Our services
We make any asset investable
Blackbull specializes in converting private equity and alternative assets into bankable, transferable Certificate Notes with their own ISIN, accessible to qualified investors in the regulated capital markets.
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Turn your asset or opportunity
into an investable proposition.
Services
From asset to ISIN
We financial engineer any traditional or alternative asset to make it investable, specializing in converting private equity, illiquid, and non-bankable assets into Certificate Notes - bankable, transferable instruments with their own ISIN, held directly in an investor's bank account.
Core service
Certificate Notes
We make any asset investable
A Certificate Note is a bankable, transferable security issued against your asset or strategy. It carries its own ISIN, settles through the regulated international clearing and settlement system that banks already use, and can be deposited directly into an investor's bank account like any other holding.
This is how a company's private equity is made investable. How a Ferrari collection becomes a portfolio line. How a music catalogue becomes subscribable. How a superyacht's charter income becomes a cashflow-backed instrument. How a sports team raises capital. How art and luxury collections can be leveraged. The underlying assets change; the mechanism does not.
At a glance
- InstrumentAMC / CLN / Tracker
- IdentifierISIN
- Held viaInvestor bank account
- TransferableYes
- ValuationIndependent
- UnderlyingAny asset of value
- InvestorsAsset managers & qualified
- EnvironmentFully regulated
Selected mandates
Certificate Notes we have engineered
Also available
Further services
Meeting global funding sources
Meet qualified capital sources in person, one-on-one, to discuss the funding of your company. Every introduction is drawn from a global network of private and institutional investors.
That network spans Europe, USA, and Asia, with combined managed assets above USD $100bn, and we guarantee the sources you meet are both qualified and interested.
- Europe · USA · Asia
- $100bn+ network
- One-on-one
- Qualified sources
Getting listed cost-effectively
A pay-as-you-go route to a capital market listing. We begin by matching your company's qualifications against the listing suitability of targeted exchanges, so you only pursue venues that fit.
You then select your preferred venue from those that matched, and Blackbull processes and executes the listing on it, keeping the cost to what the outcome genuinely requires.
- Pay-as-you-go
- Suitability match
- Venue selection
- Processed & executed
Feasibility
Not sure your asset can be wrapped
into a certificate note?
Ecosystem
Licensed and Regulated
Operating within a licensed and regulated ecosystem, Blackbull facilitates the advisory, financial engineering, asset management, issuance, and distribution of its investment products, providing confidence and security to both clients and investors.
The platform
The Structured Capital Platform
Blackbull is an official partner of the Structured Capital Platform, the layer that connects asset management, financial engineering, product issuance, and product distribution across a group of specialist member entities, each handling one part of a transaction so that the whole remains institutional-grade end to end.
Affiliated Institutions
Capital markets & Financing Institutions
Blackbull instruments are admitted, listed, traded, and financed across a network of traditional exchanges, OTC markets, digital venues, and financial institutions. Our affiliations include institutions such as SIX SIS, Euroclear, Swissquote Bank, Incore Bank, ISP Securities, Kraken, and more, so each mandate can be placed where it genuinely belongs.
The Circle
Private Capital Network
About
Who we are
Blackbull is a boutique capital advisory and financial engineering firm turning private, illiquid and non-bankable assets into investable instruments. Leveraging our private capital markets network, backed by a team of senior executives with a footprint across six continents and more than twenty years of transactions engineered, Blackbull specializes in making any assets investable.
People
The team
A 30-year track record in investments, capital markets and policy across 30+ countries. Co-founded The Maestro Group, advised U.S. Senator Max Baucus, and spent thirteen years at UBS.
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Focused on structured products, digital-asset listings and securitisation across the certificate programmes. A 2018 World Blockchain Summit speaker and an Edinburgh engineering graduate.
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A valued member of the advisory board for Asia, instrumental in building the firm's relationships across the region and a fixture at its early engagements. Remembered with deep gratitude.
Advisor for Asia with decades of chief-of-staff experience to senior executives and board members across finance, transportation, mining and technology, and Asian-European market transactions.
Advisor for North America in international trade and government relations. Chairman of Jinboast E-Commerce Tianjin, former CEO of the Global Trade & Technology Center, and an NYU MPA.
Global footprint
Where we have been active
Status: 2026
Cities with more than one entry are outlined in gold — click one to zoom in. Click a category above to filter the map.
In their words
References
News
Issuances & announcements
Selected mandates, launches, listings, and completed transactions engineered by Blackbull. This is a running record of corporate news, investment instruments, and capital market admissions delivered for clients across Europe, the Americas, Africa, and Asia.
Guides · The basics
What is a Credit-Linked Note (CLN)?
A Credit-Linked Note lets investors lend to a company or an asset through a security with its own ISIN. The note pays a coupon and repays at maturity, as long as the credit it is linked to performs.
