Overview
Aubley Vastrentende Obligaties is a fixed-rate bond programme issued by Aubley Capital B.V., an Amsterdam-based initiative of US private credit manager PennantPark. Bond proceeds are deployed into PennantPark investment vehicles that provide loans to more than 100 established, non-listed companies. Investors receive a contractually fixed interest rate; returns derive from interest and repayments on the underlying loans rather than market appreciation.
Bond variants
- Obligatie A - 6% fixed annual interest, 3-year term
- Obligatie B - 7% fixed annual interest, 5-year term
Interest is paid monthly at 1/12th of the annual rate, and the principal is repaid in full at maturity. The minimum investment is EUR 100,000. Subscription is continuous - there are no fixed entry moments.
Structure and Terms
The bonds are structured as non-transferable loans to Aubley Capital B.V. The investments held via Aubley Invest LLC are pledged to Aubley Capital with a minimum coverage ratio of 110% of the outstanding nominal principal, verified quarterly with accountant review. Aubley Invest provides an initial capital buffer of EUR 10 million and a keepwell arrangement supports interest and repayment obligations. Underlying loans are predominantly first-lien senior secured, with loan-to-value ratios typically below 50% at origination. No one-time issuance fees or ongoing management fees are charged to bondholders. Vistra Capital Markets handles back-office administration.
Liquidity
The bonds are non-transferable and there is no secondary market. Capital is committed for the full 3-year or 5-year term; the website does not describe any interim redemption facility.
Suitability
The programme targets Dutch private investors and legal entities (such as BVs) with a Dutch bank account, seeking fixed monthly income. Because the issue is exempt from prospectus requirements, Aubley Capital B.V. does not hold a licence and is not supervised by the AFM or DNB; bondholders do not hold direct security rights and bear credit risk on Aubley and the underlying portfolio.