This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

BNY Mellon Appointed Trustee To BlueBay Ireland Corporate Credit I Limited

DUBLIN, July 10, 2013 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment  services, has been appointed portfolio administrator, trustee and custodian to BlueBay Ireland Corporate Credit I Limited, an investment vehicle intended to lend to Irish small and medium-sized enterprises (SMEs) and medium-sized corporates.

BNY Mellon will provide a one-stop administration solution to BlueBay and will act as drawdown notification agent, account bank, cash manager and issuance paying agent to the investment vehicle. In addition, BNY Mellon may act as facility loan agent for the borrowers in the project.

The investment vehicle was announced in January this year and forms part of a wider SME funding initiative referenced by Irish Minister for Finance Michael Noonan in the December 2012 budget. The investment vehicle, in which Ireland's National Pensions Reserve Fund (NPRF) is a cornerstone investor, was launched in June this year and has capital commitments of €450 million.

"By funding SMEs we are stepping into an area which has traditionally been dominated by Ireland's banks," said Pat Walsh, Head of Irish Investments at BlueBay Asset Management LLP. "This vehicle will originate term loans to Irish companies and is also able to acquire existing loans from banks that may be seeking to exit the Irish market. We are delighted to have worked with the NPRF and BNY Mellon on such an innovative and important project".

"SMEs are the backbone of Ireland's economy and vital to the country's nascent recovery," observes Dean Fletcher, Head of EMEA Corporate Trust, BNY Mellon. "BlueBay's innovative and ground breaking investment vehicle offers a crucial lifeline to these businesses, many of which have struggled to raise finance since the financial crisis. This is positive news for Ireland's business community and the future health of the country's economy."

Joe Duffy, Country Executive for Ireland at BNY Mellon, adds: "BNY Mellon is a major participant in Ireland's financial services industry and has significant global expertise in investment services. We are thrilled to work with BlueBay on this project and contribute to supporting the recovery of Ireland's economy."

The portfolio will comprise loans to high quality, mid-market borrowers and the use of proceeds will include refinancing, acquisition funding and growth capital. SMEs will be able to start applying for loans from the investment vehicle immediately.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs