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Thursday, 15th October 2026 |
| August and September sees 28 new funds list |
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| Activity in both fund and debt listings remains high. |
Davy Stockbrokers (Brian Seymour)
In what is a traditionally quiet period for investment funds listing on the Irish Stock Exchange, Davy enjoyed an unseasonably active period and noted further signs of increasing confidence returning to global equity markets.
The Cayman Islands was definitely the domicile of choice this period as Davy listed five new Cayman domiciled investment companies on the Official List. Of note is the Santoma Arbitrage Fund Limited, organised as a feeder fund with the investment objective of seeking to produce capital appreciation by investing in global convertible bonds, equities and related corporate securities, derivatives and structured products. The investment manager of the fund is Dublin based Burdon Capital Limited.
Following on with the ever-popular master-feeder structure is Fortis EM Fixed Income Hedge Fund Limited. The investment objective of the listed feeder fund via investment in a master fund is to seek to achieve long-term capital appreciation while maintaining a limited net exposure to the market. For volatility comparison purposes, the market will be represented by the JP Morgan Emerging Market Bond Index Global.
Davy has seen much recent interest in the listing of Cayman Segregated Portfolio Companies. Included in our listings this period was Hasenbichler Funds SPC. Hasenbichler Funds SPC is incorporated as a segregated portfolio company under the laws of the Cayman Islands. Segregated portfolios will be created by the fund to segregate the assets and liabilities attributable to each class from the liabilities attributable to any other Class and from the general liabilities of the fund. The investment objective of the fund is to achieve long term capital appreciation through professionally managed speculative trading of primarily cumulative futures and foreign exchange contracts.
Ernst & Young (Jimmy Donnelly)
During the period under review, Ernst & Young listed a number of asset-backed securities. In line with the trend to date, a number of these were standard CDO deals. One notable exception was Lisa Synthetic CDO B.V.; this deal was structured with a Dutch Issuer. This is a break away from the norm, where the vast majority of CDO issues are structured with Cayman Islands issuer and a Delaware co-issuer. Two CMBS deals were also listed during this period, Bear Stearns Commercial Mortgage Securities Inc. Commercial Mortgage Pass-Through Certificate, Series 2003 and Wachovia Bank Commercial Mortgage Trust Commercial Mortgage Pass-Through Certificates Series 2003. Banc of America Securities LLC acted as a Co-Lead Manager and Joint Bookrunner for both of these deals.
On the investment funds side, Elgin Corporate Credit Fund, a Cayman Island domiciled fund was admitted to the Official List. The Fund’s objective is to generate consistent and attractive risk adjusted returns for its shareholders by investing primarily in debt instruments in the European credit markets. The Fund will invest primarily in publicly-traded fixed income securities and related derivative instruments. In addition, Ernst & Young listed the usual number of sub-funds and classes in already listed structures.
Goodbody Stockbrokers - Sarah Fallon
The summer period ended on a busy note for Goodbody Stockbrokers with a lot of funds and specialist debt security listings. On the funds side, the master feeder fund structure continued to be the preferred structure among many of the funds that listed including lib global diversity fund which is investing all of its assets in a master fund which is allocating its assets directly or indirectly among a select group of portfolio managers that employ long/short equity strategies and a broad range of arbitrage strategies. Lazard UK. Opportunities, Ltd. is a long/short equity fund that is seeking long-term appreciation from investments, through a master fund, in a diversified portfolio of stocks of companies located principally in, or that generate a significant percentage of their revenues from activities conducted in, the U.K., or that are listed on an exchange or primarily traded in the U.K. Cantillon Europe Ltd. is seeking long term capital appreciation by investing in a master fund that is investing long and short in a diversified portfolio of European equities and equity related securities. Eddington triple Alpha Funds Ltd. listed its first sub-fund, Edington triple alpha funds which is seeking to achieve consistent appreciation of its assets over a long-term investment horizon through investment, using alternative strategies.
Specialist debt security issuers were busy during the period listing several new transactions. Euro Zing II B.V. listed a mixture of floating rate notes and subordinated notes, which are secured by a diversified portfolio of European Structured Finance Securities managed by ZAIS Group Investment Advisors Ltd. Priory Healthcare Finance Limited, a Cayman Island issuer, listed three tranches of secured fixed and floating rate notes. The primary source of funds for the payment of interest and principal on these notes will be the right of the issuer to receive principal and interest repayments under a secured loan made by the issuer. Another Cayman Island issuer, North Street Referenced Linked Notes 2003-5 listed five tranches of floating rate notes. As usual, several programmes listed new series including BRV S.A., CBO Investments (Jersey), E.L.A.N. Limited, Arosa Funding Limited and Octagon Limited. Programmes which were up-dated during the period included Allied Irish Banks p.l.c. EMTN Programme.
