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Friday, 18th September 2020
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Bond success a testament to the quality of CRH back
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
The €650 million bond issue by CRH America, Inc, which was guaranteed by CRH plc, is the winning transaction in the Bonds Deal of the Year category. Arthur Cox were legal adviser on the deal to CRH, with the team being led by partners Cormac Kissane (capital markets) and Fintan Clancy (tax) who were assisted by solicitor Rod O’Rourke (capital markets).
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Commenting on the deal, Cormac Kissane says that ‘in very dislocated markets, raising money on the capital markets during 2008 was a very significant achievement’. Kissane also said that in terms of timing, ‘the position of the debt markets in 2008 were very relevant. It is testament to the quality of CRH that it achieved a successful issue.’

According to Kissane, the deal was unique by virtue of the fact that ‘there were very few public issues of debt by Irish corporates last year.’

Arthur Cox had previously advised CRH plc, as guarantor of the bond issue, on the establishment of the programme pursuant to which the bonds were issued.

Other contenders in the Bonds Deal of the Year category included DAA Finance plc and Dublin Airport Authority plc and State of Ireland, acting through its agent, The National Treasury Management Agency.
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