Private credit is now a market worth around US$3.5 trillion, and more of that debt needs to reach investors as tradable notes. If you originate or manage those deals, the hard part is rarely deciding to securitise. It is everything that comes after. You set up a special purpose vehicle (SPV), draft a full set of legal documents, line up the agents, arrange a listing, then keep the whole thing running correctly for years. And when the next deal arrives, you start over.
The Vondelpark and Rosengarten Programme exists to take most of that off your plate. Operated by Trustmoore, it is a shared issuance platform with two issuing vehicles: Vondelpark in the Netherlands and Rosengarten in Luxembourg. The master documentation is already in place, so each new deal is issued as its own ring-fenced series instead of being built from scratch.
In brief: Issuing asset-backed notes usually means setting up a new SPV and full documentation for every deal, which is slow and expensive. The Vondelpark and Rosengarten Programme, operated by Trustmoore, is a shared securitisation platform where each transaction is issued as its own ring-fenced series under documentation that already exists, through Vondelpark in the Netherlands or Rosengarten in Luxembourg. It covers five European jurisdictions, supports listing and rating, and comes with the full administration each vehicle needs for the life of the deal.
Key takeaways
- The Vondelpark and Rosengarten Programme is a shared, multi-issuance note platform operated by Trustmoore, where each deal is issued as a ring-fenced series under master documentation that is already in place.
- Issuers can use either of the programme’s two vehicles, Vondelpark in the Netherlands or Rosengarten in Luxembourg, under the same documentation and administration.
- Because that documentation exists, a new series can often be issued in days rather than weeks or months.
- The programme issues across the Netherlands, Ireland, Luxembourg, the United Kingdom and Malta, with listings available on exchanges such as Dublin, Luxembourg, Frankfurt and Vienna.
- It carries repackagings, credit-linked notes, managed accounts, asset-backed securities and collateralised loan obligations, including ESG and sustainability-focused deals.
- Demand is rising as private credit nears US$3.5 trillion and the EU reforms its securitisation rules to make issuance simpler and less capital-intensive.
- Trustmoore operates the SPVs and runs the full administration as an independent provider that takes no advisory role.
Why issuance demand is rising
Two shifts explain why more managers are looking for a reliable way to bring notes to market.
Private credit and demand from financial institutions
The first is the growth of private credit. The asset class grew to roughly US$3.5 trillion by the end of 2024, up 17% on the year, and could approach US$5 trillion by 2029 on current forecasts. As direct lending and asset-based finance have expanded, more of that credit needs a route to insurers and other financial institutions. Funds and asset managers want access to that investor base, and insurers in particular have become large buyers, often through rated note and feeder vehicles that suit their regulatory capital treatment. That demand has given the market depth, and notes add liquidity, since a note can be sold while a bilateral loan is hard to trade. Banks have leaned on synthetic securitisation to move credit risk off their balance sheets: significant risk transfer issuance reached a record in 2024, with tranches covering about EUR 260 billion of loans, up from EUR 55 billion in 2016. For the banks, the benefit is capital relief and, with it, lower funding costs for new lending.
The EU’s securitisation reforms
The second is regulatory. In June 2025 the European Commission published proposals to revive the EU securitisation market as the first initiative under its Savings and Investments Union, aiming to simplify the rules and lower capital charges on the senior tranches of qualifying deals by around a third. The Council agreed its position in December 2025, the European Parliament followed in May 2026, and the final texts are now under negotiation, with agreement expected late in 2026. Regulators are trying to balance two goals: more issuance on one side, transparency and financial stability on the other. The STS label, the EU’s mark for simple, transparent and standardised deals, sits at the centre of that balance, and the reforms would make it easier to use. The direction is clear. Brussels wants securitisation (securitization, in the US spelling) to carry more of the financing of European households and companies, from residential mortgages to loans made by non-bank lenders, including in member states where activity has been thin.
More private credit and friendlier rules point to more asset-backed and repackaged issuance over the coming years. That is the backdrop to the problem.
