Credit Agricole has joined Single Platform Investment Repackaging Entity (Spire) as a new dealer in its multi-dealer programme.
The Spire programme allows for repackaged notes arranged by the platform's dealer-members, to be issued in standardised formats. Investors in turn can gain exposure to the returns of a variety of underlying collateral assets and customisable payoffs.
'The standardisation of the repack market through this "multi-top-dealer" programme will further enhance our transparent and liquid investment solutions offering available to our clients,' said Samy Beji (pictured), global head of structuring and product development, global markets division at Crédit Agricole CIB.
With the addition of the corporate and investment banking (CIB) division of the French bank, there are now seven dealers on the platform and a wider choice for investors in the repackaging market.
The platform aims to bring transparency liquidity and simplicity to the market for repackaged securities. To date, in excess of €1.3bn-equivalent has been issued to major UK, European and Asian institutional investors since the programme was launched in May 2017.
The Spire platform was established by BNP Paribas, Citigroup, Credit Suisse and JP Morgan in May 2017. Barclays and Goldman Sachs joined earlier in 2018.
Activity around repackaging has increased this year with a number of banks moving to offer synthetic debt via repackaged structured notes. Natixis launched in Q1 the OAT 2039 Green Repack, a repackaging of the first green OAT (Treasury notes with annual coupons) issued by Agence France Tresor and hedged by Natixis.
Credit Agricole CIB is not new to this segment as it rebuilt its structured products capabilities over the last few years, on the back of its Strategic Equity Transactions business, as well as its bond repack platform and secured funding.
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