Maples Group Leads CSPs in Ireland

The Maples Group’s Fiduciary team in Ireland has strengthened its position as the leading Corporate Services Provider (“CSP”) to special purpose vehicles (“SPVs”), in what is shaping up to be a banner year for European CLOs.

According to industry intelligence group Atlantic Star’s latest Irish CSP Report, the Maples Group was the leading CSP for total active Irish SPVs in September with 824 SPVs, representing an 18.8% market share, some 4.9% ahead of the next placed firm.

For Company Secretary (“CoSec”) services to active Irish SPVs, the Group held an equally strong position, as CoSec on 888 vehicles, covering 20% of the market, 6.3% ahead of the nearest competitor.

CLO Sector Driving SPV Growth

With 4384 SPVs currently active as of September 2024, which is 6.2% ahead of the same month last year, the international financial services sector in Ireland is in buoyant shape, underpinned by the dynamic CLO sector.

There were 1589 active securitisation SPVs in Ireland at the end of September, which was up 11.9% on the previous 12 months, reflecting the surge in CLO issuance. Securitisations represented 36.2% of active Irish SPVs in September, with CLOs accounting for 18.4% of active SPVs.

Although SPV numbers consolidated at elevated levels in September, with total active SPVs edging 0.1% lower from the previous month, the positive trend of the past six months, which has seen record highs both in terms of assets and vehicle numbers, remains intact.

“Both in terms of new deals and more broadly in the structured finance sector, 2024 has been an extremely strong year, with managers and arrangers taking advantage of the lower interest rate environment in 2024 to structure transactions at attractive pricing,” said Julian Dunphy, head of structured finance, fiduciary – Ireland. “We are seeing this healthy activity across the spectrum, including increasing interest in asset classes such as significant risk transfer (“SRT”) deals and asset-backed financings.”

“Alongside the growth in asset-backed finance, new CLO issuance has been consistently strong, as well as a resurgence of refinancings and resets, which will not always be evidenced by new Issuer levels,” added Jarlath Canning, Senior Vice President. “Despite caution due to potential interest rate risks and borrower defaults, 2024 is shaping up as a record year for CLO activities, with issuance levels poised to rival the highs of 2021.”

“While 2024 has been an extremely busy year from a structured finance perspective, our discussions with market participants indicate 2025 will be a similar story,” said Stephen McLoughlin, partner and head of the Dublin Finance team at Maples and Calder.  “Investors in CLO equity have been incentivised by the downward trend in funding costs and subsequent improvement in arbitrage, while the high proportion of CLOs that are now outside their reinvestment periods and viable for refinancing, suggests that positive trend will continue.”

The Maples Group is the longest established international firm specialising in structured finance and SPV solutions in Ireland. We provide a complete suite of fiduciary and legal services, alongside fully integrated entity management, compliance and fund services.  We advise the world’s leading CLO managers, and global financial institutions active in the securitisation and aviation finance space, including export credit agencies, investment managers, companies, lessors, airlines, and private equity funds.

If you would like to discuss any aspect of your next structured finance transaction, please reach out to your usual Maples contact or any of the professionals on this page.