How coupon payments work
The role of the Paying Agent and Calculation Agent in servicing the security.
For Compartos whose documentation provides for periodic income, two distinct functions come into play: the calculation agent and the paying agent.
The calculation agent is an independent third party that determines the exact amount due on each payment date, applying the formula set out in the documentation of the security. Its independence from the originator is what makes that calculation binding and not open to challenge by holders.
The paying agent then executes the payment: it receives the corresponding funds, generated by the cash flows of the underlying asset held in the Comparto, and distributes them to holders through standard settlement channels.
This mechanism means that neither the originator nor the manager needs to track each investor individually to organise a payment.
Where a Comparto provides for no periodic coupon — for instance an asset held for its appreciation, with no regular income — this mechanism simply does not apply; the documentation of each Comparto specifies whether and how income is paid.