The old adage that bigger is not always better undoubtedly applies in investment banking.
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Natixis has shown that smaller and more nimble players are sometimes able to innovate in ways that eclipse the best efforts of their bigger rivals. The French bank distributed a significant amount of the hard-to-sell equity tranche to investors in Taiwan in an innovative special purpose vehicle SPV repack format embedding a principal protection feature.
The bank used a similar technique to place a CLO using a Natixis note as a wrapper in For this deal there was a further innovation, however.
Instead of using a Natixis note, a long-dated zero-coupon bond issued by a US bank was used in an SPV repack format in order to enhance the internal rate of return. Due to internal constraints, institutional investors are often limited to invest in principal-protected products. But the return from such assets often falls short of their yield targets. The longer tenor meant principal protection could be achieved relatively cheaply, thereby boosting allocation to the equity tranche and, consequently, the internal rate of return that can be achieved with the product. This is the result of the long-term compounding effect in zero-coupon bonds, he explains.
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Although the year zero-coupon bond delivers a more efficient allocation to the CLO equity tranche than a shorter-dated investment, its use creates a maturity mismatch with the equity tranche, which has a much shorter lifespan. To tackle the maturity mismatch of the repack note and the equity tranche, the note was structured such that upon redemption the noteholder can reinvest the proceeds for new CLO assets or redeem the note early by physical delivery of the underlying zero-coupon bond. The structure of the transaction had to be analysed closely in order to ensure the notes could receive the same credit rating as the zero-coupon bond.
The rating agency also needed to be confident that all the SPV fees that could be incurred over the life of the investment had been accounted for. Bringing all of the various elements of the transaction together was made possible by teamwork across departments and geographies, explains Bridoux, with the debt capital markets team in New York working closely with its Hong Kong-based financial structuring team.
He is convinced the close collaboration required to execute such a complex transaction would have been very difficult to achieve for a larger, less well-integrated institution. I think the deal is quite illustrative of our focus on innovative, solutions-based approach.
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The deal values the domestic fund house at Rs 1, crore, or roughly 5. The deal will help IDFC Asset Management expand its presence in global markets and reach out to investors eager to invest in Indian shares. At the same time, it will also be able to offer domestic investors access to international investment opportunities through investment products managed by NGAM. Before the market meltdown in , Indian mutual funds were commanding rich valuations.
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