| A new business model emerging in IFSC banking |
Issue: 06 / 2009 |
| The winner of this year’s Most Innovative Deal of The Year is the the transfer of a portfolio of securities valued at approximately €23 billion from WestLB to an Irish SPV. The structure of the deal is innovative and ground breaking because it shows how Ireland can develop into a location for the domiciliation of distressed assets and guide other international banks to set up similar entities in Ireland. The benefit of these type of structures is that the sale of distressed assets to Irish banks, for domiciliation in Irish SPVs, will result in a lower tax charge on the gains arising in the event of their recovery to par values. On foot of the WestLB deal, a number of banks have submitted proposals to locate distressed assets in Dublin |
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| A rejoinder on Richard Cantillon’s behalf |
Issue: 06 / 2009 |
| Aidan Walsh responds to some of the points made by Professor Cormac O'Grada about Irish economist Richard Cantillon in a speech published in the May issue of FINANCE |
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| Bond success a testament to the quality of CRH |
Issue: 06 / 2009 |
| 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 |
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| Building a framework for the smart economy - tax relief for intangible assets |
Issue: 06 / 2009 |
| In a welcome move, the Finance Act introduces capital allowances for capital expenditure incurred by companies on certain intangible assets. Anna Scally outlines how it operates and what improvements might be sought in due course. |
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| Competitive auction process gets strong price for Noonan |
Issue: 06 / 2009 |
| The sale of the Noonan Group to Alchemy partners has won the Mid-market Corporate Finance Deal of the Year.
The Noonan Group attracted international and domestic interest with a number of bids from both international and domestic private equity and trade buyers |
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| Distressed assets present an opportunity in European M&A sector |
Issue: 06 / 2009 |
| The European M&A market has fallen back significantly from its peak in 2007 with private equity deals falling by 59 per cent in 2008 as the trouble in debt markets curtailed many leveraged deals. Corporates with strong balance sheets and cash rich private equity firms can take advantage of companies disposing of non-core subsidiaries writes Ted Webb |
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| Documentary credit the solution to export credit insurance crisis |
Issue: 06 / 2009 |
| With the export credit insurance market in a state of near collapse it is time to look once again at more traditional banking solutions to export risk issues, writes Ananth Krishnan |
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| Hedge Fund Directive clashes with Irish regulations |
Issue: 06 / 2009 |
| If the European Commission draft on Alternative Investment Fund Managers Directive, which is proposing to regulate the managers of ‘alternative investment funds’, is implemented in its current form, it will affect the operations of all managers of non-UCITS funds, writes Fionan Breathnach. The draft Directive conflicts with Ireland’s current regulatory regime in a number of areas, which may lead to difficulties for Ireland’s funds industry if the Directive is passed in its current form |
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| How to regulate hedge funds |
Issue: 06 / 2009 |
| 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 |
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| IAWS merger with Hiestand creates world leader Aryzta |
Issue: 06 / 2009 |
| The merger of IAWS plc with Swiss firm Hiestand Holdings has created the Irish/Swiss listed group Aryzta, which is now one of the largest players in the international baked goods market. The deal, which took place prior to the landmark Lehman Brothers bankruptcy in September 2008, shows the ability of Irish advisers to conduct multi-jurisdictional transactions. The merger was achieved on a largely non-cash basis rather than a debt-funded transaction and has left the merged entity well placed to emerge stronger on the other side. For these and other reasons, the deal wins this year’s Corporate Finance Deal of the Year |
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| Internationally competitive financial services experience can be gained in Ireland |
Issue: 06 / 2009 |
| Jim Barry of Bank of Scotland (Ireland) gained international experience in high value M&A and privatisation work and large scale, leveraged, structured and syndicated transactions during his time working for both foreign and domestic banks in Dublin. This type of exposure to such varied financial services work offers young and ambitious people the chance to develop their careers in Ireland, says Barry |
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| Keeping innovation alive |
Issue: 06 / 2009 |
| 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. |
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| New pension products for a changed market |
Issue: 06 / 2009 |
| Gareth McQuillan, product and pricing director at Hibernian Aviva Life & Pensions, spends most of his day planning broker roadshows, discussing investment strategy and supervising product development. McQuillan also attends an Irish Insurance Federation meeting on the life assurance levy that the Government imposed in the April Budget. If it goes ahead it will be ‘enormously damaging’ for the insurance industry, and will be ‘very negative’ for consumers. Meanwhile, he is engaged in the rebranding of Hiberian Aviva to Aviva. |
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| Obama’s tax proposals |
Issue: 06 / 2009 |
| The eagerly-awaited proposals of the Obama Administration for changes to the US tax treatment of the offshore profits of US multinationals were announced in outline on 4 May, and subsequently elaborated on in the US Treasury’s 'Green Book' or quasi Finance Bill published a week later. They have had a rather mixed reception both in the United States and overseas. |
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| Pricing good for target while acquirer gains strategic investment |
Issue: 06 / 2009 |
| Iberdrola achieved an important strategic investment when it invested $55 million by way of placing of new ordinary shares for a 22.6 per cent shareholding in Petroceltic. While for Petroceltic the pricing of the equity placing was done at a 41 per cent premium to its previous day closing share price in this year’s Equity Linked Deal of the Year |
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