Infrastructure securitization converts long-dated project exposure into a security. A Luxembourg SPV opens a ring-fenced compartment for the asset, and the note issued from it carries its own ISIN and a tenor matched to the contracted life of the concession, availability agreement or operating asset.
Infrastructure runs on horizons that most instruments are not built for. MTCM gives the asset a ring-fenced compartment in one of six Luxembourg SPVs; the note issued from it has an ISIN of its own and a maturity set by the underlying contract. The compartment can hold a concession, an availability-based asset, a merchant asset or a defined tranche within a wider project financing. Created under the Luxembourg Securitization Law of 22 March 2004, the compartment is bankruptcy remote in either direction and stays off the sponsor’s balance sheet. GSK Stockmann is the platform’s legal counsel; PwC and Atwell are its auditors.
Held in custody, transferred or listed like any other security.
Segregated by law from every other transaction on the platform.
Protection runs in both directions.
The exposure leaves the originator’s balance sheet.
Roads, ports, terminals and other assets operated under a long-term concession.
Assets paid on availability rather than usage, under a public or corporate contract.
Schools, hospitals, care homes and other assets serving a public function.
Facilities let under long-term contracts to identified operators or tenants.
Towers, fibre networks and the passive infrastructure behind them.
Warehousing, terminals and distribution assets on long leases.
Fleet, rolling stock and marine assets under contracted usage arrangements.
Water, heat and distribution networks with regulated or contracted revenue.
Purpose-built accommodation with contracted operating arrangements.
Solar, wind and storage assets forming part of an infrastructure programme.
Infrastructure securitization converts long-dated project exposure into a security. The asset goes into a ring-fenced compartment of a Luxembourg SPV, and the note issued against it has an ISIN of its own, with a tenor matched to the contracted life of the underlying.
Socially responsible investment. It means the asset is selected against defined social or environmental criteria, and that reporting covers the intended outcome alongside financial performance. The criteria and the measurement basis are set when the compartment is structured.
Concession assets, availability-based projects, social infrastructure, data centres, telecommunications infrastructure, logistics facilities, transport assets, utility networks, specialist housing and renewable generation.
The tenor is matched to the remaining contracted life of the underlying asset rather than to a standard term. For concession and availability assets this is typically long-dated, and the amortisation profile is built around the contracted revenue.
No. MTCM is a securitization boutique, not an asset manager or an operator, and does not manage third-party capital. Operation stays with the sponsor or the operator they appoint. MTCM structures and administers the compartment.
Sponsors and developers of mid-sized assets, and the family offices, wealth managers and institutional investors that want long-dated infrastructure exposure in a form their custodian can hold.
| Revenue type | What drives it | What the compartment reviews |
|---|---|---|
| Availability | Being available, not being used | The availability contract and the deduction regime |
| Contracted usage | Volume under a take-or-pay or minimum-volume contract | The offtake contract and counterparty standing |
| Regulated | A tariff set by a regulator | The regulatory period and the reset mechanism |
| Merchant | Market demand and price | Demand history and the basis of the forecast |
80+ active compartments · €2.5 bn+ assets structured. Indicative platform figures.