The short answer
A Credit-Linked Note (CLN) is a debt security whose payments depend on the credit of a third party, the reference credit. In the structures Blackbull engineers, the reference credit is usually a loan to a company or an asset owner. The issuer raises money from investors by issuing the note, lends it on to the borrower, and passes the borrower's interest and repayment back to noteholders.
For investors, the result is a fixed-income line with an ISIN, a stated coupon and a maturity date. For the borrower, it is access to capital-markets money without a public bond issue.
How a CLN works
- Investors subscribeThey buy the note through their bank, using its ISIN, like any bond.
- The issuer lendsThe proceeds are lent to the borrower under a loan agreement, often secured on an asset.
- The borrower paysInterest and principal flow back to the issuer on the agreed schedule.
- Noteholders are paidThe paying agent passes coupons and, at maturity, principal to investors through the clearing system.
If the borrower pays as agreed, noteholders receive their coupons and their principal back at maturity. If the borrower defaults, the note's payments are reduced in line with what can be recovered, including from any security over the asset.
CLN or AMC?
An AMC gives investors the performance of a portfolio, upside and downside. A CLN gives them the income of a loan: a known coupon, with the risk that the borrower does not pay. A CLN suits an owner who wants to borrow against an asset and keep it. An AMC suits a manager or an owner who wants investors to share in the asset's value. Our guide AMC vs CLN vs Tracker Certificate compares all three side by side.
What a CLN can finance
Because the note is linked to a loan, almost anything that can support a loan can support a CLN. Examples include a company's growth plan, a superyacht with charter income, a portfolio of short-term rental apartments, or an inventory of maturing whisky casks. What makes a CLN investable is the quality of the borrower, the cash flow that services the loan and the security behind it.
Example of our structuring work · MandateBlackbull engineers CLN for luxury superyachtBlackbull Equities has been mandated to engineer and launch a tailored Credit Linked Note as the financial instrument for a luxury superyacht. Read the release →
Risks to understand
- Credit risk of the borrower. This is the risk investors are paid the coupon to take.
- Issuer risk. The note is an obligation of the issuer. A segregated compartment keeps the loan and its security separate from the issuer's other business.
- Collateral and enforcement. Security over an asset is only as good as the ability to enforce it and the price the asset fetches.
- Liquidity. CLNs are usually held to maturity. Selling early depends on finding a buyer.
General information only. This is not financial advice. See the important information at the foot of this page.
Blackbull in practice
Credit-linked structures we have engineered
Examples of Blackbull’s structuring work, shown for illustration only. They are not an offer, a recommendation or an invitation to invest in any of these instruments.
Blackbull engineers CLN for luxury superyacht
Blackbull Equities has been mandated to engineer and launch a tailored Credit Linked Note as the financial instrument for a luxury superyacht.
Read the announcement →
Blackbull Engineers CLN for Hospitality and Short-Term Rental Company
Blackbull Equities has been mandated to engineer and launch a tailored Credit Linked Note (CLN) as a financial instrument for a Danish hospitality company…
Read the announcement →
Blackbull Engineers Certificate Note for Scotch Whisky Cask Collection
Blackbull has been mandated to engineer and launch a tailored Certificate Note as financial instrument for a Scotch whisky cask management company.
Read the announcement →Is a CLN the same as a bond?
For the investor it looks and settles like a bond. The difference is that its payments are linked to a specific reference credit, here the loan to the borrower, rather than to the issuer's own business.
What coupon does a CLN pay?
The coupon reflects the borrower's credit, the security, the term and market rates at launch. It is set in the term sheet before the note is issued.
Does the borrower give up ownership of the asset?
No. A CLN is a loan. The owner keeps the asset, usually with security in favour of the noteholders until the loan is repaid.
Who buys CLNs?
Mainly professional investors, private banks, asset managers and family offices that want fixed-income exposure to a specific credit.
Sources
- ISO 6166, International Securities Identification Number (ISIN).
- Regulation (EU) 2017/1129 (Prospectus Regulation): exemptions for offers to qualified investors.
Important information. This guide is not financial advice. It is general information about how certain financial instruments work. It is not investment, legal or tax advice, and it is not an offer or a solicitation to buy or sell any security. Certificate Notes are complex instruments: their value can fall as well as rise, investors can lose some or all of the amount invested, and they are exposed to the credit risk of the issuer. Many are available only to professional or qualified investors, and the rules differ by country. References to Blackbull mandates and launches illustrate our structuring work, are shown for illustration only, and are not an indication of future results. Blackbull Equities provides advisory and structuring services; it does not itself issue securities, accept deposits or manage client assets. This website is not directed at persons in any jurisdiction where its content would be unlawful, including the United States. Seek independent professional advice before making any investment decision.