first-loss reserve.

Key Terms

Program size$2.5M (multiple tranches)
Tenor90–120 days per note; extensions subject to consent
CouponFixed, paid at maturity; step-ups on extension
AmortizationPass-through on collections with waterfall priority
EligibilityProfessional/Qualified investors; per-jurisdiction caps
TransferabilityWhitelist + venue allowlists; no retail secondary
EnhancementsFirst-loss reserve, over-collateralization, collection account control

Provider Stack

Issuance platform
Tokeny (subscription, registry, corp. actions)
KYC/AML
Integrated EU provider (IDV, sanctions, PEP, adverse media)
Trustee / SPV admin
Independent corporate services; waterfall enforcement
Custody
Custodial wallets by default; self-custody opt-in for HNW/FoF
Payments
SEPA/SWIFT rails; reconciled to on-chain registry
Data room
Read-only pool tape, performance dashboards, audit exports
Legal
Counsel for assignment, true-sale, consumer-credit carve-outs

Pool Management & Waterfall

  • Eligibility engine: debtor rating, invoice age, sector caps, jurisdiction filters.
  • Advance rate: 70–85% with haircuts; dynamic based on historic recoveries.
  • Collections: lockbox/controlled account; auto-reconcile to pool tape.
  • Waterfall: fees → interest → principal → reserve top-up → residual.

Investor Funnel

  1. Origination: targeted outreach to private-credit funds, family offices, HNW.
  2. Qualification: investor type & jurisdiction tagging → KYC kick-off.
  3. Subscription: e-docs; fund via SEPA/SWIFT; allocation on receipt.
  4. Reporting: monthly pool tape, delinquencies, recoveries, cash-on-cash.
  5. Re-ups: auto-notify when new window opens; one-click re-allocation.

Key Risks & Mitigations

Debtor concentration
Hard caps per debtor/sector; auto-block at threshold.
Collections volatility
Lockbox control + over-collateralization + reserve.
Regulatory drift
Jurisdiction tagging in whitelist; periodic legal review.
Data quality
Source-system reconciliations; audit trail on pool adjustments.

Downloads

This case is anonymized; downloads are generalized templates.

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