Short-term credit with a public payer.

A supplier to a town hall gets paid at 90 days. A pharmacy waits one to two months for the regional health service to pay a prescription. A taxpayer waits for a refund.

SATAI buys those receivables today and collects from the administration when it pays. The debtor is public, the paper is short, and the same euro is lent several times a year. We buy through originators who keep the first loss, and we read every position before buying it.

The assets are funded with private notes, one per strategy, placed with family offices and qualified investors in Spain and the UK.