SPIRE = Single Platform Investment Repackaging Entity

SPIRE is a special purpose vehicle established for the purpose of issuing asset backed securities.

SPIRE platform is a tool for institutional investors looking to buy repackaged structured products (=repacks). Repacks are structured products that combine a debt security and a derivative and function much like a structured note, offering access to all kinds of assets and payoffs.

The benefit of Spire, in contrast to the traditional process, is that every dealer the client approaches on the platform will provide a quote for the same issuance vehicle, using the same note programme.

Spire works much like a third-party medium-term note issuer, where each transaction is a bilateral trade between investor and dealer, and the note is issued by Spire. There is a single, shared set of documentation that will be used by dealers, so comparison between the offers of the four dealers is quick and straightforward.

Spire's repacks will allow investors to gain exposure to all kinds of asset classes, payoffs and underlyings, but not proprietary indices, which are boutique, in-house instruments and, as such, are not shared between the dealers on Spire, as well as other particularly illiquid assets.