| Funds and debt listing sponsors look forward to a busy year |
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| It was another busy month for listings for both debt and fund listings as the ISE looks to bring in new policies and guidelines to continue to meet the changing needs of the industry. |
Davy Stockbrokers (Amy Leonard)
The high levels of listing seen in the latter part of 2006 and the early New Year continued unabated this month. Many new funds came to list, while existing funds added new classes and sub-funds, a few of which are discussed below.
The London based investment management company, Polar Capital LLP listed a further fund this month on the Irish Stock Exchange - Polar Capital Columbus Fund Limited.
SWIP Private Equity Fund of Funds II Plc, a closed-ended investment company authorised by the Irish Financial Regulator listed on Irish Stock Exchange at the beginning of February.
Domestically, many Irish funds added classes and sub-funds during this period. Mellon Global Funds Plc, a large umbrella fund, added many new classes to a number of their existing sub-funds. SSgA Fixed Income Funds Plc, being another large Irish umbrella fund, added another sub-fund - SsgA EMU Government Long Bond Index Fund.
On the debt side, Arbor Realty Mortgage Securities 2006-1, a commercial mortgage backed securitisation, listed 9 tranches of notes. There was also a further series of the Barclays Bank Plc Credit Linked Programme.
Based on the strong start to the year, the outlook for both funds and debt listings in 2007 remains very positive.
The Bank of New York (Myles Daly)
The Bank of New York has had another successful month, listing a wide range of deals on the ISE.
The CLO structure again proved very popular. Deals included Landmark VIII CLO Ltd, Halycon Structured Asset Management European CLO 2006-II B.V., Queen Street CLO I B.V., Airle CLO 2006-II Ltd and Woodstreet CLO IV B.V.
The period saw several corporate issuers come to market. Global Crossing (UK) Finance Plc issued ?52,000,000 11.75% senior secured notes. ASM listings included Imcopa International S.A. and Grohe Holding GmBH. Imcopa International S.A. is a wholly owned subsidiary of Imcopa Importacao, Exportacao e Industria de Oleos Ltda, a Brazilian Soya Bean producer.
Other notable stand alones included Zoo HF 3 Plc arranged by BNP Paribas, Gracechurch Corporate Loan Series 2006-1 arranged by Barclays Capital, IIB Luxembourg S.A. arranged by Credit Suisse, CapitalSource Real Estate Loan Trust 2006-A arranged by Wachovia Securities and CELF Europe Credit Partners Plc arranged by Deutsche Bank.
On the Programme side, the Arlo-Xelo Programme for the Issue of Notes and the making of Alternative Investments arranged by Barclays Bank Plc was updated. New Programme's included GS Structured Fund Ltd's Guaranteed Multi-Jurisdiction Repackaging Note Programme or "G Major" arranged by The Goldman Sachs Group, Inc.
Notes issued under existing programme's included Series 106 and Series 2006-2905 issued by JPMorgan Chase Bank, N.A. under its US$5,000,000,000 Structured EMTN Programme. Premium Green Plc issued Series 2006-12 and Series 2006-13 under its Premium Finance Multi Issuer Asset-Backed MTN Programme. Signum Finance Cayman Limited issued Series 2006-32 and Signum Finance III Ltd issued Series 2007-01 under the Multi-Jurisdiction Repackaging Note Programme. Morgan Stanley upsized the currently listed Series 888 issued under the Programme for the Issuance of Notes, Series A and B.
Banco Popular Espanol S.A. were active again with the issuance of 15 series under their EUR4,000,000,000 ECP Programme. Credit Suisse International issued 2 Series under its Debt Issuance programme. Issuances under established EMTN's included 19 Series for Banesto Financial Products Plc and 3 Series for EBS.
Goodbody Stockbrokers (Therese Redmond)
On the investment funds side listings were dominated by the creation of new shares classes or sub-funds within existing listed funds. Such listings included Morley Alternative Investment Strategy Fund PCC Limited. BNY Hamilton Funds plc launched a new sub-fund BNY U.S. Dollar Treasury Liquidity Fund which issued and listed an Agency Shares Class while BFT Alternative plc launched shares in its new sub-fund, BFT Commodities. Union Bancaire Priv?e Asset Management L.L.C. is the investment manager behind Selectinvest Multi-Strategy Ltd., a recently listed fund, and also manages Selectinvest ARV Limited which has issued and listed some new share classes on the ISE. Finally, Arrow Hedge Partners International Inc. acts as investment manager to the recently launched Arrow Maple Leaf Fund Inc. while Lazard Asset Management LLC acts as investment manager to Lazard Emerging Income Plus Limited.
