Thu, 24/07/2014 - 06:00
The first exchange-traded instrument (ETI) issued under the Malta Securitisation Act has gone live on the European Wholesale Securities Market (EWSM).
The Dynamic Trading Strategies ETI is linked to and backed by a performance linked bond issued by a Special Purpose Acquisition Vehicle allowable under the Securitisation Act of Malta with the sole purpose of holding managed accounts at Interactive Brokers and Sensus Capital Markets.
The EWSM is a joint venture between the Malta Stock Exchange and the Irish Stock Exchange and acts as an EU regulated market for arrangers and issuers of wholesale debt products.
Argentarius ETI Management is the arranger for this ETI which is issued by ETI Securities, one of the Special Purpose Vehicles (SPV) incorporated under the Securitisation Act in Malta.
Andreas Woelfl, Argentarius’s CEO, says “This really is a first for Malta and clearly demonstrates the advantages of Malta as a domicile for the issuance of ETIs backed by and linked to the performance of Alternative Investments.”
This particular issue is the first of its kind in Malta because the ETI is linked by way of a performance bond to the underlying assets and so its performance is derived from that of a management account consisting of commodity futures contracts. The result is that the ETI is an eligible asset class for a UCITS fund even though the commodity futures contracts do not qualify as eligible assets under the UCITS directive.
For the UCITS fund manager this means that Argentarius can offer a diversification into additional asset classes, especially alternative investments asset classes with a reasonable cost structure.
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