TRUST AND AGENCY SERVICES: FURTHER READING Editor’s selection
Trust and Agency Services is the glue holding many different areas of Deutsche Bank's wider product and service offering together. Here are our editorial picks from the flow website.
Paving the road to net-zero
Finance for critical ESG-aligned infrastructure is under way, but the journey has only just begun. In an interview, Deutsche Bank’s Claire Coustar, Emily Kreps and Thalia Delahayes share insights on how carbon pricing, the focus on natural capital and regulation are shaping project finance. Delahayes, who heads the bank’s Project Finance Agency Americas team, observes, “We have seen some interesting examples of how the momentum of energy transition can bring investors together from around the world. For example, last year we worked on a debt financing for three Finnish wind farms being developed by Luxcara.” The Deutsche Bank Trust and Agency Services team acted as financing intercreditor and security agent in a deal involving lenders from both Germany and Canada. Once operational, the project will power more than 140,000 Finnish homes.
CLOs – a continued growth trajectory
Further to the CLO explainer article in this section (see pages 73 to 75), this article provides a deep dive into the European CLO and leveraged loans market following the 9th Annual Investors’ Conference on European CLOs and Leveraged Loans. We include some useful insights on
investor attitudes and how European CLOs compare with the more mature US CLO market, drawing on Deutsche Bank Research analysis. Although CLO issuance hit record highs in 2021, surpassing even pre-pandemic levels, there were concerns about the geopolitical and macroeconomic headwinds. But, as Jason Connery, Head of Trust and Agency Services EMEA at Deutsche Bank, says, “the CLO 2.0 structure has proven itself, having weathered the global financial crisis and two subsequent downward cycles when commodities prices plunged”.
REITs in Asia – a resilient asset class
Why are real estate investment trusts (REITs) attracting investors in Asia? REITs have done for property ownership what mutual funds did for stock ownership. As helpfully explained by Deloitte China Real Estate Investment Trust Advisory Services, REITs offer corporates the opportunity to monetise their income- producing real estate assets (through selling them to a REIT, which then manages the property). They also offer investors the chance to own and earn from a share of real estate without requiring the wherewithal to buy and manage those assets outright. This article explains the structure, and includes insights from REIT trustee market leaders at Deutsche Bank in Hong Kong and Singapore about the post-pandemic opportunities for investors, both in the Greater Bay Area and beyond.
Read more of our best coverage
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