Specialist debt products admitted to the Official List included stand-alone issuer KAL Japan ABS 3 Cayman Limited which issued Y40,000,000,000 secured floating rate notes due 2010. The notes are limited recourse obligations of the issuer and will be secured by/ /the Y40,000,000,000 Variable Rate Bond due 2010 (the "Bond") issued by KAL 3 Asset Securitization Specialty Company, a Korean limited liability company. Skylark Limited, a Cayman issuer under the CLASSIC programme, listed USD100,000,000 100% Principal Rated and Protected Secured CPPI Notes on Long/Short Mezzanine Portfolio due 18 October 2013, Series 2006-4. Another Cayman issuer, Lunar Funding I Limited, listed a new series of notes this month, namely Series No. 17 - ?25,000,000 Guaranteed Variable Coupon Amount Notes due 2056.
Kinetic Partners (Killian Buckley)
The last month has seen a flurry of activity from the Irish Stock Exchange. Policy notes and guidance abound as the ISE seeks to meet industry issues head on.
New policy relating to the validity period of annual accounts which are required to be disclosed as part of offering documents used by trading funds that are seeking a listing means that applicants can now use their audited annual accounts for up to 18 months after the date of their preparation. Previously they could only be used for 12 months.
Furthermore statutory audited accounts and the associated audit report produced independent of any listing but used as part of a listing application do not now need to include an auditor's letter of consent. The previous requirement had proved troublesome recently due to guidance issued by the Audting Practices Board which did not require such consent.
Finally the ISE has issued guidance in relation to the treatment of cross class liability between sub-funds of umbrella funds. As statutory changes in jurisdictions like Cayman and Ireland now mean that there is segregation of liability under law, the ISE will no longer require a risk factor be included noting that the assets of one sub-fund may be exposed to the liabilities of another sub-fund.
McCann FitzGerald Listing Services Limited (Roslyn Doran)
The period under review saw MFLS act as listing sponsor for Census Investments 26 plc, a closed-ended umbrella investment company, with variable capital, incorporated with limited liability in Ireland. Two new sub-funds were added to this bumper umbrella: the 35G Shares Fund and 36G Shares Fund. The sub-funds which are managed by Abbey National Treasury Services plc are both marketed to retail investors in the United Kingdom. The Prospectus for each sub-fund was approved by the Financial Regulator and 'passported' into the United Kingdom.
New series of shares continue to be listed on a monthly basis and there is a continuing interest in the listing of new classes of funds which are already listed. Harris Alternatives LLC listed a number of new series for Aurora Offshore Fund Ltd and Aurora Offshore Fund II Ltd. Gruss Asset Management, L.P listed a number of new series for Gruss Global Investors Ltd and Gruss Offshore Arbitrage Fund Ltd.
On the debt listing side, MFLS experienced a slight reduction in the number of new deals seeking listing. This is normal as the industry pauses to take a "breather" after the rush at the end of the calendar year. The number of transactions listed during the period was very high, however, as prospectuses for deals that had closed at the end of last year were finalised and the securities were admitted to listing. These transactions were typically deals that originated in the United States and were the usual mix of CDOs, CMBSs and SLABs.
NCB Stockbrokers (Margot McDonagh)
This month we continue to see the popularity for listings of Cayman/Delaware asset-backed transactions on the Irish Stock Exchange with seven of this month's listings registered in these jurisdictions. Citigroup acted as arranger on three of these transactions with Tallships Funding, Ltd. & Tallships Funding Corp., Cannington Funding Ltd. & Cannington Funding Corp. and Topanga CDO II, Ltd. & Topanga CDO II, Corp. each listing, six, five and seven tranches of notes respectively.
RBS Greenwich Capital acted as arranger on the listing of Babson Quantitative Mortgage CDO Ltd., which is managed by Babson Capital Management LLC and is backed by interests in mortgage-backed securities, asset-backed securities and derivative instruments. In addition, Credit Suisse Securities (USA) LLC and Credit Suisse Securities (Europe) Limited acted as initial purchasers to the Bermudan bond issuance, GP Investments, Ltd., which listed its secured perpetual notes this month.
The Netherlands also proved to be a growing jurisdiction for Irish listings, with the listing this month of three Dutch asset-backed securities. Dresdner Bank AG London Branch acted as arranger on Northgate B.V., which listed two tranches of notes. Grosvenor Place CLO II, B.V. listed nine tranches of notes, which are secured by a portfolio of senior secured loans, mezzanine obligations, high yield bonds and synthetic securities. Additionally, Morgan Stanley listed nine tranches of notes under Morgan Stanley Investment Management Garda B.V.
On the Funds side, Arisaig Partners (Mauritius) Ltd saw the listing of Arisaig Africa Fund Limited. Deutsche International Corporate Services Limited has also listed another fund within its dbX range of funds, dbX-CTA 7. This month also saw the listing of several new series on both the funds and debt side of the business.
