2.5 Who underwrites the SPV?
Old Mutual and the National Stokvel Association of South Africa
The SPV is underwritten by Old Mutual and NASASA: prominent financial institutions within BRICS; highly experienced and ensuring robust collateral and risk management oversight.
Old Mutual:
Old Mutual is an AAA-rated, publicly listed financial institution with over 180 years of operational history. It's a multi-line insurer and bank (previously the parent company of Nedbank) with a presence across 14 countries in Africa and Asia, including China.
Key Facts:
Market Cap: $4 billion
Stock Listings: Johannesburg and London Stock Exchanges
Membership: International Swaps and Derivatives Association (ISDA)
Credit Ratings: Independently assessed by Moody’s, Fitch, and S&P Global for over 20 years. View AAA-Rating Report
2024 Financial Statements: Access here
NASASA and Sovereign Support
NASASA is a South African cooperative fund and community bank, known for its group-savings ("stokvel") account.
Sovereign Facility: Extended by the South African govenrment with a $500 million limit. This is confirmed by the National Treasury here.
Underwriting Mechanics
Bankruptcy Remote SPV: The underwriting facility is provided via a bankruptcy-remote vehicle, the “the OM Facility” ensuring maximum security for investors.
Loss Coverage:
A $500k margin is held separately by the FirstRand Group as a mark-to-market reserve to cover unexpected losses.
This ensures real-time adjustment for volatility and risk exposure.
By leveraging Old Mutual’s underwriting competence and NASASA’s sovereign backing as a cooperative bank, the SPV delivers compliant financial security to both retail and institutional token-holders at scale.
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