Barclays has signed up to a multi-dealer programme launched by four major investment banks for issuance of secured notes.
Single Platform Investment Repackaging Entity (SPIRE) allows its dealer members to repackage notes issued in standard formats, providing investors with exposure to returns from various underlying collateral assets.
BNB Paribas, Citigroup, Credit Suisse and JP Morgan established the SPIRE platform in order to bring greater transparency, liquidity and simplicity to the repackaged securities market.
Commenting on joining the platform, Rupak Chandra, repack structuring lead at Barclays said: “The ability to offer notes issued from a multi dealer platform will provide a number of benefits to our clients, and we look forward to working with the existing dealers to contribute to SPIRE’s success.”
Credit Suisse’s director in structured credit, Pascal Ziegelmeyer, added that Barclays’ fixed income and derivatives businesses will contribute to the platform’s growth.
“Barclays’ capabilities in fixed income products and derivatives will further contribute to the standardisation of the repackaging market, the expansion of the global client base and will provide enhanced liquidity to investors,” Ziegelmeyer said.
Since SPIRE’s launch in May last year, more than €700 million has been issued via the platform to major UK, European and Asian institutional investors.
“SPIRE has experienced immediate success in solving our clients’ risk management challenges by providing a centralised platform with access to secondary market liquidity from multiple dealers,” Charles Bristow, global co-head of rates at JP Morgan commented.
Barclays officially joined the platform this month and is the fifth dealer to become a member.