Issuing Compartment
Always used. It issues the note, lends the proceeds to the Borrower and manages going-concern risk through covenants, controlled accounts and reserves.
The eDCMP programme
Two risks, two markets.
The eDCMP™ is Exchange Trust’s debt capital markets programme. Its notes are issued from Exchange Trust Securities FT, a non-discretionary securitisation fund (fonds de titrisation) under the Luxembourg law of 22 March 2004. Each Transaction sits in its own ring-fenced compartments of the Fund.
01 Risk segregation
Each risk to the right market
A financing exposure carries two different risks. The first is whether the asset holds its value and can be recovered. The second is whether the Borrower can operate and repay while the note runs. The eDCMP separates them and sends each to the market that prices it best.
The Transaction
The Borrower’s asset and business
Asset risk
Does the asset hold its value, and can it be recovered?
Insurance Compartment
A rated fronting insurer and its reinsurance panel carry the cover
Going-concern risk
Can the Borrower operate and repay while the note runs?
Issuing Compartment
Covenants, controlled accounts, reserves and audits
In a wrapped structure, the rating agency can rate the senior notes on the insurer’s financial strength rather than on a new or unrated Borrower. That rating is a design target, confirmed for each Transaction. It is assigned by a recognised rating agency, never by the structure itself.
The Borrower keeps its asset and runs its business while the note is outstanding. Enforcement follows only a failure to repay at scheduled maturity. Until then, the covenants, controlled accounts and reserves of the Issuing Compartment do the work.
02 Structure
Up to three compartments per Transaction
A compartment is a ring-fenced, bankruptcy-remote part of the Fund with its own assets and liabilities. Every Transaction uses the Issuing Compartment and adds the others only where the structure needs them. The choice of compartments is the first structuring decision.
Insurance Compartment
Used where a wrap is required. It holds the pledged and ceded collateral and runs the transfer of asset risk to the insurance market.
Overlay Compartment
Used only where a Transaction carries a material overlay. The overlay sits in its own ring-fenced compartment, apart from the note.
03 Uses
Three uses of the programme
Every engagement maps to one of three uses, or a combination of them. The test in each is the asset: it must be tangible, insurable and enforceable. It must also sit in a jurisdiction where security can be perfected and recovered.
Release value
from assets that ordinary lending cannot reach
Refinance or expand
long-life operating infrastructure
Restructure
a business through a listed exchange of claims
04 Eligibility
What qualifies
Five tests decide whether a Transaction can enter the programme. The asset test comes first, because the note is secured on the asset and not on cash flow alone. Assessment gives a clear accept, conditional accept or decline within weeks.
| Test | What passes | What does not |
|---|---|---|
| Asset | Real estate and operating infrastructure. Land, water and resource rights with a compliant technical report. Intellectual property and royalty pools | Receivables or revenues on their own. Assets that cannot be pledged or insured |
| Jurisdiction | Countries that rank well on World Bank measures of contract enforcement and property rights | Roughly the bottom quarter of that index |
| Positioning | Growth: an asset with upside that ordinary bank finance cannot reach | Distress presented as growth. A base case that cannot cover its own debt service |
| Management | A sponsor or contracted operator with a track record on comparable assets | A new vehicle with no capable management behind it |
| Size | About USD 10m to 250m per Series. Larger raises run as sequenced Series | Raises below the floor, where fixed costs outweigh the benefit |
Design criteria, applied per Transaction at assessment. Source: Exchange Trust programme documentation, September 2026.
05 Investors
For qualified investors only
Notes issued under the programme are offered only to qualified investors. They must qualify as professional clients or eligible counterparties under the EU Markets in Financial Instruments Directive (“MiFID II”). Offers outside the United States follow Regulation S, and any offer inside it is limited to qualified institutional buyers under Rule 144A. Each Transaction adds its own selling restrictions, and no note is offered to retail investors.
Exchange Trust does not advise investors, take orders or hold investor money. An investor who contacts Exchange Trust is referred to the authorised intermediary appointed to the Transaction. Nothing on this website is an offer of any note or other Instrument.
Next step
Test your asset against the programme
The first conversation tells you whether the asset, the jurisdiction and the business fit. Commercial terms are set out in that meeting, under a non-disclosure agreement. Bring what you know about the asset and the amount you need.