For investors
Notes backed by a portfolio of French electric vehicle finance contracts, in three classes, with a defined rank, a defined coupon and a stated credit enhancement. Interest and principal are paid to your account on every payment date.
What you hold
A note of a given class, with a face value of 100 EURC. Notes are indivisible: the smallest position is one note.
| Class A | Class B | Class C | |
|---|---|---|---|
| Rank | Senior | Mezzanine | Junior |
| Coupon | EURIBOR 1M + 0.60%, floor 0% | 1.00% fixed | 1.50% fixed |
| Credit enhancement | 55.8% | 23.3% | 2.3% |
| Amortization | Sequential: A repaid in full before B, B before C |
Credit enhancement is subordination plus the cash reserve, as a share of the notes issued. Above that, the portfolio exceeds the notes by 28.1%.
Your position is a face value that amortizes to zero. It is not a share, and it does not carry a net asset value. When principal is repaid, the number of notes you hold is unchanged and their face value falls. The note factor is the ratio of outstanding to original face, and it is the figure quoted.
What you receive
On each payment date, the platform pays every holder. Interest and principal arrive together, directly to your account.
You do not claim, instruct or sign. There is no omnibus account holding your cash, and no unclaimed balance. If a payment cannot be delivered, the amount remains recorded as owed to you and can be collected at any time.
Coupons are computed to the day. Acquire notes in the middle of a period and you receive the coupon for the days you held them; the seller receives theirs. Principal goes to the holder of record at the end of the period. Both are settled at the next payment date, with no manual apportionment and no accrued interest convention to negotiate.
What you can see
At any moment, without asking anyone:
- your position: notes held, remaining claim, interest and principal received
- the note factor and outstanding nominal of your class
- every payment date, with the amount paid at each rank of the waterfall
- the portfolio: balance, arrears, weighted average term and rate, battery condition
- the independent reconciliation of the last period
The conventional equivalent is an investor report published two business days before the payment date, covering a period that closed three weeks earlier.
Order of payments
Collections are applied in a fixed order. Fees first, then interest to Class A, B and C in rank, then the cash reserve is replenished, then principal sequentially, then the residual to the seller.
The cash reserve is released in full into the distributable amount at the top of every waterfall and replenished at its own rank. It is therefore available to cover fees and senior interest in any period where collections fall short.
Interest that cannot be paid is recorded as a shortfall and paid at the next opportunity ahead of the same rank. It does not itself bear interest. Full mechanics: priority of payments.
Subscription and settlement
During the subscription window you subscribe at par, in whole notes. Your funds are held in escrow by the issuer and are refundable in full until closing.
At closing, one operation settles the transaction: the proceeds pay the purchase price of the portfolio, the cash reserve is funded by the seller's subordinated loan, and your notes are issued to your account at par. Delivery against payment, with no window in which one side holds the other's asset.
Settlement is in EURC, the euro stablecoin issued by Circle and natively issued on Stellar.
Custody and transfer
Notes are held in your own account, under your own keys. There is no nominee and no omnibus structure. Institutions that require third-party custody can use a wallet provider with policy-controlled signing; Stellar key management is supported by the main providers.
Notes are transferable. There is no redemption on demand: the exits are amortization, an issuer call under the transaction documents, and sale to another holder.
Next
The programme for terms and current performance · The collateral for what secures the notes · Risk factors · Status and legal