Healthcare Credit ENTM Programme Bond
Short‑duration exposure to Italian public healthcare receivables with disciplined structural protection.
This EMTN programme offers investors access to a diversified pool of receivables owed by Italian public healthcare entities. The structure is designed to generate stable fixed income supported by sovereign‑quality obligors and robust overcollateralization.
A stable fixed‑income opportunity built on sovereign‑quality obligations
The Healthcare Credit EMTN Programme provides access to a curated portfolio of public healthcare receivables in Italy. Designed to capture yield generated by structural payment delays, the programme emphasises discipline, diversification, and strong investor protection.
Designed for Professional and Institutional Investors
Institutional Investors
Suitable for investors seeking stable,
collateral‑backed exposure to
public‑sector payment flows within a
clearly defined legal structure.
Family Offices & Professional Allocators
holdings
For allocators looking to diversify into
short‑duration credit anchored by
government‑linked obligors and supported
by stringent structural protections.
Key Features of the Programme
1. Diversified Receivables Pool
A portfolio comprising 50+ obligors with strict concentration limits on regions and individual debtors. At least 60% of receivables must be certified, reinforcing payment certainty.
2. Structural Overcollateralization
The programme maintains ≥130% overcollateralization at all times, with event‑of‑default triggers if coverage falls below 120%.
3. Sovereign‑Quality Credit Exposure
Receivables are owed by Italian public healthcare bodies backed by the national healthcare system and ultimately the Italian state.
4. Self‑Liquidating Design
As invoices are paid, the pool naturally amortises, reducing duration risk and the need for refinancing.
A Clear, Controlled Investment Process
Investors subscribe via Euroclear or Clearstream.
Step 1 — Subscription
Programme purchases diversified healthcare receivables.
Step 2 — Receivable Acquisition
Receivables are repaid as invoices settle.
Step 3 — Natural Amortisation
Principal and interest distributed according to the EMTN terms.
Step 4 — Investor Repayment
Why Clients Choose CGPH
Built for Clarity, Protection, and Consistency
-
Defensive Credit Exposure
Linked to public healthcare entities with sovereign backing.
-
Structural Risk Mitigation
High overcollateralization and strict concentration limits.
-
Short-Duration Efficiency
Natural amortisation reduces duration and refinancing exposure.
01
What drives the 9% coupon?
The yield reflects chronic payment delays, not the creditworthiness of the obligors.
02
How are receivables selected?
Receivables are sourced using predefined parameters including certification rate, DSO thresholds, and concentration caps.
03
How liquid is the investment?
This is a hold‑to‑maturity EMTN with secondary liquidity depending on market demand.
04
What is the minimum investment?
€100,000.
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