Kingsbury Securitization Platform S.à r.l.
About the Platform
Kingsbury Securitisation Platform S.à r.l. is the Luxembourg-incorporated securitisation vehicle that issues notes behind a Kingsbury & Partners transaction, acquiring exposure to receivables and other financial assets, then issuing notes linked directly to them.
Why Luxembourg
Luxembourg has one of Europe’s most established legal frameworks for securitisation. It gives us a sound legal base from which to offer private credit to professional investors across the EU and beyond.
Structure
Kingsbury Securitisation Platform S.à r.l. issues Credit Linked Notes under a Base Private Placement Memorandum. Each Compartment is segregated from the others and has its own ISIN, investors and security.
We established the platform to use Luxembourg’s securitisation framework. It lets us convert niche credit into a securitised note programme that our co-investors recognise.
Ben Rockell
Managing Partner
Advantages of Securitisation
01
Assets legally separated from the sponsor
Each transaction is held in its own Compartment of the Luxembourg vehicle. Under the Securitisation Law of 22 March 2004, the assets of a Compartment are available only to the investors and creditors of that Compartment.
What this means
- Recourse is limited to the Compartment’s own assets
- No claim against other Compartments or against Kingsbury & Partners
- Insulated from the insolvency of the originator, subject to the transaction documents
02
A tax-neutral vehicle
A Luxembourg securitisation vehicle is generally treated as neutral for tax purposes at the level of the vehicle, so returns on the underlying assets can reach noteholders without an additional layer of tax.
What this means
- No further tax charge within the vehicle, subject to the structure
- Treatment is confirmed with tax advisers for each transaction
- Each investor remains responsible for its own tax position
03
Disclosure at transaction level
Each Compartment has its own documentation, asset pool and reporting, so an investor can see exactly what supports a note. Credit papers are published to investors and lenders as a matter of policy.
What this means
- Asset-level reporting for each Compartment
- Terms fixed in the transaction documents for the Series
- Overseen by the Credit Committee and the Risk Framework
04
Terms built around the asset
Maturity, amortisation, currency and pricing are set against the cash flows of the receivables rather than the borrower’s corporate balance sheet, so funding is sized to what the assets can support.
What this means
- Repayment profile follows the collateral
- Facility size can grow with the asset base
- Tranching is available where the asset pool supports it
05
A route to institutional investors
Niche credit that institutional investors cannot hold directly is issued as a note they can. Professional investors hold the note through their existing custody accounts, settled through Euroclear, Clearstream or SIX SIS.
What this means
- A broader investor base than bilateral lending
- Notes are held and settled through standard custody
- Funding sits apart from the originator’s own balance sheet
06
One Compartment per transaction
A transaction is added as a new Compartment of an established vehicle, so no new entity is incorporated for each deal. Governance, documentation and service providers are already in place.
What this means
- A shorter route from approval to issuance
- Lower set-up cost than a standalone vehicle
- Consistent oversight across every transaction
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Important Information
This website is for professional investors only and is not intended for retail investors. Nothing on it is an offer or solicitation to buy or sell any security, or advice of any kind. Investments are made only on the basis of the relevant offering documents. Private credit investments are illiquid, target returns are not guaranteed, and past performance is not a reliable indicator of future results. Capital is at risk.