Paying Agent Onboarding and Ongoing Fees (Securitizations)
European Deposit Bank, Luxembourg EUR 5k Onboarding Fee
EUR 5k Settlement Fee (initial subs.)
EUR 11k Running Fees p.a.
ISP Securities, Zurich
CHF 5k & 10bps Onboarding Fee & Settlement Fee (initial subs.)
Running Fees Paying Agent = CHF 6,000 p.a. + 10 bps with a min. of CHF 7.5K
E.g. EUR 4mio AUM = CHF 6k + CHF 7.5k = CHF 13'500 p.a. (charged quarterly)
Milos info about ISP (20.11.2020):
The 10 bps minimum on the issuance was not quoted in mistake, Reto told me they charge it because non-bankable products launches are typically quite time-intensive for them because of the due diligence they need to do on the structure, the borrower/target unlisted company, especially if these imply deals where money flow outside of the EU.
(In this specific case, I explained the product and the AUMs involved and we reached the following one-off agreement: set-up flat at 7,500 CHF but running fee at 10 bps with a minimum of 20K CHF. This way, he says, he can protect himself in the case the issuance is indeed above 20mm EUR, because he can make sure that despite he charges less on the set-up then he can recover on the running.)
In the coming days he will also send a reviewed standard quote based on the type of product which we can use in the future for other upcoming products. He will be thinking how to apply different pricing on whether it is bankable vs non-bankable assets and then EU bankable vs non-EU bankable or something similar.
Option 1 with a Paying Agent:
Setup EUR 35k & 10bps - negotiable (incl. Paying Agent onboarding & settlement fee)
Running EUR 30k / 50bps
Paying Agent Annual Fee approx. EUR 13'500 or more.
The banks subscribe to ISP Securities and the securities are in SIS or Clearstream/Euroclear (custody).
or
Option 2 with Luxembourg Administrator:
Setup EUR 30k
Running EUR 30k / 50bps
The banks subscribe via subscription form and the securities are held with the administrator as custodian for the banks.