Coming soon · VESTN Community Hub · Q3 2026
Private Credit · Europe
EMEA Trade Finance Notes
Issued by Lombard Trade Co.
Live
90-second diligence read
The six structural questions
- Servicer
- Named third-party loan servicer (illustrative)
- SPV
- Delaware SPV, ring-fenced per issuance
- Waterfall
- Senior interest → senior principal → junior → equity
- Oracle
- Hybrid: servicer report + independent valuation agent
- Default path
- Servicer enforces covenants; collateral realisation via SPV
- Legal recourse
- Contractual claim on loan collateral pool
Who services the underlying?
What legal wrapper holds the asset?
How do cashflows flow?
Where does the NAV come from?
What happens if it breaks?
What do holders actually own?
Scored against the VESTN Diligence Framework · v0.1.
See the pass · warn · fail criteria →About
Short-dated invoice and trade receivable financing across EMEA exporters, structured as on-chain notes.
Key terms
- Asset class
- Private Credit
- Region
- Europe
- Currency
- EUR
- Term
- 12 months
- Target yield
- 8.10%
- Status
- Live