{{ languageVal }}
  • English
 

Industry Updates

European CLOs - Key Advantages of Irish CLO Issuers

14 Mar 2013

Markets have recently seen the return of the European CLO with CLO sales of €7.5 billion in 2013 and a post-crisis high of €8 billion so far in 2014. Commentators have attributed this to experienced and larger CLO managers becoming more comfortable with risk retention rules and the successful implementation of structures which comply with them. Increased investor confidence, coupled with better relative value returns for CLO securities compared with other similar asset classes, have helped drive this recovery. The European Central Bank ("ECB") recent support of ABS purchases, while perhaps not impacting directly on CLOs, will nonetheless enhance liquidity in the overall sector.

Ireland is one of the most popular jurisdictions for the establishment of CLO issuers, with approximately 75% of European CLO issuers in 2014 established there. 
Maples and Calder has acted as issuer counsel and listing agent for deals involving managers and underwriters such as Guggenheim, ICE Canyon, Morgan Stanley, Goldman Sachs, J.P. Morgan, CVC Credit Partners, Intermediate Capital Group and BlueBay Asset Management LLP on some of the largest CLO transactions in 2013 and 2014 and are market leaders as issuer counsel with respect to Cayman Islands law on US CLO transactions.

Maples and Calder's affiliate, MaplesFS is an independent global provider of specialised fiduciary, accounting and administration services (including FVC, EMIR, FATCA and Irish tax compliance services) for structured finance vehicles including CLO issuers. This close working relationship offers clients the maximum convenience, speed and efficiency in establishing and administering CLO issuers.

 

Related Services

Finance

Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global Finance team provides expert legal advice on even the most complex financial transactions under intense time pressure. Clients repeatedly return to our qualified finance lawyers to handle a variety of complex matters relating to acquisition and leveraged financing, asset finance, banking, debt capital markets, derivatives, fund finance, insurance linked products, Islamic finance, repackaging and structured finance. 

Tax

Our market leading Tax team is at the forefront of innovation in developing new structures and strategies for international and Irish clients on cross-border tax matters. 

Regulatory & Compliance

Risk management and regulatory compliance have become key priorities for clients with both regulators and investors demanding greater transparency and enhanced reporting. Compliance with these obligations means ensuring a clear understanding of the ongoing requirements and often the aggregation, calculation, maintenance, reconciliation and submission of extensive data sets to various parties on a regular basis. The Maples Group has unrivalled expertise in regulatory matters, particularly in the field of anti-money laundering and counter-terrorist financing. We pride ourselves on our established relationships with regulatory bodies and have had significant involvement with the development of financial services law and policy both locally and internationally. Our ability to draw on this experience enables us to provide prompt, pertinent and clear advice that adds real value and helps our clients determine how best to maintain compliance across multiple jurisdictions.

Legal Services

Access to market leading legal advice across a wide range of industries and sectors is paramount to the success of businesses seeking international expertise with local support. The Maples Group's legal services teams are globally coordinated, with consistent systems, policies and procedures across all offices, and connected by a common goal: to deliver the highest quality advice and solutions to our clients. Offering an extensive range of legal services, we advise financial, institutional, business and private clients on the laws of the British Virgin Islands, the Cayman Islands, Ireland, Jersey and Luxembourg, delivering time zone convenience and accessibility from these and other leading key international financial centres. Through constructive dialogue and engagement with governments, regulators and industry associations, we have helped shape financial industry innovation and regulation in many of the jurisdictions in which we operate.