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Tuesday, 4th August 2020
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Irish capital market deals top €100 billion in 2003 according to first Irish Capital Markets Directory

Capital market deals by Irish-based issuers exceeded €100 billion in 2003 as a wide variety of funding vehicles were used by both corporate and bank issuers, with the US private placement market and corporate bonds featuring amongst the thirteen sectors surveyed in the first Irish Capital Markets Directory. Corporate bonds came back into favour in 2003, with six issues totalling approximately €2.8 billion from a number of the country€s largest companies. On the banking side two new markets emerged - the Irish covered bond, which saw issuance top €10 billion during last year, - and certificates of deposit, which for the first time Irish banks were able to issue to Irish investors.

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Significant volume of deals transacted in 2003, as corporates/banks availed of competitive pricing
2003 was a particularly busy year for the capital markets, as illustrated in this, the first FINANCE Capital Markets Deal Directory. Overall the market was able to provide a significant level of funding at very competitive pricing, and activity was widespread in a range of areas, from corporate bonds.
Capital issues
Capital issues
Certificates of deposit (CDs) programmes
A CD is a receipt for, and promise to repay, funds deposited at a bank or other financial institution. CDs have a fixed maturity and a specified interest rate.
Collateralised debt obligations (CDOs)
An asset backed security which uses a portfolio of bonds or loans as collateral, or security. This year Bank of Ireland issued the first fully Irish structured CDO.
Commercial paper programmes
Commercial paper is a short-term unsecured promissory note that is issued for a specified amount and matures on a specified date. CP is a negotiable instrument, typically in bearer form.
Corporate Bonds
A bond is a legal contract in which a government, company or institution (the borrower) issues an IOU certificate, which promises to pay holders a specific rate of interest for a fixed duration and then redeem the contract at face value on maturity.
Covered bonds
A bond which has other financial instruments, such as mortgage loans, pledged as security against default.
Exchangeable bonds
Similar to convertible bonds but not linked to the shares of the issuer. They can be exchanged for shares Similar to convertible bonds but not linked to the shares of the issuer. They can be exchanged for shares in another company.in another company.
Floating rate notes (FRNs)
A floating rate note is a medium-term debt instrument that pays a variable rate of interest.
Medium-term note (MTNs) programmes
Borrowings out to about five years typically issued under a similar facility as for commercial paper.
Private placements
Usually refers to a bond issue that is placed directly with investors.
Rights issues
A rights issue allows a shareholder to buy an additional number of shares for each share held
Securitisations
Creation of financial instruments by combining other financial assets and then selling them to investors in the new form.
Syndicated loans
A large loan arranged by a group of banks that form a syndicate, headed by the lead manager.
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