Certificate Issues

Many holders fund one asset and share the income it produces. Each certificate is an undivided share of a real thing — a leased building, a fleet, a portfolio of instalment sales — not a claim on the issuer for principal plus interest.

The distinction shows up in three places the API enforces:

• The issue must be backed. underlying_asset_value may not be less than total_value. You cannot issue more paper than there is asset behind it.
• Distributions are income, not coupons. POST /profit divides what the asset actually earned among the certificates outstanding. A period that earned nothing distributes nothing, and there is no accrued obligation left behind.
• Failure has a name. A missed distribution is not silently indistinguishable from a made one: POST /default exists, and a defaulted issue says so.

Base path: /api/v1/pfp/certificate-issues · Religious reading: Sukuk

---

Backing types

backing_type names the contract whose income the certificates share:

Value	The certificates are backed by
lease	Rental income from a leased asset
managed_investment	A managed venture's profit
partnership	A share in a joint venture
installment_sale	A portfolio of instalment receivables
manufacturing	An asset under construction, paid in stages
forward_purchase	Goods paid for now and delivered later

---

Statuses

draft ──submit──> under_review ──review──> review_passed
  │                    │                        │
  │                    └──reject──> rejected    │
  │                                             │
  └──────────── offering ───────────────────────┘
                    │
                    v
               offering ──subscribe──> (holders record subscriptions)
                    │
   close_subscription (optional)
                    v
              subscribed
                    │  activate  ← also reachable directly from offering
                    v
                 active ──mature──> matured ──redeem──> redeemed
                    │                   │
                    │                   └──default──> defaulted
                    ├──redeem_early──> redeemed
                    └──default──> defaulted

Status	Meaning
draft	Terms recorded
under_review	Submitted for approval
review_passed	A conclusion is attached
rejected	Terminal. Requires a reason
offering	The subscription window is open
subscribed	Window closed, not yet placed
active	Placed; certificates are outstanding and earning
matured	The maturity date has arrived
redeemed	Bought back; all positions closed
defaulted	Obligations not met. Requires a reason

In the secular reading offering is reachable from draft as well as review_passed.

---

Create an issue

POST /api/v1/pfp/certificate-issues

{
  "name": "Kazan Logistics Park — Series A",
  "region": "RU",
  "currency": "RUB",
  "backing_type": "lease",
  "underlying_asset": "Logistics complex, 12 400 m², Kazan, lease to Magnit until 2032",
  "underlying_asset_type": "real_estate",
  "underlying_asset_value": "1800000000",
  "total_value": "1500000000",
  "certificate_value": "1000000",
  "expected_yield": 9,
  "maturity_months": 60,
  "min_subscription": 5,
  "max_subscription": 300,
  "profit_distribution_frequency": "quarterly",
  "redemption_mode": "bullet",
  "early_redemption_allowed": true,
  "early_redemption_penalty": "20000"
}

Field	Type	Required	Notes
name	string	✅	Issue name
region	string	✅	Issue region
backing_type	enum	✅	See the table above
underlying_asset	string	✅	Description, longer than 10 characters
underlying_asset_value	string	✅	Minor units. Must be at least total_value
total_value	string	✅	Minor units. Must divide by certificate_value exactly
certificate_value	string	✅	Minor units — the face value of one certificate
expected_yield	integer	✅	Whole percent, 1–50
maturity_months	integer	✅	1–360
min_subscription	integer	—	Minimum certificates per application
max_subscription	integer	—	Ceiling per holder, across all their applications
profit_distribution_frequency	enum	—	monthly | quarterly | semi_annually | annually
redemption_mode	enum	—	bullet | amortizing | callable
early_redemption_allowed	boolean	—	Gates redeem_early
early_redemption_penalty	string	—	Minor units
subscription_start, subscription_end	date	—	May also be set at offering
originator_id, spv_id, product_id	uuid	—
underlying_asset_type, metadata	—	—

certificates_total is derived as total_value / certificate_value, and the division must be exact.

