Been approved for the lease of collateralized notes. They were issued by Eureka Services LTD(SPV)for the benefit of Masterfield Investment Group. Looked up the security by the ISIN and it stated the maturity date of 8/22/2022 and that the security was a zero coupon note under 144a. The note term sheet states the notes are secured by no less than 125% of face value in insurance policies held in trust for the benefit of the noteholder by the Trustee(Melon Bank of New York).
I am a simple developer and have no clue if these notes can be used as collateral. They claim they are AA but I wonder sine they are under 144a rules how marketable are they? Will a lender be able to use these notes as collateral or is this whole deal a scam? The ISIN # is US29865YAA64. Can anybody help with qualifying? The application I filled out did have Clearfin & Custody Corp of Gibraltar on it.
Thanks
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an spv is a bankruptcy remote corporate vehicle, does not have any value, even credit enhanced a 144A has liquididation restrictions and can not be easily used for collateral in higher ranges due to these restrictins, even when credit enhanced.
the entity you are dealing with is a self declared financial and escrow service provider without a licence and you get on a very slippery slope
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This ISIN Number does not appear on either Moody's or Euroclear. Most likely this is a NON-Registered, NOT Priced (meaning that there is no market identified by Bloomberg) and NOT Rated (meaning that the collateral, the insurance policies, for the instrument either has never been posted or is insufficient to warrant a rating by Moody's, et al).
Accordingly, I find no Indicative Value in this instrument.
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the security is not listed on the exchanges you are looking on - it is listed on the NASDAQ Portal. the portal id is: P29865YAA6 and DTC # is DT27507224. we will see if a lender can find any value but it has been rated AA.
I have another question. I was told that I might have this MTD as collateral as well: Deutsche Bank MTN 5% London USD - XS0178288600. I could not verify this security either so I 'Googled' the security name and id number and it sent me to the AltoFin s.a. web page containg available securities for lease. I read on this message board that this firm was affiliated with Clearfin & Custody Corp of questionable status.
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