Structured financing for commercial receivables portfolios.
Zenobia Capital Advisors structures trade receivables securitisation programmes for corporate originators and lending institutions — routing every mandate through legal enforceability, risk retention and dilution-adjusted reserve mechanics before economics are modelled.
A financing structure built on dilution risk, not default risk.
Trade receivables securitisation enables corporates to sell eligible receivables on a revolving basis to a special-purpose entity, financed through ABCP conduits, private placements or bilateral bank facilities. Unlike consumer or loan securitisation, loss in commercial receivables portfolios arises predominantly from dilution — credit notes, early-payment discounts, trade disputes — rather than obligor default.
- True sale or synthetic protection, structured by mandate
- STS positioning under the applicable regime
- Dilution, default and reserve mechanics modelled independently
- Cross-jurisdictional legal enforceability review
An institutional approach to receivables financing.
Structuring & Routing
True sale versus synthetic risk transfer, SSPE jurisdiction scoring and STS eligibility assessment.
Risk & Reserve Modelling
Dilution, default and yield reserve calibration, concentration limits and trigger monitoring.
Legal & Regulatory Oversight
True sale opinions, perfection requirements, risk retention documentation and reform-exposure tracking.
Structuring receivables financing without compromising legal enforceability.
Discuss a MandateDisclaimer:The information on this website is provided for general informational purposes only and does not constitute an offer, solicitation, investment advice, legal advice or a recommendation regarding any financial product, transaction or opportunity. Any engagement is subject to a separate written agreement and applicable legal, regulatory and compliance requirements.