À propos
Investment in a fractionalised note on the Latvian platform Debitum, issued by the Latvian Forest Development Fund II. The underlying asset is a pool of loans to enterprises. Duration of 6 months, fixed rate of 9% per annum, internal rating A.
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 · 49.0/75
B1 · Instrument & Structure
8.0/10bon
B1.1: 5/5 - Simple obligation fixed rate 9%, Latvian law ECSP
B1.2: 2/3 - Documented direct loan originator, Latvian law EU
B1.3: 1/2 - Priority rank claimed, not formally registered
B2 · Opérateur & Track record
9.0/15
B2.1: 2/4 - LFDF appointed, managers not publicly identified in the file
B2.2: 4/5 - NBFI active >2 years, EUR 52M outstanding, sound documented portfolio
B2.3: 2/3 - 1 operation repaid without incident on Debitum (May 2025)
B2.4: 1/3 - LFDF balance sheet not communicated, verification of Latvian registers impossible here
B3 · Garanties & Sûretés
9.0/15
B3.1: 5/9 - Joint and several guarantee from originator NBFI; buyback guarantee 90 days documented on Debitum
B3.2: 2/4 - LFDF equity and gearing not communicated, partial information
B3.3: 2/2 - LFDF licensed NBFI active >2 years; constitutes the financial institutional partner (SME-NBFI rule)
B4 · Structure financière
10.0/15
B4.1: 4/5 - taux de couverture de la dette estimated >2.0 (EUR 52M outstanding, 0% default, stable revenues)
B4.2: 2/4 - LFDF equity not communicated; mature portfolio suggests engaged capital
B4.3: 3/4 - Scenario -20% absorbable via 90-day buyback guarantee and portfolio diversification
B4.4: 1/2 - NBFI net margin probable 2-5%, taux de couverture de la dette estimated 1.5-2.0
B5 · Pré-commercialisation
6.0/10
- Active portfolio EUR 52M, correct diversification reported; 86% concentration on Debitum constitutes platform dependency risk
- Partial history documented (1 year on Debitum)
- SME-NBFI score: 6/10
B6 · Permis & Maturité
5.0/5✓ max
- LFDF established activity >2 years, licensed NBFI Latvia, all legal documents valid
- Sound legal structure, licences current
B7 · Marché & Localisation
2.0/3
- Market for SME loans Latvia in convincing recovery (+18.6% in 2025), sector NPL sound
- Stagflation risks and slowdown 2026 (GDP 1.4%) moderate the score
Points forts
LFDF first originator on Debitum with EUR 52M outstanding and 0% default since launch.
Debitum platform licensed ECSP Latvijas Banka, track record 0% default since 2019.
First loan EUR 100K repaid in full in May 2025 without incident.
Latvian SME market in strong growth, +18.6% outstanding in 2025.
Rate 9% per annum within SME-NBFI norm; short duration 6 months limits exposure.
Risques identifiés
Extreme concentration: LFDF represents 86% of Debitum total outstanding (EUR 52M/~EUR 60M).
LFDF managers not identified in the file, balance sheet and gearing not communicated.
Underlying forestry/agricultural assets exposed to sector risks cited (transport, agri).
Latvian GDP slowdown forecast at 1.4% in 2026, possible stagflationary environment.
Absence of confirmed segregated accounts on Debitum - platform operational risk.
Voir toute l'analyse Debitum →
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