Such a securitisation undertaking incorporated under the
Luxembourg lax can acquire underlying assets such as:
A Securitisation Fund or a Securitisation Company are undertakings
which can be set up by investors or promoters (institutionals,
professionals or private) pursuant the rules set by the
Luxembourg
Law of 22nd of March 2004 on the securitisation in Luxembourg.
Some segregated fiduciary portfolios can be set up to loge
these securitised assets.
Example
of an asset securitisation
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The securitisation undertakings or a special purpose vehicle
can issue different types of securities representing the
incomes linked to these assets issued from the securitisation
like:
- Stocks issued by a securitisation company or
-
Shares issued by a securitisation
fund but also
-
Issuance of hybrid financial products
as notes, debentures,… remunerated by a variable
interests, some Euro-Medium Term Notes which value and
return are linked with the assets issued from the securitisation,
securitized assets subordinated notes, convertibles in
other equities issued by the securitization undertaking
(SPV),…
These financial instruments can be placed on the stock
exchange or simply issued under a private placement memorandum.
Various
examples are listed among which the promoter or the
investor will use the securitisation Law in Luxembourg which
will be a usefull tool in so far that the number of domain
of application are unlimited. The interpretations of the
Commission
de Surveillance du Secteur Financier (CSSF Luxembourg),
in the frame of its 2007 report highlights these various
possibilities.
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