À propos
Issuance of bonds (notes) of 50,000 EUR by Evergreen Capital OÜ, Estonian credit company, via Debitum Investments platform. Funds serve to finance the issuer's lending activities and working capital. The instrument is guaranteed by a first ranking pledge over the issuer's loan portfolio (Estonian law), with maturity in April 2027.
Plateforme · 21.0/25
A1 · Statut réglementaire
8.0/8✓ max
- Licenced by Latvijas Banka / FCMC since September 2021 under Latvian ECSP regime
- Calibration: Lande Finance (ECSP Latvijas Banka) = 8 points
- Equivalent status applied
A2 · Track Record
6.0/6✓ max
- Default 0% since 2019 (6/6)
- Delay rate 0% (6/6)
- Non-deviating yield reported (6/6)
- A2 = (6×0.5 + 6×0.3 + 6×0.2) = 6/6
A3 · Rigueur de sélection
2.0/4
- Process mentioned (post-2023 improvements), no published selection rate nor detailed committee description
- 2 points by default
A4 · Santé financière
3.0/4bon
- Portfolio doubled in 2024, AUM €27.4M, 0% default
- Independent platform >3 years, no distress signal
- Concern of forestry sector concentration (March 2026) mild
A5 · Protection investisseurs
2.0/3
- Active Latvian ECSP → 1 mandatory point (reflection period / continuity plan)
- Buy-back guarantee at 90 days documented → 1 point (liquidity mechanism)
- Segregated accounts not explicitly confirmed → 0 points
Projet · 46.0/75
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Simple obligation fixed rate Latvian/Estonian law clear
B1.2: 2/3 - Direct borrowing by issuer, Estonian law recognised EU
B1.3: 1/2 - First ranking pledge claimed over loan portfolio, formal registration to be confirmed
B2 · Opérateur & Track record
7.0/15faible
B2.1: 2/4 - Evergreen Capital OÜ named, management not publicly identified in file
B2.2: 3/5 - Estonian NBFI registered 2013, >10 years, active loan portfolio, balance sheet not disclosed
B2.3: 1/3 - Presence on Debitum documented, specific history not specified
B2.4: 1/3 - No collective insolvency proceeding reported, balance sheet not provided, gearing unknown
B3 · Garanties & Sûretés
10.0/15
B3.1: 6/9 - First ranking pledge over loan portfolio (Estonian law), deed signed between Collateral Agent and issuer
B3.2: 2/4 - Guarantor soundness (loan portfolio) not assessed due to incomplete balance sheet; partial information
B3.3: 2/2 - Evergreen Capital OÜ is a licensed NBFI in operation for >10 years; institutional criterion satisfied per SME-NBFI rule
B4 · Structure financière
8.0/15
B4.1: 3/5 - taux de couverture de la dette not disclosed; NBFI active >10 years, interest income presumed stable, prudent taux de couverture de la dette estimate 1.5-2.0
B4.2: 2/4 - Equity contribution not documented; own loan portfolio suggests capital commitment, partial evaluation
B4.3: 1/4 - No stress test presented, Loan-to-Value (ratio prêt/valeur actif) portfolio unknown
B4.4: 2/2 - NBFI >10 years, regular activity documented, cash flow presumed positive
B5 · Pré-commercialisation
6.0/10
- Active portfolio documented (NBFI registered 2013, continuous operations), diversification not specified, partial history
- Score 6/10 for NBFI with history >2 years but portfolio data little detailed in this file
B6 · Permis & Maturité
5.0/5✓ max
- NBFI activity established for >10 years (2013), valid Estonian commercial registration, active LEI, legal operation documented
- All legal documents in order
B7 · Marché & Localisation
2.0/3
- Latvia/Estonia credit market to enterprises in growth (SME loans +18.6% in 2025, credit/GDP 29% - high potential)
- Upward trend confirmed
- Stagflationary risks 2026 and GDP slowdown moderate to 2/3
Points forts
First ranking pledge over Estonian loan portfolio, legal structure clear.
NBFI active since 2013, more than 10 years of operation documented.
Debitum platform licensed ECSP, 0% historical default.
Rate 7.5%/year within SME-NBFI standard, short duration 9 months.
Baltic SME credit market in strong structural growth.
Risques identifiés
Management of Evergreen Capital OÜ not nominally identified in file.
Financial balance sheet of Evergreen Capital OÜ not disclosed, gearing unknown.
DSCR and stress test absent, repayment capacity not verifiable.
Limited amount (50,000 EUR) suggests absence of third-party banking partner.
Latvian GDP slowdown forecast at 1.4% in 2026 with stagflationary risk.
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