MIGS Notes

News

• 09.10.2023
  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.
• 01.09.2022
  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.
• 17.08.2021
  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.
• 22.07.2020
  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.
• 12.07.2019
  Creditreform Rating has confirmed the rating of the bearer bonds with ISIN XS1750987395 issued by Pension Alternative Markets SCS SICAV-FIS, acting on behalf of its sub-fund Pension Alternative Markets III with BBB- / stable. The issue proceeds will be invested in an investment vehicle, which will invest in infrastructure funds with different geographical focus as well as directly in core and core-plus infrastructure assets worldwide. The fund will be managed by an American-based manager with sufficient management capabilities. The main reasons behind the decision are the existence of a significant loss buffer, a high degree of diversification of the investment vehicle on the operating asset level in connection with the possibility to build up further credit enhancement during the term of the notes. According to our analyses and under consideration of quantitative results, the expected portfolio cash flows are sufficient to fulfill the claims of the bondholders.
• 28.01.2019
  Creditreform Rating has in the context of its methodology review removed the additive “watch” for the bearer bonds with the ISIN XS1750987395 issued by Pension Alternative Markets SCS SICAV-FIS, acting on behalf of its sub-fund III, and confirmed the rating with BBB- / outlook stable. The issue proceeds will be invested in an investment vehicle, which will invest in infrastructure funds with different geographical focus as well as directly in core and core-plus infrastructure assets worldwide. The fund will be managed by an American-based manager with sufficient management capabilities. The main reasons behind the decision are the expected credit quality of the portfolio assets which is related to predominately regulated businesses. The expected cash flows generation has been tested, taking into account several stressed scenarios. The bearer bonds benefit from different credit enhancements, which will partly be built up funded over the term of the bonds. According to our analyses and under consideration of diverse stressed scenarios, the expected portfolio cash flows are sufficient to fulfill the claims of the bondholders.
• 01.08.2018
  Creditreform Rating has set the rating of the bearer-bonds with ISIN XS1750987395 issued by Pension Alternative Markets SCS SICAV-FIS, acting on behalf of its sub-fund Pension Alternative Markets III, 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.
• 10.04.2018
  Creditreform Rating has set the rating of the bearer bonds with ISIN XS1750987395 issued by Pension Alternative Markets SCS SICAV-FIS, acting on behalf of its sub-fund Pension Alternative Markets III to BBB- / stable. The issue proceeds will be invested in an investment vehicle, which will invest in infrastructure funds with different geographical focus as well as directly in core and core-plus infrastructure assets worldwide. The fund will be managed by an American-based manager with sufficient management capabilities. The main reasons behind the decision are the expected credit quality of the portfolio assets which is related to predominately regulated businesses. The expected cash flows generation has been tested, taking into account several stressed scenarios. The bearer bonds benefit from different credit enhancements, which will partly be built up funded over the term of the bonds. According to our analyses and under consideration of diverse stressed scenarios, the expected portfolio cash flows are sufficient to fulfill the claims of the bondholders.