Further strong growth in the number of Special Purpose Vehicles (SPV) formed in Ireland last year has provided more evidence of the strength of the Irish CLO industry and international finance sector.
Preliminary data from Atlantic Star for 2023 has shown there
were approximately 4183 active SPVs at year end in Ireland,
representing an annual increase of 4.3%. Growth was reported across
all three main market segments, with aircraft leasing vehicles up
22%, CLOs up 21% and credit fund linked SPVs up 12%.
During 2023, there were 431 newly incorporated SPVs across at least
104 different sponsors, which further demonstrates the buoyancy and
depth of the CLO market in Ireland. In December, Atlantic's
Irish SPV Report Q3 2023 showed assets held by Irish SPVs moved up
to a record level, passing €1.1 trillion for the first
time.
Within Irish SPVs, assets primarily consisted of 36.9% debt
securities, 19.7% deposit/loan claims and 19.1% securitised loans.
On the liability side, debt securities issued rose by €26.4bn
(+4.1%) during Q3-2023, which was attributed to both CLO issuance,
and the counterpart to the increase in equity holdings.
The Maples Group has maintained its impressive market position for
SPV formation in Ireland. From our internal transaction data, the
Maples Group acted on approximately 25% of new Section 110 SPVs in
2023.
"These figures certainly reflect the increased business
activity we are seeing from our clients, particularly on the CLO
side, where Ireland continues to cement its position as the
jurisdiction of choice for CLOs in Europe," said Jarlath
Canning, Senior Vice President in the Maples Group's Ireland
fiduciary team.
The Maples Group is the longest established international firm
specialising in CLOs in Ireland. We provide fiduciary services to
the world's leading CLO managers, alongside fully integrated
legal, entity management, compliance and fund services. If you
would like to discuss any aspect of your next CLO, please reach out
to your usual Maples contact or any of the professionals below.
For further information on the Maples Group's global CLO solutions, please click here to watch our short video.
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