Certificates are protected by a robust credit structure, similar to that used in the fund management industry.
Certificates are issued by Cap-It Issuer Limited (the SPV) which is a bankruptcy remote special purpose vehicle registered in the UK. The SPV is owned by a trust and administered by CSC (formerly InterTrust Group), an international provider of global business administration and asset management.
For each certificate it issues, the SPV buys and holds a corresponding cap or floor investment from one of a panel of high-grade international banks. The income from the cap and floor investments fund the payments made by the SPV to certificate holders and to its service providers.
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