BlueBay Direct Lending Fund III Notes

News

• 03.06.2024
  Further details regarding the regulatory requirements according to ESMA (European Securities and Markets Authority) Guidelines 33-9-320 can be found in the document attached below.
• 01.06.2023
  Further details regarding the regulatory requirements according to ESMA (European Securities and Markets Authority) Guidelines 33-9-320 can be found in the document attached below.
• 13.05.2022
  Further details regarding the regulatory requirements according to ESMA (European Securities and Markets Authority) Guidelines 33-9-320 can be found in the document attached below.
• 18.06.2021
  Further details regarding the regulatory requirements according to ESMA (European Securities and Markets Authority) Guidelines 33-9-320 can be found in the document attached below.
• 03.06.2020
  Creditreform Rating has confirmed the rating for the bearer bonds with the ISIN XS1791934851, issued by the Pension Alternative Markets SCS SICAV-FIS, acting for and on behalf of the Pension Alternative Markets sub-fund IV with BBB- / stable. The issue proceeds of this securitization are invested in an investment vehicle, which in turn predominately provides senior secured financing to mid-market corporates in Europe. The management is carried out by a UK-based fund manager who has sufficient capacity and many years of experience in managing such assets. The main reasons for the rating are the credit quality of the current borrowers. The loan facilities granted so far are in line with our expectations. Due to the current COVID-19 pandemic, risk adjustments have been made to the portfolio to anticipate the expected recession in Europe. In the past year, the issuer fulfilled its obligations under the bearer bonds. The development of the portfolio cash flows has been tested using stressed scenarios. The bearer bonds benefit from different credit enhancements, some of which will be built up over the term. The results of the quantitative analysis show a low stress resistance of the structure with combined stress scenarios.
• 04.06.2019
  Creditreform Rating has affirmed the rating of the bearer bonds with ISIN XS1791934851 issued by Pension Alternative Markets SCS SICAV-FIS, acting on behalf of its sub-fund Pension Alternative Markets IV, with BBB- / stable. The issue proceeds will be invested in an investment vehicle, which itself will invest in predominately senior secured loans, granted to mid-market corporates in Europe. The investment vehicle will be managed by an UK-based manager with sufficient management capabilities in the management of such assets. The main reasons behind the decision are the expected credit quality of the portfolio assets. The fund investments to date, meet CRAs expectations regarding our portfolio assumptions. The expected cash flow generation has been tested, taking into account several stressed scenarios. The issuer has fulfiled its obligations under the bearer bonds within the last year. The bearer bonds benefit from different credit enhancements, which will be build up during the bonds´ duration. Our quantitative analyses display a moderate stress resistance of the structure with regard to combined stressed parameters.
• 28.02.2019
  Creditreform Rating has in the context of its methodology review prolonged the additive watch for the bearer bonds with the ISIN XS1791934851 issued by Pension Alternative Markets SCS SICAV-FIS, acting on behalf of its subfund IV and confirmed the rating with BBB-. A final rating decision will be carried out within the ongoing re-rating.
• 01.08.2018
  Creditreform Rating has set the rating of the bearer bonds with ISIN XS1791934851 issued by Pension Alternative Markets SCS SICAV-FIS, acting on behalf of its sub-fund Pension Alternative Markets IV, to (watch) and is going to review the rating due to a methodology change and in accordance with regulatory requirements. The review is open-ended.
• 30.04.2018
  Creditreform Rating has set the rating of the bearer bonds with ISIN XS1791934851 issued by Pension Alternative Markets SCS SICAV-FIS, acting on behalf of its sub-fund Pension Alternative Markets IV, with BBB- / stable. The issue proceeds will be invested in an investment vehicle, which itself will invest in predominately senior secured loans, granted to mid-market corporates in Europe. The investment vehicle will be managed by an UK-based manager with sufficient management capabilities in the management of such assets. The main reasons behind the decision are the expected credit quality of the portfolio assets. The expected cash flow generation has been tested, taking into account several stressed scenarios. The bearer bonds benefit from different credit enhancements, which will be build up during the bonds´ duration. Our quantitative analyses display a moderate stress resistance of the structure with regard to combined stressed parameters.