On 19 February UK-based European Investment Grade Properties (EIGP) successfully listed a £50m ($69.7m, €63.2m) 5% corporate bond maturing in 2023.
The following week, Delta1 Securities listed an asset-backed Exchange Traded Instrument (ETI) named Haack Performance Asset Backed ETI and is issuing up to €250m securities.
Passporting opportunities
Herbert Hakala, managing director of PP-Asset Management, which manages the special investment vehicle underlying the ETI, said: “The ETI structure perfectly fits our needs in terms of flexibility and time-to-market.
“Whereas the whole set-up process to launch took just two months, the listing at GSX itself was completed within a few days. The passporting opportunities into the whole EU are of significant value for us, as is the Ucits eligibility of the ETI structure once listed at an EU-regulated market approved by ESMA, like GSX.”
"The passporting opportunities into the whole EU are of significant value for us."
A number of firsts
GSX managing director, Nick Cowan, said: “We are delighted to have achieved a number of firsts in 2016 already: the first prospectuses to be published in Gibraltar, the listing of our first corporate bond and the listing of our first exchange traded instrument.”
The expansion is a key element of GSX’s strategy in complementing Gibraltar’s position within the EU and providing financing solutions to its clients seeking a gateway to Europe, particularly through the securitisation area.
