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Thursday, 11th September 2025 |
| Debt securities listings low but some movement in CLOs |
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| The continued uncertainty in the financial markets meant that the number of debt securities listed during the period under review was well down on the corresponding period last year, However there was some movement in the listings of CLOs, with that product proving popular in the period under review. |
Davy Stockbrokers (Amy Leonard)
The period under review was a busy one for Davy with many new funds listing on the Official List. There were also an interesting variety of debt products listed in the period.
Three London based managers listed new funds in this period. NewFinance Capital LLP listed Opus Macro Fund Limited which is a Cayman Islands domiciled fund of funds structure. Opus Macro Fund Limited was established to seek long-term, risk-adjusted capital appreciation by investing in open-or closed-ended professional managed investment vehicles that invest predominantly in a broad range of global macro strategies. Meanwhile, CQS (UK) LLP listed CQS Credit Volatility and Correlation Feeder Fund Limited. This is another Cayman Islands domiciled fund, however, as the name suggests it is a feeder into another fund, CQS Structured Credit Master Fund Limited (the Master Fund). The Master Fund’s investment advisers will seek to achieve attractive risk-adjusted returns over the medium to long term by structuring, trading and hedging a portfolio of credit derivatives and securities which are selected using a combination of fundamental credit analysis and quantitative valuation techniques and which reference pools of underlying reference credits.
Threadneedle International Limited also launched a Cayman domiciled feeder fund, namely, Threadneedle Asia Crescendo Fund Limited. The focus will be investing in a range of equity securities listed or traded on any regulated market or exchange in the Asian Markets, convertible debt securities and derivative instruments on both a long and short basis.
On the domestic front, many Irish funds added new sub-funds and classes. Lupus alpha Energy 5 Fund is a new sub-fund which was added to Lupus alpha Emerging Strategies Fund plc. This sub-fund will generate attractive net absolute returns for investors by investing in listed and unlisted energy commodities. Mellon Global Funds added several new share classes to its already large listed umbrella fund.
On the debt side this period, Barclays Bank Plc obtained approval for the listing of $30 million Principal Protected CDO Portfolio-Linked Notes. While CDX.NA.HY 9 Trust 1 and CDX.NA.HY 8 Trust 1 issued Credit-Linked Trust Certificates to the value of $200 million and $300 million respectively.
Dillon Eustace (Tara O’Callaghan & Carrie McNamara)
New Capital UCITS Fund Plc listed a new sub fund in this period. The New Capital Global Fixed Income Fund invests in a diversified range of global transferable debt securities issued by either Government or corporate borrowers in different currencies with short to medium term maturities. The Fund is managed by EFG Private Bank Limited.
Galaxy China Deep Value Fund I Segregated Portfolio, the first segregated portfolio of Galaxy China Deep Value Fund SPC also listed this period. Managed by Galaxy Asset Management (BVI) Ltd, the fund operates as a feeder fund investing in securities linked to shares of Greater China-related companies listed on various exchanges which include China and Hong Kong.
Lyxor also launched two new funds namely Lyxor/Centaurus Event Driven Fund Limited and Lyxor/Lazard Rathmore Fund Limited
Banque AIG and AIG Inc. filed a number of SEC supplemental filings with the ISE this month. Additionally, AIG FP Matched Funding (Ireland) Plc, an issuer of the multi issuer Banque AIG programme, issued CHF25 million Index Linked Notes due June 15th, 2011 by way of Final Terms.
Several repack deals were also listed: Corsair Finance (Ireland) Limited listed its Series 97, 99, 100 and 101 notes while Corsair Finance (Ireland) No. 6 Limited listed Series 23. The Series 97 notes are linked to the credit of the Republic of Italy and the Italian consumer price Inflation Index, while the Series 99 notes are Capital Protected Fund Linked Notes linked to an RMF Fund Basket. M&G Credit Finance (Ireland) plc issued its Series nine notes under its recently updated Programme for the Issuance of Notes and Other Secured Obligations. Also, Espri Limited listed another fungible issue of its Series seven notes, which were first issued in May 2007 and October 2007.
Goodbody Stockbrokers (Sarah Fallon)
Funds that listing during the month included a Cayman Island domiciled fund, Ashton BRIC Fund which is investing in portfolio funds with exposure to the markets of countries whose economies exhibit high growth, including but not limited to Brazil, Russia, India and China. AllianceBernstein were extremely active with the listing of three further funds, all of which are domiciled in the Cayman Islands. The three funds, AllianceBernstein Global Diversified Strategies (Sterling Managed) Ltd. – Hedge Fund A, AllianceBernstein Global Diversified Strategies (Sterling Managed) Ltd. – Hedge Fund B and AllianceBernstein Global Diversified Strategies (Euro Managed) Ltd. – Hedge Fund A are master feeder funds differentiated by currency denominations. The master funds are investing long and short across the capital markets including equities, fixed-income instruments, currencies and commodity futures. As usual, umbrella funds which included PIMCO Funds – Global Investors Series plc and Signet Multi-Manager Inc. listed new sub-funds during the month.
