Date of dispatch of this notice: 05/02/2021
Expire date: 10/03/2021
External Reference: 2021-128050
TED Reference: 2021/S 028-069441
02. Contract notice
Information
Published
02. Contract notice
Contract notice
Directive 2014/24/EU
Section I: Contracting authority
I.1)
Name and addresses
Lønmodtagernes Dyrtidsfond (‘LD Pensions’)
61552812
Dirch Passers Alle 27
Frederiksberg
2000
DK
Contact person:
Claus Buchwald Christjansen
Telephone:
+45 33368938
E-mail:
Investeringsafdeling@ld.dk
Internet address(es):
Main address:
https://www.ld.dk
Address of the buyer profile:
https://eu.eu-supply.com/ctm/Company/CompanyInformation/Index/352919
I.3)
Communication
The procurement documents are available for unrestricted and full direct access, free of charge, at:
http://eu.eu-supply.com/app/rfq/rwlentrance_s.asp?PID=292218&B=KROMANNREUMERTAdditional information can be obtained from
the abovementioned address:
Tenders or requests to participate must be submitted
electronically via:
http://eu.eu-supply.com/app/rfq/rwlentrance_s.asp?PID=292218&B=KROMANNREUMERT
Tenders or requests to participate must be submitted
to the abovementioned address
I.4)
Type of the contracting authority
Body governed by public law
I.5)
Main activity
Economic and financial affairs
Section II: Object
II.1)
Scope of the procurement
II.1.1)
Title
LD Pensions’ tender for an Agreement concerning High Grade European Asset Backed Securities
II.1.2)
Main CPV code
66140000
-
Portfolio management services
II.1.3)
Type of contract
Services
II.1.4)
Short description
The object of the tender is to select an Investment Manager to manage LD Pensions’ assets within High Grade European Asset Backed Securities. LD Pensions is acting on behalf of its fully owned subsidiary Kapitalforeningen LD (KLD). The contract will be signed with KLD.
A more detailed description of the characteristics of the mandate can be found in the Investment Guidelines (Investment Guidelines can be found in Schedule 1 of the Agreements).
The size of the mandate covered by this contract notice are indicative due to LD Pensions’ inability to determine the volume in advance. The value of the contracts is therefore LD Pensions’ best estimate.
A more detailed description of the characteristics of the mandate can be found in the Investment Guidelines (Investment Guidelines can be found in Schedule 1 of the Agreements).
The size of the mandate covered by this contract notice are indicative due to LD Pensions’ inability to determine the volume in advance. The value of the contracts is therefore LD Pensions’ best estimate.
II.1.5)
Estimated total value
Value excluding VAT: 2900000.00
EUR
II.1.6)
Information about lots
This contract is divided into lots:
no
II.2)
Description
II.2.2)
Additional CPV code(s)
66140000
-
Portfolio management services
II.2.4)
Description of the procurement
LD Pensions is selecting one Investment Managers to provide investment management services for High Grade European ABS. Expected size for the mandate is DKK 1.250 million, approx. EUR 170 million; however this is strictly indicative due to the inability to determine the precise volume in advance.
The objective for the mandate is to deliver a stable return stream of EURIBOR+150bp by investing in European ABS. Another goal is to offer downside protection compared to EUR IG bonds (Bloomberg ticker ER00) adjusted for duration.
A more detailed description of the characteristics of the mandate can be found in the Investment Guidelines (Investment Guidelines can be found in Schedule 1 of the Agreement).
All minimum criteria are listed in Appendix 5a Questionnaire and summarised in Section III: Legal, economic, financial and technical information.
The objective for the mandate is to deliver a stable return stream of EURIBOR+150bp by investing in European ABS. Another goal is to offer downside protection compared to EUR IG bonds (Bloomberg ticker ER00) adjusted for duration.
A more detailed description of the characteristics of the mandate can be found in the Investment Guidelines (Investment Guidelines can be found in Schedule 1 of the Agreement).
All minimum criteria are listed in Appendix 5a Questionnaire and summarised in Section III: Legal, economic, financial and technical information.
II.2.5)
Award criteria
Price is not the only award criterion and all criteria are stated only in the procurement documents
II.2.6)
Estimated value
Value excluding VAT: 2900000.00
EUR
II.2.7)
Duration of the contract, framework agreement or dynamic purchasing system
Duration in months:
48
This contract is subject to renewal:
yes
Description of renewals:
The contract can be renewed by 12 months, up to three times.
II.2.10)
Information about variants
Variants will be accepted:
no
II.2.11)
Information about options
Options:
no
II.2.13)
Information about European Union funds
The procurement is related to a project and/or programme financed by European Union funds:
no
Section III: Legal, economic, financial and technical information
III.1)
Conditions for participation
III.1.1)
Suitability to pursue the professional activity, including requirements relating to enrolment on professional or trade registers
List and brief description of conditions:
The tenderer is eligible to provide investment management services within the EU.
III.1.3)
Technical and professional ability
Minimum level(s) of standards possibly required:
The Tenderer has experience with providing the necessary documentation and other due diligence materials required to enable LD Pensions to carry out its regulatory responsibilities as set out in REGULATION (EU) 2017/2402 with respect to securitization positions.
