Keeping innovation alive
In the hardest times the best rise to the surface. This is evident in this year’s Capital Markets Deals of the Year awards. These best in class deals all show the qualities needed to succeed in what is the toughest year virtually in living memory for capital markets. Underlined in this year’s winners are the ability to adapt and the required innovation to succeed.
Bond success a testament to the quality of CRH
A €650 million bond issue by CRH America has won the Bond Deal of the Year. At a time when raising money on the capital markets was very difficult and there were few issues of debt by Irish corporates, CRH managed to successfully issue this bond
Winning deal provides a solution to an SIV puzzle
2008 obviously recorded less activity than previously for Ireland’s securitisation industry, however significant events are occurring now both for the future of the industry and for the international reputation of Ireland’s financial services industry in this space. The winner of this year’s Securitisation Deal of the Year is the restructuring of the Cheyne Capital structured investment company (SIV). The Cheyne deal shows how Goldman Sachs International auctioned off the assets belonging to Cheyne’s SIV and how the structure of the deal is likely to provide a template for other defaulted SIVs
Quality in the underlying asset was core to funding success
Obtaining underwritten funding to get through a tight bid process was challenging for the acquirer Alchemy Partners in this year‘s winner of the Funding Facility Deal of the Year: the acquisition financing of the Noonan Services Group. Yet, in spite of difficulties, funding was achieved, reflecting to the strength of the underlying asset
How to regulate hedge funds
Olwyn Alexander reviews International Organisation of Securities Commissions (IOSCO) proposals to regulate hedge funds, which she says, advocate a plan that avoids the trap the banking system fell into believing that oversight of individual financial institutions can protect the system as a whole
