ARTedyX External SPV

What we do

We operate an external, off-balance-sheet SPV that acquires performing bank assets by true sale. Banks benefit from risk-weighted assets (RWA) / CET1 relief; professional investors receive fixed coupons funded by underlying cash flows.

Program: fixed-coupon notes for professional investors. EU: MiFID II professional clients; non-U.S. tranches may be offered under Reg S. U.S.: Accredited Investors (Reg D) and/or Qualified Institutional Buyers (Rule 144A); with New York registration or Blue-Sky filings where applicable.

Venue: Deutsche Börse — Frankfurt Quotation Board (Open Market). Plumbing: Specialist inclusion for liquidity; ICSD settlement (Euroclear/Clearstream) via paying/listing agent.

How each deal is built

Assets: granular SME / consumer / leasing / trade-finance; all performing.
Protections: 5–15% over-collateralisation, liquidity reserve, simple waterfall, performance & coverage tests, back-up servicer.
Governance: independent director, external counsel & auditor, regulated service providers.
Reporting: monthly/quarterly pool factors, stratifications, OC tests, and cash waterfall.

For regulated service providers

We align the eListing checklist with Specialists, arrange paying/listing-agent onboarding, and set up ICSD eligibility.

Get the eListing checklist

For professional investors

On request: 1-page term sheet, structure chart & waterfall summary, and admission pack outline. Audience: EU MiFID II professional clients and U.S. Accredited Investors / QIBs. No retail communication.

Request materials

Benefits for originating banks

Capital relief: transfer of performing exposures to an external SPV reduces RWAs and supports CET1 optimisation, subject to regulatory treatment.
Balance-sheet flexibility: true-sale execution, standard servicing with back-up, and simple cash waterfall.
Speed to market: Frankfurt Quotation Board admission with Specialist inclusion and paying/listing-agent onboarding.
Operational integrity: independent director, external counsel & auditor; investor reporting with pool factors and OC tests.

Benefits for funding enterprises

Access to institutional funding: enterprises may access structured funding capacity through the SPV framework and its fixed-income investor base.
Execution certainty: once structure, documentation, and eligibility are aligned, deployment is designed for execution at closing via DVP.
Flexible structuring: tenor, coupon profile, collateral package, cash waterfall, and reporting package may be aligned with the enterprise financing need and investor requirements.
Broader funding route: the framework creates an additional funding channel alongside bank balance sheets, with institutional placement and capital-markets discipline.
Operational discipline: independent governance, external counsel and auditor, agent onboarding, and investor reporting support institutional-grade execution.
Scalability: once a first structure is in place, the format can support repeat funding programmes for eligible enterprise receivables or credit pools.

Optional origination route: if existing investors do not wish to sell exposures, ARTedyX may also acquire newly originated credits for enterprises, subject to structure, eligibility, diligence, and execution parameters.

What professional investors receive

Instrument: fixed-coupon notes, professional/eligible counterparties, including accredited where applicable.
Settlement: ICSD (Euroclear/Clearstream) via paying/listing agent; Specialist-supported liquidity.
Transparency: monthly/quarterly reporting packs: pool composition, stratifications, performance and coverage tests, OC levels, and cash waterfall.
Structure: over-collateralisation and liquidity reserves targeting stable cash flows.
Risks: credit and servicer performance risk; pool performance variability; structural features may defer or reduce coupons or principal.

Governance & key roles

Issuer: ARTedyX External SPV
Independent director
Paying / Listing Agent
Specialist (Frankfurt Quotation Board)
Servicer & Back-up Servicer
Calculation Agent
Security / Trustee, if applicable
External Counsel & Auditor
Technology & Data Agent: ARTedyS R&D
Group governance: ARTedyX Capital Holding

Execution process

Bank pool identification and indicative selection criteria.
Term sheet, structure chart and protections including OC, reserves, and waterfall.
Paying/listing-agent onboarding; Specialist filing; ICSD eligibility.
Legal and audit confirmations; governance appointments.
Admission to Frankfurt Quotation Board (Open Market).
Ongoing servicing and investor reporting on a monthly or quarterly basis.

Leadership

Cristian BEZA

President

Omy SAHYE

Managing Director

Guru ALAMPALLI

VP, Global AI Platforms Architect

LinkedIn · Live Demo

Fitch rating framework

Where appropriate, notes may be structured for a Fitch target rating above BBB-. Any rating remains subject to Fitch’s own analysis, criteria, assumptions, and final rating committee decision.

The credits we are looking to rate are the bond notes issued by the SPV and backed by performing pools such as SME loans, consumer receivables, auto loans, leasing receivables, credit card receivables, and unsecured consumer loans. The objective is to combine performing collateral, credit enhancement, liquidity support, and a simple payment waterfall so the notes can meet institutional rating standards.

Collateral focus: performing and granular asset pools with diversified obligors
Structural features: over-collateralisation, liquidity reserve, coverage tests, and priority of payments
Reporting discipline: pool factors, stratifications, arrears, defaults, recoveries, and cash waterfall reporting
Rating approach: note ratings depend on collateral quality, structure, servicing, data integrity, and applicable Fitch criteria

Recent Fitch European ABS publications include the European ABS Comparator dated February 2026, the European Auto ABS Performance Monitor: 1Q26, and the European Credit Card and Unsecured Loan Performance Monitor: 1Q26. Fitch also published the related releases “Stable Arrears Protect European Auto ABS Against Near-Term Risk” and “European Credit Card and Unsecured Consumer Loan ABS Performance Remains Steady”.