UBS Warburg, a business group of UBS AG, established a 15 billion euro multi-issue secured note programme via a Gibraltar special purpose vehicle (SPV) in June. Global Asset Programme Ltd (GAP) is UBS's first foray into the Rock, but it was Deutsche Bank that first spotted the attraction of the jurisdiction a year ago. Deutsche continues to make use of Gibraltar and has recently added a fifth SPV, Gears, to its suite of vehicles.
Repackaging is essentially the issue of securities by an SPV, backed by collateral of the investor's choice, and is intended to meet the investor's exact needs in terms of structure, interest rate and currency exposure. Gibraltar's attractions include the fact that since it is a European Union domicile. In addition, its regulatory framework and professional infrastructure match those of the UK.