NCB Stockbrokers (Joanne McEnteggart)
Gartmore Investment Limited launched The AlphaGen Volantis Fund Limited whose investment objective is to seek to achieve capital growth in the respective currency of each Class by taking long and short positions primarily in U.K. listed securities with a market capitalisation of less than ?1 billion (a universe of approximately 2,000 companies). Martin Currie Investment Management Limited launched the Martin Currie China ‘A’ Share Fund Limited, whose investment objective is to achieve long term capital appreciation through investment in companies established or operating in the PRC which are listed on the A share markets of the Shanghai Stock Exchange and Shenzhen Stock Exchange. Deutsche International Corporate Services Limited launched another fund in their Xavex range Xavex - CTA 3 Fund whose principal investment objective of the Fund is to seek to generate significant potential for capital appreciation in both rising and falling markets during expanding and recessionary economic cycles.
Aberdeen International Fund plc launched a new sub-fund Fixed Interest Fund. First State Global Umbrella Fund plc launched two new sub-funds First State Asian Bond Fund and First State Hong Kong Dollar Bond Fund, in which it listed Class III Shares. Graham Global Investment Fund II Ltd added two new portfolios K5 Portfolio and the Multi-Trend Portfolio.
A new euro class was added to Liberty Ermitage Selz Fund Ltd. Aria Partners (Cayman) Ltd added two further Series. Further Shares Classes were added to Third Point Offshore Fund Limited and to the Global Market Neutral Moderate Fund of Funds Portfolio of American Express Offshore Alternative Investment Fund. Highland Opportunity Fund Limited has added three further series to its Class A and B Shares.
On the specialist security side, UBS Investment Bank listed Hanna Funding B.V., a private company with limited liability incorporated in the Netherlands which issued Tranche A Secured Fixed Rate Notes due 2043, Tranche B Secured Fixed Rate Notes due 2043, Tranche C Secured Fixed Rate Notes due 2043, Tranche D Secured Fixed Rate Notes due 2043, Tranche E Secured Fixed Rate Notes due 2043. Morgan Stanley listed Duke Funding V Limited, which issued eight tranches of Notes, two tranches of Combination Securities and a tranche of Preferred Shares. Sachsen LB Europe plc listed its first series, Series No. 47 Floating Rate Notes due 2009 under its Euro Medium Term Note Programme. Citigroup Global Markets Inc., Banc of America Securities LLC and The Williams Capital Group L.P. act as the co-lead managers in the N-Star Real Estate CDO I Ltd and N-Star Real Estate CDO I Corp. transaction, which listed its Class A-1, Class A-2A, Class A-2B, Class B-1, Class B-2, Class C-1A, Class C-1B, Class C-2, Class D-1A, Class D-1B and the Preferred Shares.
RSM Robson Rhodes LLP (Gr?inne O’ Farrelly)
The period under review proved interesting from both the specialist security and investment fund perspective.
The Nostradamus All Gold Funds, a Cayman Islands domiciled fund, was listed. This fund’s primary investment objective is to seek long-term capital appreciation by focusing on investing in equity and debt securities of domestic and foreign companies engaged in gold, gold-related activities and gold mining shares, including the exploration, mining development, processing, or dealing in gold or the manufacture or distribution of gold products such as jewellery, watches, and gold foil and leaf. Another Cayman Islands domiciled fund, the Coromandel Trend Fund Limited also listed this month. The investment manager of this fund uses a trading system developed by it that seeks to identify and exploit medium-term trends existing within longer-term trends in financial interest rate and bond futures and currency markets. The trading system utilised by the investment manager is based on proprietary programmes using non-linear mathematical and statistical techniques that are quantitative in nature.
It was a busy month on the specialist security side. Nylim Flatiron CLO 2003-listed seven tranches of securities which where primarily backed by a portfolio of Senior Secured Notes. The portfolio manager was New York Life Insurance Management. Eurocredit CDO III B.V. listed 14 tranches of notes secured primarily by a portfolio of senior loans and mezzanine obligations managed by Intermediate Capital Managers Limited. Newcastle CDO III listed 6 tranches of notes, which were backed by a portfolio of Collateral Mortgage Backed Securities, REITS, Asset Backed Securities and a limited amount of Loans and Synthetic Securities which was managed by Newcastle Investment Corp.
RSM Robson Rhodes LLP listed 5 tranches of notes of Union Square CDO which were backed by U.S. denominated loans which are managed by Blackstone Debt Advisors L.P. Also listed were 11 tranches out of a possible 19 tranches of iStar Asset Receivables (STARs) Trust. The Notes were backed by first mortgage loans (or interests therein, including, in one case, a senior certificated interest in a Delaware statutory trust that holds a first mortgage loan, and, in another case, a junior participation interest in a first mortgage loan), loans to entities which own indirectly real property and an unsecured corporate loan. The primary servicer of the collateral is iStar Asset Services, Inc. The collateral is also serviced by CapMark Services L.P. and Lend Lease Asset Management L.P.
On the specialist security side, RSM Robson Rhodes LLP listed five tranches of Callidus Debt Partners CLO Fund II, Ltd. totalling U.S$299,825,000. This deal was underwritten by Wachovia Securities and the Class A tranche benefited from an insurance guaranty provided by Ambac Assurance Corporation. |
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