Capital Markets
Syndicated Loans
Primary loan market arrangement for large structured trade and commodity finance facilities. Caviar structures and distributes credit facilities to a syndicate of institutional lenders — capturing arranger economics without holding credit risk, and connecting frontier-market origination to institutional capital at scale.
Key figures
How it works
From mandate to close.
Caviar structures and leads the syndicate
As mandated lead arranger, Caviar structures the facility, sets pricing, assembles the lender group, and manages the documentation process. Credit risk distributes to the syndicate — Caviar earns arranger economics.
Caviar receives the mandated lead arranger appointment. Facility terms, security package, covenants, and pricing structured against the underlying STCF asset — borrowing base, offtake, receivables portfolio.
Information memorandum distributed to pre-qualified institutional lenders — credit funds, DFIs, family offices. DFI first-loss tranches structured in where frontier-market credit enhancement is required.
On-chain closing, automated agent functions
Facility agreement executed and conditions precedent verified on-chain. Caviar acts as facility agent — managing drawdowns, repayments, covenant monitoring, and lender communications through smart contract automation.
Legal opinions, security registrations, insurance confirmations, and KYC/AML clearances attested via Document Attestation. Facility funded only when all CPs clear — no manual chase.
Drawdown requests, repayment allocations, covenant calculations, and lender reporting handled by smart contract. Facility agent overhead reduced by 80% vs. traditional bank administration.
Capabilities
The primary loan market, rebuilt for frontier origination.
Mandated lead arranger
Caviar takes the MLA role — structuring the facility, setting pricing, managing syndication, and leading documentation. Arranger economics without the balance sheet requirement of a bank.
DFI first-loss structuring
IFC, ADB, DEG, and FMO first-loss tranches built directly into the facility waterfall. Converts frontier-market credit risk into investment-grade senior positions, unlocking institutional capital for geographies banks won't touch.
Tokenized participation
Lender participations issued as on-chain tokens via Caviar's tokenized RWA infrastructure. Secondary market liquidity for syndicate members — the primary loan market gains an exit.
Automated agent functions
Drawdown mechanics, repayment waterfalls, covenant testing, and lender reporting handled by smart contract. The facility agent function runs at a fraction of traditional bank overhead.
Club deal formation
For $50M–$100M facilities, Caviar assembles a small club of 3–5 lenders rather than a full syndication. Faster to close, lower documentation cost, appropriate for mid-market STCF borrowers.
Cross-border documentation
LMA-standard facility agreements governed by English law, with local law security packages registered via Caviar's Lien Registry. Enforceable in Singapore, DIFC, and common law jurisdictions across target geographies.
Comparison
Traditional vs. Caviar
| Traditional | Caviar | |
|---|---|---|
| Minimum facility | $100M — mid-market excluded | $50M with club deal formation |
| Time to close | 4–9 months | 6–10 weeks |
| Secondary liquidity | OTC bilateral transfer, illiquid | Tokenized participations, on-chain secondary |
| Agent administration | Manual, bank treasury ops team | Smart contract automation, 80% lower overhead |
Use cases
Real-world applications
Critical minerals borrowing base
$150M borrowing base facility for an Indonesian nickel processor. 8-lender syndicate with ADB first-loss tranche. Tokenized participations enable secondary liquidity for lenders.
West Africa E&P pre-export facility
$75M pre-export finance club deal for a Ghanaian independent oil producer. 4-lender club, LMA documentation, offtake proceeds auto-swept to repayment account.
Rare earth project finance
$50M offtake-backed facility for a Kazakh rare earth developer under AIFC jurisdiction. IFC first-loss, European strategic buyer offtake, EU CRMA-qualifying supply chain.
Arrange the facility. Distribute the risk.
Caviar structures and syndicates STCF facilities from $50M. Institutional lenders, DFI co-investment, and tokenized secondary liquidity — all in one arrangement.