Operative Risks of an SPV?
As far as I know, all elements around the SPV can be replaced at any time. In the worst case, NAV can be suspended for a few days until these tasks are transferred to another service provider. The assets within the SPV are secure except for the cash holdings. The Cash Holdings are in the Paying Agent's balance sheet and, in the event of bankruptcy, fall into the Paying Agent's liquidation assets. I do not see any other risks, as everything can be replaced by our Service Providers (MTCM or GENTWO behind for Guernsey) without further complications and can therefore continue to operate.
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