01 · What We List

Three sovereign asset classes. One Basel III framework.

All NATDAQ-listed instruments are sovereign-issued, AiGLe-scored, and qualify under Basel III as Level 1 HQLA with 0% risk weight on senior tranches. The sovereign retains full title, operational control, and long-run value; only the cashflow rights are securitised.

Sovereign Conservation ABS

Conservation — Biodiversity · Wetlands · Protected Areas · Marine

AiGLe Score

AAA

Basel III HQLA L1 · 0% RW

National conservation programmes securitised as sovereign ABS. The sovereign commits a defined area of conserved land and the cashflow rights attached: conservation fees, biodiversity units, nutrient-neutrality credits, water quality credits, ICVCM-aligned carbon stacking where applicable, and long-duration CSR offtake. Senior tranche carries OECD-sovereign backing and qualifies for Basel III Level 1 HQLA with 0% risk weight.

Stacked revenue streams

•Conservation fees (programme revenue)
•Biodiversity units (TNFD / statutory)
•Water & nutrient neutrality credits
•Carbon stacking (Article 6 / ICVCM)
•Corporate CSR / SDG-linked offtake

Sovereign Forestry ABS

Forestry — Timber · Harvest Rotation · Multi-Revenue

AiGLe Score

AAA

Basel III HQLA L1 · 0% RW

Sovereign forestry programmes securitised as appreciating ABS. Principal appreciates with biological mass over the rotation horizon (15–80 years by species). Timber harvest revenue stacked with annual carbon, biodiversity, and water revenue distributions. Programme ownership remains with the state; the SPV owns only the economic rights over the rotation period.

Stacked revenue streams

•Timber harvest (rotation close)
•Carbon sequestration (ICVCM)
•Biodiversity & ecosystem services
•Water regulation credits
•Recreation & cultural service offtake

Sovereign Carbon ABS

Carbon — Article 6 · Sovereign Registries · ITMOs

AiGLe Score

AAA

Basel III HQLA L1 · 0% RW

Sovereign carbon programmes securitised as ABS over national carbon registries and Article 6 Internationally Transferred Mitigation Outcomes (ITMOs). Aligned to ICVCM Core Carbon Principles and Paris Agreement Article 6 governance. The sovereign retains host-country authorisation rights; the SPV pools ITMO revenue for institutional holders.

Stacked revenue streams

•ITMO issuance (Article 6.2 / 6.4)
•Compliance-market credit pools
•Corresponding-adjustment accounting
•Sovereign host-country authorisation
•ICVCM CCP-aligned disclosure

Issuer discipline

NATDAQ admits only OECD-qualifying sovereign issuers. No private forestry operators, no commercial biodiversity managers, no corporate programme sponsors at the senior-tranche level. The sovereign retains full legal title and operational control; the SPV holds only the cashflow rights over a defined programme period.