The Tenderer has experience managing standalone investment grade ABS mandates. The required experience can have been obtained through one mandate that fulfills both requirements below or through two separate mandates that combined fulfills both requirements below;
- The Tenderer has at least one mandate with an inception date prior to 1 January 2015 and the mandate has AuM of at least 500m EUR equivalent as at 31 December 2020, where (1) the historical sector allocation of the mandate has been consistently diversified across a wide range of structured credit assets, specifically: RMBS, CLO and ABS - with ABS defined as credit card receivables, autos, consumer loans and (2) the geographic allocation of the mandate has been at least 70% invested in EU and UK issuance.
- The Tenderer is managing at least one standalone structured credit mandate in which all assets comply with EU risk retention requirements for at least one calendar year for the period 1 January 2019 to 31 December 2020.
The Tenderer has a dedicated Structured Credit Team (portfolio management and credit research analysts) with a minimum size of 6 persons as at 31 December 2020, and at least one member of the Team has a track record of managing structured credit mandates prior to 1 January 2008.
The Tender can document its technical and professional ability by filling out Appendix 5a Questionnaire.
The Tenderer has experience managing standalone investment grade ABS mandates. The required experience can have been obtained through one mandate that fulfills both requirements below or through two separate mandates that combined fulfills both requirements below;
- The Tenderer has at least one mandate with an inception date prior to 1 January 2015 and the mandate has AuM of at least 500m EUR equivalent as at 31 December 2020, where (1) the historical sector allocation of the mandate has been consistently diversified across a wide range of structured credit assets, specifically: RMBS, CLO and ABS - with ABS defined as credit card receivables, autos, consumer loans and (2) the geographic allocation of the mandate has been at least 70% invested in EU and UK issuance.
- The Tenderer is managing at least one standalone structured credit mandate in which all assets comply with EU risk retention requirements for at least one calendar year for the period 1 January 2019 to 31 December 2020.
The Tenderer has a dedicated Structured Credit Team (portfolio management and credit research analysts) with a minimum size of 6 persons as at 31 December 2020, and at least one member of the Team has a track record of managing structured credit mandates prior to 1 January 2008.
The Tender can document its technical and professional ability by filling out Appendix 5a Questionnaire.
III.2)
Conditions related to the contract
Section IV: Procedure
IV.1)
Description
IV.1.1)
Type of procedure
Open procedure
IV.1.8)
Information about the Government Procurement Agreement (GPA)
The procurement is covered by the Government Procurement Agreement
: yes
IV.2)
Administrative information
IV.2.2)
Time limit for receipt of tenders or requests to participate
Date:
10/03/2021
Local time:
23:00
IV.2.4)
Languages in which tenders or requests to participate may be submitted
English
IV.2.6)
Minimum time frame during which the tenderer must maintain the tender
Duration in months
: 6
(from the date stated for receipt of tender)
IV.2.7)
Conditions for opening of tenders
Date:
10/03/2021
Local time:
23:00
Section VI: Complementary information
VI.1)
Information about recurrence
This is a recurrent procurement:
no
VI.3)
Additional information
Both mandatory and voluntary grounds for exclusion apply in this tender procedure, cf. section 135-137 of the Danish Public Procurement Act.
VI.4)
Procedures for review
VI.4.1)
Review body
Klagenævnet for Udbud
Nævnenes Hus, Toldboden 2
Viborg
8800
DK
Telephone:
+45 35291000
E-mail:
klfu@naevneneshus.dk
Internet address:
https://naevneneshus.dk/start-din-klage/klagenaevnet-for-udbud/
VI.4.3)
Review procedure
Precise information on deadline(s) for review procedures:
In accordance with Act No 953 2.6.2016 (Lov om klagenævnet for Udbud m.v.), the deadlines for submitting a complaint are the following:
Complaints about the award procedure must be lodged with the Danish Complaints Board for Public Procurement before the expiry of:
45 calendar days after the contracting authority has published a notice in the official Journal of the European Union (with effect form the day following the publication date);
The complainant must inform the contracting authority of the complaint in writing and not later than simultaneously with the lodging of the complaint to the Danish Board of Public Procurement. The complaint must state whether the complaint was lodged in the stand still period. If the complaint has not been lodged in the stand still period, the complaint must also state whether the complaint is requested to be given suspensive effect.
Complaints about the award procedure must be lodged with the Danish Complaints Board for Public Procurement before the expiry of:
45 calendar days after the contracting authority has published a notice in the official Journal of the European Union (with effect form the day following the publication date);
The complainant must inform the contracting authority of the complaint in writing and not later than simultaneously with the lodging of the complaint to the Danish Board of Public Procurement. The complaint must state whether the complaint was lodged in the stand still period. If the complaint has not been lodged in the stand still period, the complaint must also state whether the complaint is requested to be given suspensive effect.
VI.4.4)
Service from which information about the review procedure may be obtained
Konkurrence- og Forbrugerstyrelsen
Carl Jacobsens Vej 35
Valby
2500
DK
Telephone:
+45 41715000
E-mail:
kfst@kfst.dk
Internet address:
http://www.kfst.dk