Actively Managed, bankable.
Multi
Multiple borrowers in one certificate
1st - 2nd
Rank pledge on financed property
CHF 5 - 50m
Typical ticket per borrower
The structure
A managed book of loans, in one ISIN.
Collateral
First or second rank pledge on the financed properties. The Sub-Association can add, repay and roll borrowers inside the mandate without re-issuing the certificate.
Management
Actively managed within pre-agreed rules — concentration limits, eligibility, rank. The manager runs the book; investors hold a single, bankable line.
Issuer
A dedicated Sub-Association under the GenTwo umbrella Verein, off-balance-sheet and ring-fenced, with ISP as Paying Agent and a Swiss ISIN. No bank issuer credit risk.
Distribution
Investors hold the certificate via their custody bank. It depots, settles and trades like any other security — no fund subscription documents.
CASH FLOW
How the money moves.
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Borrowers repay
Each borrower services interest and principal on its real-estate-secured loan, against a first or second rank pledge.
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Sub-Association collects
The ring-fenced issuer aggregates repayments across the book and manages exposure within the agreed rules.
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Paying Agent processes
ISP, as Paying Agent, handles cash flows on behalf of the issuer and routes them to the certificate.
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Investor receives
Proceeds lands in the investor's custody account against the Swiss ISIN - like any other security position.
DECISION
When to use AMC vs CLN.
CHOOSE AMC WHEN
CHOOSE CLN WHEN
USE CASE
Anchor case — a Swiss specialist lender.
AMC QUESTIONS
AMC, in detail.
Can the loan book change after issuance?
Can the loan book change after issuance?
How many borrowers can sit in one certificate?
How many borrowers can sit in one certificate?
What rank of pledge secures the loans?
What rank of pledge secures the loans?
Who manages the book?
Who manages the book?
How is this different from a fund?
How is this different from a fund?
