Rathgar Capital Management (Bermuda) Ltd. has set up a structured investment vehicle (SIV). It is the first SIV with an investment manager outside the United Kingdom, and one of the first SIVs that can sell capital as well as senior debt into the U.S. market. West End Capital Management (Dublin) Ltd. provided investment advice, and Clifford Chance acted as legal adviser on the establishment of the vehicle, which is called Rathgar Capital Corporation.
Rathgar has set up four senior secured debt programs, two in the European market and two in the U.S. market. They have an overall issuance limit of $20 billion and are rated by Moody's Investors Service and Standard & Poor's. For the European market, Rathgar established: a $5 billion Euro medium-term note (MTN) program rated Aaa/AAA; and a $5 billion Euro commercial paper (CP) program rated P-1/A-1+. The U.S. subsidiary, Rathgar Capital (U.S.) Corporation, has set up: a $5 billion MTN program rated Aaa/AAA; and a $5 billion U.S. CP program.