GlobalCapital: Nordic Trustee is celebrating the one-year anniversary of its UK business, what has been the experience of expanding in a new market?
Sorin: We launched in the UK with loan agency services. The independent loan agency market is dominated by just a couple of incumbents, and the response to our launch was universally positive. It’s clear there’s room for providers who bring deep expertise and bespoke system solutions, instead of the relatively commoditised service models. Nordic Trustee is one of the most experienced independent trustees, having operated in the Nordic region for over 30 years. With more than 3,000 live deals, we are one of the largest (if not the largest) independent agents in Europe, and it makes complete sense for NT to expand its European footprint. The business was set up in Oslo, but we now have offices in Stockholm, Copenhagen, Helsinki, Frankfurt — and of course the UK.
Overall, it’s been a very good start. We’ve had a strong reception for the Nordic Trustee name and have already taken on a broad range of transactions — large, medium, and small. We don’t have a preference on deal size or industry sector; we can administer all types. We’re very committed to continuing to grow our presence here in the UK.
GC: You’ve recently launched bond trustee services, what prompted that move?
Sorin: Given our history, it was a natural step to extend our bond expertise into the UK. In the Nordics, we’ve acted on a remarkable 14,000 bond transactions and more than 450 bond restructurings. Now we’re bringing that experience to the international — XS-ISIN — bond market. There are some differences in how these are administered, but the expertise behind the scenes remains the same. We’ve developed a proprietary bond system called Tillit, which means “trust” in Norwegian, and that has become the standard-bearer for bond systems in the market.
There are other amazing innovations from the Nordic market we’re able to bring to the UK if we see demand for that. This includes Stamdata, our wholly owned data company. Access to such a large volume of bonds means we can make huge amounts of data available across the portfolio. It’s a truly exceptional solution and highlights our distinctive approach to servicing clients — not just with administration, but with analytics and insight. In addition, we have developed a number of digital tools for our clients, including digital portals for bond issuers and borrowers and lenders in loan financings.
GC: Can you outline how Nordic Trustee are able to offer end-to-end services and why this integrated model is so valuable for issuers and lenders?
Sorin: Typically, issuers have to source an SPV provider, an agency provider and a trustee — that can lead to friction. Our partnership with Ocorian and its strength in SPV administration allows us to offer a truly end-to-end model that focuses on removing inefficiencies and costs at every stage: from onboarding and documentation review to closing and ongoing administration. If a client uses Ocorian for SPV services, we can seamlessly integrate agency and trustee services on our side. Typically, clients would need to go find another agent who then has to onboard the SPV and everyone else. But because we’re part of the same group, we’ve already done that work. Onboarding that might take weeks elsewhere can be done in a couple of days with us. We are a true “one-stop-shop” for bond issuers.
GC: What are the biggest risks for issuers and lenders without a reliable trustee or agent in place and what separates a great trustee from merely a good one?
Sorin: The most important aspect is data, where any mistake can have a significant impact on the transaction. It’s essential to work with a provider who has the systems in place to keep that data accurate. What separates a great trustee or agent from a merely good one is how they perform when things go wrong. Restructuring is probably the most complex part of what we do. It’s one thing to manage transactions when everything runs smoothly — ensuring accuracy, timely updates and proper payment flows. But when something goes wrong, that’s when expertise really matters.
We aim to be proactive problem-solvers who can help all parties reach the best resolution, reduce complexity and avoid unnecessary costs or conflict. We’ve brought in some of the most experienced market professionals. Juliette Challenger leads our legal team, and Aric Kay-Russell brings years of experience handling restructuring work. We’re offering these restructuring services not just for our existing mandates, but also as a third party to support clients through these complex events. This is where great trustees distinguish themselves — by being proactive, bringing in-depth knowledge, and helping solve problems, not just execute instructions. Those are the kind of services we’re committed to bringing to the UK market.