LONDON, November 16, 2011 /PRNewswire/ --
European DataWarehouse (Management) Limited (ED) is pleased to announce today that it has appointed Perella Weinberg Partners to arrange a placement of its shares (the Placement).
Following the recent selection of Sapient Global Markets to construct the European DataWarehouse on ED's behalf, the appointment of Perella Weinberg Partners and ED's prospective Placement represent the next stages in ED's creation of an independently owned central data repository, pursuant to the ECB's call for a market-driven solution.
The Placement will target market participants, including originators, investors, data providers, rating agencies and other interested parties with the intention of ensuring that ED has a broad, diverse and representative shareholder base. The aim of the initiative is to make sure that ED is owned and operated "by the market for the market."
ED intends to carry out the Placement before the company becomes operational in the summer of 2012 subject to appropriate market conditions. The proceeds raised will primarily be used to pay for the construction of the European DataWarehouse and provide ED with the necessary working capital for its initial years of trading and potentially for future growth.
Fernando Gonzalez, the Head of the Risk Strategy Section of the ECB Risk Management Office and Chairman of the ECB ABS Loan-level Initiative, said:
"The construction of the European DataWarehouse is a significant step towards the ECB's aim to increasing transparency and disclosure standards in the European ABS markets. The Placement is an important milestone in this initiative as it not only aims to raise the funds required to pay for the construction, but more importantly ensures a broad and diverse shareholder base that represents the ABS market."
Paul Burdell, Director of the European DataWarehouse and CEO of Link Financial Group, added:
"Perella Weinberg has the credibility, expertise and market contacts to ensure the success of a "strategic placement" of this kind which is tailored and marketed according to ED's specific circumstances."
This announcement does not create and should not be interpreted as creating any commitment or obligation on the part of the European Central Bank, ED or Perella Weinberg Partners. It is not intended to induce investment by any person in any entity or to induce any person to enter into legally binding commitments or obligations with any person. It does not constitute and should not be interpreted as constituting investment advice. The European Central Bank, ED and Perella Weinberg Partners make no representation or warranty in relation to ED or the Placement, and to the extent this announcement is considered to contain forward looking statements these should not be considered a reliable indicator of future performance or prospects of ED.
Notes to editors:
In December 2010, the Governing Council of the ECB announced its intention to establish loan-by-loan data requirements for ABS in the Eurosystem collateral framework, with the aim of improving transparency and helping to restore investor confidence in the European securitisation markets (the ABS Loan-level Initiative).
As part of the initiative, the ECB in April 2011 encouraged the creation of a data warehouse for the processing, verification and transmission of loan-level data by an independent constructor external to the Eurosystem. At the same time, the ECB President Jean-Claude Trichet invited market participants to lend their support to this important initiative.
An independent group of nine leading ABS investors and originators from across Europe called the "Market Group" was formed to oversee and advise in relation to the RfI and RfP processes to select a company to build the European DataWarehouse on ED's behalf.
Once constructed, the European DataWarehouse will ensure that loan-level data is made available to market participants to increase transparency in relation to, and facilitate the risk assessment of, existing and future ABS transactions. Processes and software systems will be put in place that allow ABS originators to submit loan-level data to the European DataWarehouse electronically, and the loan-level data will be checked for compliance with the specific ECB reporting templates as well as for consistency and timeliness.
ED recently announced that Sapient Global Markets has been appointed to construct the European DataWarehouse on its behalf.
For further information please contact:
European DataWarehouse (Management) Limited
Paul D Burdell
SOURCE European DataWarehouse (Management) Limited