The problem: a new securitisation vehicle for every deal
Bringing a single asset-backed deal to market is a project in itself. The standard route is to incorporate an SPV, the securitisation vehicle that purchases the underlying assets and issues notes against them, then draft a full set of offering and agency documents, line up the trustee, custodian and paying agent, arrange a listing, and administer the vehicle correctly for as long as the notes are outstanding. Done deal by deal, that is slow and costly, and it repeats every time.
A few things make it harder. Deals have to stay ring-fenced, so one transaction’s assets and liabilities cannot be reached by another’s creditors. Many issuers want to place notes in more than one jurisdiction, which multiplies the legal and administrative work. And once a series is live, the reporting, tax filings and agency roles run for years, often spread across several providers who each handle one slice of the operations.
For a manager with a pipeline of deals, rebuilding this machinery each time is the bottleneck between having the assets and getting notes into investors’ hands.
How Trustmoore’s Vondelpark and Rosengarten Programme solves it
A multi-issuance programme removes the repetition. Instead of a fresh set-up for every deal, issuers use an established platform whose master documentation, the information memorandum, principal trust deed, agency agreements, dealer agreements, custody and swap documentation, is already in place. Each transaction is issued as a separate series, or compartment, within that platform. The efficiency comes from reuse: because the documentation is standardised and negotiated once, creating a new series is a far smaller job than creating a new vehicle, which is what makes the model so efficient for repeat issuers.
The defining feature is ring-fencing. Every compartment is legally isolated from the others, with its own collateral charged to the noteholders of that series, so unrelated parties can issue side by side under one programme without taking on each other’s risks.
The Vondelpark and Rosengarten Programme works on this basis. It has two issuing vehicles, Vondelpark in the Netherlands and Rosengarten in Luxembourg, which share the same master documentation and the same administration. Trustmoore operates the securitisation vehicles and administers each series, while the legal documentation is drafted by an external law firm and an account bank acts as paying agent and fills the agency roles. A manager can issue under a single-originator platform, share a multi-originator platform, or take a rent-a-compartment arrangement where a ready-made compartment is used for a one-off deal. The result is the same: the notes get issued without the issuer having to build a vehicle from the ground up.
Issuance in practice
The mechanics are where the time and cost actually get saved. Five features of the programme do that work.
Compartments and ring-fencing. Series are issued as separate compartments, each with its own charged collateral. One programme can carry many series at once.
Two vehicles, several jurisdictions. A series can be issued through Vondelpark in the Netherlands or Rosengarten in Luxembourg. Across the programme, SPVs can be set up in the Netherlands, Ireland, Luxembourg, the United Kingdom and Malta, so each transaction is issued in the jurisdiction that suits its assets and investors, while the manager keeps a single point of contact.
Listing and rating. Notes can be listed on regulated markets and exchanges such as Dublin, Luxembourg, Frankfurt and Vienna, and series can be rated where a deal calls for it or left unrated.
Timing. Because the master documentation already exists, a new series can often be issued in days rather than weeks or months, depending on the complexity of the deal.
Documentation. Each series is issued under master and principal documentation, with a pricing supplement, management agreements and, where relevant, ISDA swap documentation for the individual deal.
What the Vondelpark and Rosengarten Programme can issue
The programme carries a wide range of securitisation transactions, not a single product: repackagings, credit-linked notes, managed accounts, asset backed securities (ABS) and collateralised loan obligations, including ESG and sustainability-focused deals. Trustmoore already administers complex transactions of this kind, among them CLOs for European managers active in emerging and frontier markets, mortgage-backed and covered-bond programmes, and transactions transferred in from larger providers because of their complexity. The team was also involved in the world’s first smart N-bond, issued for BNG Bank.
This range matters because the assets coming to market are varied. Asset-based finance can be built on anything from consumer loans to receivables to lending against intellectual property, and a platform that can carry several transaction types suits a manager whose pipeline is not limited to one asset class.
Regulatory compliance and risk management behind every series
Issuing the notes is the start. Regulatory compliance and reporting then run for the life of the deal, and together they are the larger job. Trustmoore administers the vehicles at every stage, across several connected areas, to ensure each series can comply with its obligations for as long as the notes are outstanding:
- Governance: SPV incorporation, capitalisation and ownership, company secretarial services, local tax registration, independent and corporate directorships, transaction coordination, STS and ESMA reporting, and post-transaction dissolution.
