Capital Markets
Securitization
CLO and ABCP issuance from oracle-verified supply chain receivables — rated structures where every underlying asset has real-time oracle data, not quarterly trustee reports.
Key figures
How it works
From receivable pool to rated issuance.
Receivable pool accumulated
Oracle-verified supply chain receivables are accumulated into diversified pools across archetypes, corridors, and obligor concentrations.
Tranches structured
AAA to equity tranches structured with on-chain waterfall logic. DFI first-loss guarantees enhance senior tranche credit quality.
Rating obtained & issuance
Rating agencies assess the structure using oracle-verified performance data. Issuance to institutional investors via tokenized securities.
Real-time waterfall distribution
On-chain smart contract executes waterfall payments in real-time as receivables are collected. No trustee delays, no manual calculations.
Capabilities
Next-generation securitization infrastructure.
On-chain waterfall logic
Priority of payments encoded in smart contracts. Interest and principal cascade through tranches automatically as receivables are collected.
Real-time pool performance
Every receivable in the pool has oracle-verified status. Delinquency, default, and recovery tracked in real-time, not monthly.
Oracle-verified collateral
Every underlying receivable verified by Caviar's oracle network. No reliance on originator self-reporting or periodic audits.
Multi-archetype pools
Diversified pools spanning approved payables, inventory finance, commodity pre-export, and warehouse receipt receivables for structural diversification.
First-loss DFI guarantees
Development finance institution guarantees on equity and mezzanine tranches enable AAA ratings for senior tranches and reduce investor risk.
MMF-eligible ABCP
A-1+/P-1 rated asset-backed commercial paper eligible for money market fund purchase. Short-duration, high-quality supply chain paper.
Comparison
Traditional vs. Caviar
| Traditional | Caviar | |
|---|---|---|
| Pool transparency | Monthly trustee reports | Real-time oracle-verified data |
| Waterfall execution | Manual calculation, quarterly | On-chain, automatic, real-time |
| Collateral verification | Annual audit | Continuous oracle verification |
| Issuance timeline | 3-6 months | Weeks with standardized templates |
Use cases
Real-world applications
Supply chain CLO 1.0
$200-300M inaugural CLO backed by diversified trade finance receivables. AAA to equity tranches with on-chain waterfall and DFI first-loss.
ABCP conduit
A-1+/P-1 rated commercial paper program backed by rolling receivable pools. MMF-eligible, short duration, continuous issuance.
Corridor-specific ABS
Asset-backed securities tied to specific trade corridors — Singapore-Vietnam electronics, East Africa agriculture — for targeted exposure.
Structure securitization.
Issue CLOs and ABCP backed by oracle-verified supply chain receivables. Real-time waterfall, continuous transparency, institutional distribution.