| Quality in the underlying asset was core to funding success |
Issue: 06 / 2009 |
| 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 |
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| Renewables sector outperforming in M&A |
Issue: 06 / 2009 |
| Green shoots in the renewable energy sector will continue in 2009 with further consolidation and strong valuations expected, writes Katharine Byrne |
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| Six bank syndicated deal completed despite difficult financial backdrop |
Issue: 06 / 2009 |
| SWS Wind Farms wins the Project Finance Deal of the Year, which was a six bank syndicated deal involving the refinancing of a portfolio of operational windfarms, the provision of finance for three development windfarms and availability of financing for future windfarms, and which was conducted in the midst of the financial crisis. All parties involved showed great skill in getting this, first of its kind in Ireland, deal to completion |
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| The annual VAT recovery rate adjustment - an ever present feature of the Irish summer |
Issue: 06 / 2009 |
| It’s that time of year again. As we enter our (so called) Summer months our thoughts are turned to longer evenings, soggy picnics and of course, the annual VAT recovery rate adjustment. For all partially VAT exempt businesses with a December year end the deadline is 19th July or 23rd July for ROS filers. |
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| Timing a key factor in winning for Iberdrola |
Issue: 06 / 2009 |
| The landmark Iberdrola €1.5 billion global medium term structured note programme is the winner of the Capital Issues category for 2009. The deal was notable for its timing which gave the issuer the ability to raise finance |
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| Winning deal provides a solution to an SIV puzzle |
Issue: 06 / 2009 |
| 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 |
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| A new model for commercial property |
Issue: 05 / 2009 |
| The world of property has changed dramatically. The unknown is the extent and the consequences of this dramatic change. One consequence has been the damage to the traditional structure of landlord and tenant relationships writes Frank O’Neill. |
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| Anticipating a recovery in 2011 |
Issue: 05 / 2009 |
| Sean Hawkshaw, CEO of KBC Asset Management, has seen the investment management industry transform in the past five years and the current market turmoil makes for some challenging decisions. Market risk and counterparty risk are two big issues that are being addressed by the industry while the constant stream of bad news makes it difficult to reassure clients. Hawkshaw remains optimistic about an upturn being priced in later this year and hopes that ‘the darkest hour is the one before the dawn.’ |
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| Bad bank/Asset Management Company is the right solution |
Issue: 05 / 2009 |
| A research report by Davy’s Stockbrokers, ‘Bad Bank/AMC is the right solution', says that the NAMA proposal is a solution for Ireland's banking system. The report gives a comprehensive analysis of NAMA, and while it broadly supports the premise of the NAMA proposals it also highlights some of the potential pitfalls. |
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| European banks: who needs a ‘bad bank’? |
Issue: 05 / 2009 |
| A research report ‘European Banks: Who Needs a ‘Bad Bank’? Part 2’ by Priyanka Malhotra & Roberto Henriques of J.P. Morgan Securities suggests an alternative to the 'bad bank' model as a solution for Europe's banks. They propose an asset protection scheme where risk of the banks' 'toxic' positions are effectively transferred to the Government in return for a fee. |
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| Ireland can become a ‘shared centre of excellence’ |
Issue: 05 / 2009 |
| The IFSC must differentiate itself from its competitors. Padraig Rushe puts forward a new model that could help retain businesses and attract others. |
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| Ireland could emerge a winner from Obama proposals |
Issue: 05 / 2009 |
| The potential winners out of the Obama tax proposals are the principals involved in the global activities, such as Ireland, Singapore and Switzerland, writes Joan O’Connor. |
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| Irish financial regulation - it needs change but it’s not broken |
Issue: 05 / 2009 |
| James Deeny, the outgoing chairman of the Financial Services Consultative Industry Panel, says that creating a media and political feeding frenzy will create ‘untold damage to our Irish regulatory system.’ |
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| It is time for Ireland’s ‘Go Zone’ |
Issue: 05 / 2009 |
| As Supplementary Budget 2009 indicated, the government is intent on addressing Ireland’s budget deficit and growing debt, with a wave of increases in taxation and broadening the tax base. Kenneth Hardy however expresses the view that this current crisis presents Ireland with an opportunity to invest in the future, and target the scarce resources in a manner which will stimulate rather than stagnate the economy. While the United States experienced a much different type of crisis in the aftermath of recent natural disasters, the Go Zone Act 2005 illustrated how targeted tax incentives can greatly assist the rebuilding of
an economy. |
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| NAMA removes the single biggest problem from bank balance sheets, and puts it on the State’s balance sheet which is far stronger |
Issue: 05 / 2009 |
| Scott Rankin says the NAMA is the right solution to Ireland’s banking problems.
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