- Accounting, tax and reporting: transaction and statutory accounting, financial statements under various GAAP systems, NAV calculations for investor reporting, cash management and payments, tax filings, FATCA, CRS and DAC6 reporting, and regulatory reporting under ECB and EMIR.
- Trustee-related services: security-trustee, collateral agent, escrow agent, data agent, and calculation and verification agent roles.
- Loan agency and administration: monitoring borrower covenant compliance, servicing reports, interest and principal calculations, drawdown processing, cash projection, transfer agency, and coordination of redemptions, unwinding and waivers.
- KYC and risk management: investor identification, sanction and PEP screening, automated transaction monitoring, enhanced due diligence, and AIFMD and EU AML compliance.
For a manager, that means one administration partner handling the operations end to end, from data and reporting through to the agency roles, rather than a patchwork of providers. It also simplifies life for the other market players around a deal, from arrangers to investors, because information comes from one place at every stage.
What this means for capital markets issuers
The coming years look set to bring more private credit, more asset-based finance and, if the EU reforms land as proposed, cheaper and simpler securitisation. For originators, managers and arrangers, the need stays the same: issue notes quickly, keep each deal ring-fenced, and run the vehicles correctly across borders. A securitisation platform that can meet that need offers clear advantages: speed to market, one set of documents, ring-fenced series and an administration that is already running. Those benefits matter most when a deal needs to close on a tight timeline.
Trustmoore’s role in the Vondelpark and Rosengarten Programme is operational, and the structure reflects that division of labour. As an independent provider, wholly owned by its founders and management, Trustmoore operates the SPVs, administers each series, and reports to managers and investors without taking any role that would conflict with theirs. The legal and tax work stays with the law firm and the deal’s own advisers. For the issuer, that means one team handling incorporation, accounting, agency roles and reporting, with a single point of contact who already knows the platform.
If you have an issuance in the pipeline, two ways to start:
- Talk to the team. Tell us the assets, the jurisdiction and the timeline, and we will walk you through how a series could be issued under the Vondelpark and Rosengarten Programme. Contact our structured finance and capital markets team.
- See the platform first. Download the Vondelpark and Rosengarten Programme overview for the full set of jurisdictions, listing venues and services.
Frequently asked questions
It is a shared securitisation platform operated by Trustmoore. It has two issuing vehicles: Vondelpark in the Netherlands and Rosengarten in Luxembourg. The master legal documentation is set up once, and each new transaction is issued as its own ring-fenced series under that documentation, so issuers do not have to build a new vehicle for every deal.
They are the same programme, with the same master documentation and the same administration by Trustmoore, and in both each deal is issued as its own ring-fenced series. The difference is where the issuing vehicle is set up: Vondelpark in the Netherlands and Rosengarten in Luxembourg.
It removes the need to incorporate a new SPV and draft a full set of documents for each transaction. Issuers get a faster, lower-cost route to market, with each deal kept legally separate and administered for the life of the notes.
Each series, or compartment, is legally isolated from the others. The assets backing one series are charged to the noteholders of that series, and the creditors of one compartment cannot reach the assets of another.
The programme can issue through Vondelpark in the Netherlands or Rosengarten in Luxembourg, with SPVs that can be set up in the Netherlands, Ireland, Luxembourg, the United Kingdom and Malta, with notes listed on exchanges such as Dublin, Luxembourg, Frankfurt and Vienna.
Because the master documentation already exists, a new series can often be issued in days rather than weeks or months. The exact timing depends on the complexity of the transaction and the assets involved.
Trustmoore operates the SPVs and administers each series, covering governance, accounting, tax and reporting, trustee-related services, loan agency and KYC. The legal documentation is drafted by an external law firm, and Trustmoore does not provide legal, tax or structuring advice.
Private credit has grown to roughly US$3.5 trillion and a larger share of those assets needs to reach institutional investors, often through note-based vehicles. At the same time, the EU is reforming its securitisation rules to make the market simpler and less capital-intensive to use.
Contact Trustmoore’s structured finance and capital markets team with the assets, the jurisdiction and the timeline of your planned issuance.