The issue code

Each issue gets an isin field. It is not a real ISIN. A genuine ISIN is issued by a national numbering agency; the platform cannot invent one and does not pretend to. The code here is sixteen characters where ISO 6166 specifies exactly twelve, so that it cannot be mistaken for an exchange-issued identifier:

RUCRT4A7F1C9E2B3
│ │   │         └── Luhn check digit
│ │   └── ten random hex characters
│ └── three characters naming the reading: CRT secular, SKK religious
└── two-character region code

Use it internally. If the issue is listed, replace it with the real ISIN from the numbering agency.

---

Running a subscription

Open the window

POST /api/v1/pfp/certificate-issues/{id}/offering

{ "subscription_start": "2026-09-01", "subscription_end": "2026-10-15" }

Both dates are required. draft or review_passed → offering.

Record a subscription

POST /api/v1/pfp/certificate-issues/{id}/subscribe

{ "investor_id": "b7d1e044-92a3-4c58-8f10-3ea6c9d27b45", "certificates": 50 }

Six conditions are checked, in this order:

1. certificates must be a positive integer.
2. The issue must be at offering — a draft, a matured or a redeemed issue does not accept subscriptions.
3. Today must be inside the subscription window. A closed window rejects.
4. certificates must be at least min_subscription.
5. max_subscription is checked against the holder's total position, not against the single application. Two applications each at the ceiling are refused, because together they exceed it. The error names how much the holder already holds.
6. certificates must not exceed what is still unsubscribed.

Close the window (optional)

POST /api/v1/pfp/certificate-issues/{id}/close_subscription

No body. offering → subscribed. Refused if nobody subscribed.

This step is optional — it exists so the gap between collecting applications and placing the issue is visible in reporting. activate accepts an issue directly from offering as well.

Place the issue

POST /api/v1/pfp/certificate-issues/{id}/activate

{ "issue_date": "2026-10-20" }

issue_date is optional and defaults to today. Refused if there are no subscriptions — an issue with no holders cannot be placed. Sets certificates_outstanding from what was subscribed and computes the maturity date.

offering or subscribed → active.

---

Distribute income

POST /api/v1/pfp/certificate-issues/{id}/profit

{ "total_profit": "33750000", "period_end_date": "2026-12-31" }

Only from active. The amount is divided by certificates_outstanding, floored, and recorded:

{
  "profit_distributions": [
    {
      "date": "2026-12-31",
      "total_profit": "33750000",
      "per_certificate": "22500",
      "certificates_outstanding": 1500
    }
  ],
  "total_profit_distributed": "33750000",
  "actual_yield": 9,
  "next_distribution_date": "2027-03-31"
}

actual_yield is recomputed on every distribution: it is what the issue has actually paid, against expected_yield, which is what was hoped for at launch. Both are whole percent. When they diverge, the second number is the one that is true.

Zero and negative amounts are refused. period_end_date is optional and defaults to today.

---

Ending an issue

Maturity

POST /api/v1/pfp/certificate-issues/{id}/mature

No body. active → matured, but only if the maturity date has actually arrived. Calling it early is refused.

Redemption

POST /api/v1/pfp/certificate-issues/{id}/redeem

{ "redemption_date": "2031-10-20" }

Only from matured. Closes every holder's position and sets certificates_outstanding to zero.

Early redemption

POST /api/v1/pfp/certificate-issues/{id}/redeem_early

{ "redemption_date": "2029-06-01" }

Only from active, and only if early_redemption_allowed was set at creation. Otherwise:

{
  "error": "unprocessable_entity",
  "details": {
    "early_redemption_allowed": ["досрочный выкуп условиями не предусмотрен"]
  }
}

Default

POST /api/v1/pfp/certificate-issues/{id}/default

{ "reason": "Lessee insolvent; no rental income since 2028-04" }

Available from active and from matured — an issue can fail before its term or fail to pay at redemption. The reason is stored in metadata.default_reason.

---

List and read

GET /api/v1/pfp/certificate-issues

Query parameter	Values
status	any status above
region	issue region
type	any backing_type
investor_id	uuid — issues in which this holder has a subscription
env	test | prod

GET /api/v1/pfp/certificate-issues/{id}