RBC Capital Markets has joined the multi-dealer programme SPIRE (Single Platform Investment Repackaging Entity).
The SPIRE platform – established back in May 2017 by BNP Paribas, Citi, Credit Suisse and JP Morgan – now has 18 dealers on the platform.
Others include Barclays, Goldman Sachs, Crédit Agricole CIB, Morgan Stanley, BofA Securities Europe, HSBC, Societe Generale SA, and NatWest Markets, Santander, UBS and Credit Suisse.
Fabian DePrey, global head of structuring at RBC Capital Markets, said: “As SPIRE’s only Canadian dealer, we are pleased to bring a new footprint and credit profile to investors. Our global structuring and product teams bring expertise, liquidity and solutions capabilities to the platform.
“SPIRE is an important complement to our issuance and repack offering, and we look forward to integrating it into our broader solutions offering.”
Specifically, SPIRE allows repackaged notes arranged by the members to be issued in standardised formats.
Through the programme, investors are able to gain exposure to returns from various underlying collateral assets and customisable payoffs.
“We are pleased to join our peers in supporting the continued development of the repackaging markets for the benefit of global institutional investors,” Sian Hurrell, head of RBC Capital Markets Europe and global head of sales and relationship management.
“We believe that RBCCM’s client-focused strategy and experienced trading and structuring capabilities will make a positive contribution to the SPIRE platform.”
Natixis, Deutsche Bank Aktiengesellschaft, Nomura, UniCredit Bank are also involved on the platform.