The company wants to take advantage from pricing inefficiencies in the volatile market, amid flooding of additional tier one issuance in the coming days, reported GlobalCapital.
The BuleBay Financial Capital Bond Fund, which is yet to be approved by Luxembourg’s Commission de Surveillance du Secteur Financier, will track its performance against the Bank of America Merrill Lynch CoCo index.
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The new fund will be launched at a size of $50m, with an ability to invest in old-style hybrid tier one and tier two debt and US preferred securities, as well as other parts of the bank capital structure.
It also has an option to purchase subordinated CDS protection or hold cash if the market gets overheated.
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By GlobalData
