Lord Securities Corp. (LordSPV) and Jersey-based law firm Bailhache Labesse have recently formed a partnership enabling the two to offer multi-jurisdictional SPV administration, under the LordSPV banner.
For Lord, the relationship allows it to offer its ABCP clients a "one-stop-shop" solution for issuing paper in both the U.S. and European markets, as opposed to engaging multiple administrative entities. Lord has had an Australian-based entity for several years, which has allowed it the same capabilities in the U.S./Australian markets.
According to LordSPV President Dean Christiansen, the firm is in discussions with two clients interested in having access to all three markets. Lord is already administrator to several conduits that have access to both the U.S. ABCP market and the ECP market.
Mark Lewis, partner at Bailhache, said the firms are taking advantage of a trend toward conduits that can issue both ABCP and ECP - as well as purchase assets in both markets - which in the past might have required the conduit sponsor to engage two separate entity management firms.
Lewis indicated that there's pipeline of new conduits fitting this profile, and hopes to close on the first multi-jurisdictional deals with new conduits in September.
The Jersey-based shop is called LordSPV Management (Jersey) and the trustee entity to the charitable remainder trust is Broadsheet Contract Services (Jersey) Limited.