On the debt side, Hyundai Capital Auto Funding VII Limited listed $400 million secured floating rate notes. The net proceeds of the offering was used to purchase a bond whose issuer will be a beneficiary of a trust and will be entitled to receive payments from the trust assets comprising auto loan receivables. Standard Chartered Bank acted as the lead manager of the offering. ARM Asset-Backed Securities S.A. Listed ?25 million Asset-Backed Income Bond Series J 2017 under its $250 million Asset-Backed Securitisation Bond Programme. The underlying assets will comprise cash, cash equivalents and
cash flows from a pool of senior life settlement policies.
Grant Thornton (Tara Cronin & Gina Fitzgerald)
On the ABS side, CLO listings were popular in the period under review. Avenue CLO Fund, Ltd. and Avenue CLO II, Ltd. both opted for a dual listing, listing nine tranches and seven tranches respectively. Avenue CLO III, Ltd. also listed its preference shares on the Alternative Securities Market. Stanfield Arnage CLO, Ltd. also opted for a dual listing of Notes totalling almost €600 million, secured by a Trust Estate. In addition, Grant Thornton acted as listing agent for the updating of the prospectus for Systems 2001 Asset Trust Ireland Finance plc. which provided for the listing of further final terms under the Irish Issuer (Option Aircraft) Notes Programme.
On the funds side we were pleased to assist with the listing of a number of new classes and series this month. Jubilee Absolute Return Fund PCC Limited, managed by Fauchier Partners, added a new series. Wake Alternative Investments SPC, managed by Wake Alternative Investments also listed a new class. In addition, FRM Diversified III Fund listed a new class in their Restricted Cell.
McCann Fitzgerald Listing Services (Tony Spratt)
During the period under review McCann FitzGerald Listing Services acted as listing sponsor on behalf of Census Investments 26 plc, a closed-ended umbrella investment company, with variable capital, incorporated with limited liability in Ireland, which listed a further sub-fund, 43G Shares. The sub-fund, which is managed by Abbey National Treasury Services plc, is marketed to retail investors in the United Kingdom. The investment objective of the sub-fund is to generate capital growth for the 43G Shares over the investment term and to return to shareholders their capital investment at maturity.
Another fund which listed during the period was Euronova Large Cap Fund Limited. The investment objective of the fund is to achieve absolute returns consistent with a long term Sharpe ratio of greater than one. Particular emphasis will be placed on preservation of capital during adverse market conditions.
The continued uncertainty in the financial markets meant that the number of debt securities listed during the period under review was well down on the corresponding period last year. During the month under review, MFLS acted as listing agent for a number of new series of notes issued under existing asset–backed debt programmes and one CMBS transaction. This CDO transaction was arranged by Morgan Stanley under its ELOC brand and securitised a single loan made to 35 borrowers serviced by 65 properties located in Germany, Belgium, Switzerland and the Netherlands.
NCB Stockbrokers (Margot McDonagh)
A number of new funds and debt securities listed this month. On the funds side, in addition to the listing of several new share classes, we saw the listing of The Global ETF Opportunities Fund. Domiciled in the Cayman Islands and managed by Vanheel Management Limited, this fund seeks to generate absolute returns through investing primarily in exchange traded funds.
In addition, Graham Capital Management L.P. launched a new master/feeder fund during the period under review, Graham Quantitative Strategies Fund Ltd. Through its investment in both Graham Quantitative Strategies Ltd and Graham Quantitative Strategies Feeder Ltd, the fund aims to maximize total return on a risk-adjusted basis by utilizing a diverse portfolio of alternative investment strategies that participate in the global macro and securities markets.
Mercer Global Investments Europe Limited listed a new sub-fund within Mercer PIF Funds plc. MGI Diversified Alpha Fund, an Irish-domiciled fund of funds, seeks aims to invest in a selected group of underlying funds in order to achieve exposure to a broad range of alternative investment strategies including, but not limited to, global tactical asset allocation, market neutral equity and currency management.
On the debt side, we listed a new Dutch programme, E-MAC Program III B.V. which has already listed five tranches of notes under this issuer. Keeping with The Netherlands, this month also saw the listing of Tisbury Credit B.V., backed by a large pool of secured loans and arranged by Dresdner Bank AG London Branch, this issuer listed two tranches of notes. |
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