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Overview: Sponsors of Irish SPVs in Q3-2019

Overview: Sponsors Of Irish SPVs In Q3-2019

The UK tops the list of jurisdictions where Irish SPV sponsors are located. UK sponsors are split relatively evenly between asset managers and banks.

The US is another very significant sponsor location, and has been growing in importance over recent years.

Data: Country of SPV sponsors, as measured by total SPV assets. Souce: Central Bank of Ireland SPE Statistics; Compiled by Atlantic Star Consulting

Irish sponsors tend to be either Irish banks, or subsidiaries of UK or US asset managers operating through branches here.

Asset managers were the most significant sponsor of Irish SPVs in Q3, continuing a trend that has been observed for several years.

These sponsors are engaged in a wide variety of vehicles, and may be CLO managers, fund managers using SPV structures paired with a fund, or private equity firms holding assets through SPVs.

Data: Sector of SPV sponsors, as measured by total SPV assets. Souce: Central Bank of Ireland SPE Statistics; Compiled by Atlantic Star Consulting

Our research shows that while banks are more likely to sponsor older pre-crisis vehicles, the new wave of SPVs is being driven largely by asset managers and so we are likely to see this share increase over time.

The role of government sponsors of Irish SPVs is reducing as crisis-era vehicles such as NAMA structures are wound down.

For more regular insights, Download the Latest Irish SPV Report.