RSM Robson Rhodes LLP (Lara Byrnes and Nicola Bissett)
2007 began swiftly on the debt side with 12 ABS listings during the period under review. Deutsche Bank acted as initial purchaser for three of these deals including Westbrook CDO Ltd. and STAtic ResidenTial CDO 2006-C Ltd., which listed both senior and subordinated notes. Inwood Park CDO Ltd. listed 8 tranches worth $1.2 billion at the start of this period arranged by Lehman Brothers. Also arranged by Lehman Brothers was GSC European I-R S.A., a Luxembourg Issuer that listed 13 tranches of notes.
We were delighted to act as listing agent for the latest Alesco deal, ALESCO Preferred Funding XIV, Ltd. that listed 10 tranches of notes worth over $780 million. The initial purchaser for this transaction was ABN AMRO. Listing on both the Regulated market and Alternative Securities Market this month was Vertical CRE CDO 2006-1, Ltd. which was arranged by Bear Stearns and secured by a Trust Estate of real estate interests.
On the fund side there was a busy start to the first quarter, with the UK based investment manager PCE investors Limited listing the Kuromatsu Fund.
Another fund that we listed this month was the Axiom Market Neutral Fund domiciled in the Cayman Islands with a UK based investment adviser Habibsons Bank Limited. We were delighted to work with Habibsons Bank Limited on their first Irish listing. A number of new series listed again this month including, Jubilee Absolute Return Fund and the BFT Gestion funds.
Fund listings 15th January -15th February 2007
• Arisaig Africa Fund Limited (NCB Stockbrokers)
• Baring Alpha Funds plc (A & L Listing Limited)
• The Strategic Opportunities Fund Ltd (Dillon Eustace)
• Merrill Lynch Qualifying Investor Funds II plc (A & L Listing Limited)
• Addax FX1 Fund (Ireland) plc (J & E Davy)
• Axiom Market Neutral Fund (RSM Robson Rhodes)
• dbX CTA 7 Fund (NCB Stockbrokers)
• Ermitage European Multi Strategy Fund (J & E Davy)
• FCM Global Emerging Opportunities Fund Limited (J & E Davy)
• Focus Capital Global SPC (J & E Davy)
• JABCAP Multi Strategy Fund Limited (J & E Davy)
• Lazard Emerging Income Plus, Ltd (Goodbody Stockbrokers)
• Norden Umbrella Fund plc (A & L Listing Limited)
• Polar Capital Columbus Fund Limited (J & E Davy)
• Arrow Maple Leaf Fund Inc. (Goodbody Stockbrokers)
• Lyxor/Abchurch Europe Fund Limited (Dillon Eustace)
• Lyxor/Acuity Fund Limited (Dillon Eustace)
• Lyxor/Amplitude Fund Limited (Dillon Eustace)
• Lyxor/Blue Pool Absolute Partners Fund Limited (Dillon Eustace)
• Lyxor/Canyon Value Realization Fund Limited (Dillon Eustace)
• Lyxor/Dekker Fund Ltd (Dillon Eustace)
• Lyxor/Elgin Corporate Credit Fund Limited (Dillon Eustace)
• Lyxor/Entrust Capital Waters Fund Limited (Dillon Eustace)
• Lyxor/Gartmore Global Quantitative Long-Short Fund Limited (Dillon Eustace)
• Lyxor/Havens International Fund Limited (Dillon Eustace)
• Lyxor/Lumen Global Value Fund Limited (Dillon Eustace)
• Lyxor/Martin Currie Global Resources AR Fund Limited (Dillon Eustace)
• Lyxor/Mellon Alpha Access Fund Limited (Dillon Eustace)
• Lyxor/New Star Financials Hedge Fund Limited (Dillon Eustace)
• Lyxor/NWI Explorer Global Fund Limited (Dillon Eustace)
• Lyxor/Pequot Event Driven Fund Ltd (Dillon Eustace)
• Lyxor/QIM Fund Limited (Dillon Eustace)
• Lyxor/RP Japan Opportunities Fund Ltd (Dillon Eustace)
• Lyxor/Rubicon Asia Special Events Fund Limited (Dillon Eustace)
• Lyxor/Sandler Plus Offshore Fund Limited (Dillon Eustace)
• Lyxor/Scottwood Fund Limited (Dillon Eustace)
• Lyxor/Zweig-Dimenna International Fund Limited (Dillon Eustace)
• Lyxor/Balance International Fund Limited (Dillon Eustace)
• Selectinvest MultiStrategy Ltd (Goodbody Stockbrokers)
• SWIP Private Equity Fund of Funds II plc (J & E Davy)
• Lyxor/Chilton International Fund Ltd (Dillon Eustace)
• Lyxor/Chilton Small Cap International Fund Ltd (Dillon Eustace)
• Lyxor/Harmonic Currency Fund Ltd (Dillon Eustace)
• Lyxor/K Squared Capital Fund Limited (Dillon Eustace)
• The Ilmatar Fund (Dillon Eustace)
• Tikehau Credit Opportunities Fund (Maples and Calder Listing)
Excludes listings of new classes and sub funds.
Source: The Irish Stock Exchange. |
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