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Friday, 19th April 2024
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Market very active in innovative year Back  
Ireland’s first whole business securitisation, and the first Irish Tier 1 Capital preference shares deal, are just some of the deals being nominated for this year’s ‘Capital Markets Deals of the Year’ survey. The nominations are chosen by a panel of corporate bankers and lawyers to reflect the best and most innovative deals of the past year. We look at why these deals were nominated and the key trends in Ireland’s capital markets over the past year, such as continued growth in private placements, and syndicated loans.
The past year has seen a number of innovative deals being transacted in the Irish capital markets, with a number of deals representing ‘firsts’ for the Irish market. These included the first commercial mortgage-backed securitisation (CMBS), which was transacted by Real Estate Opportunities, a subsidiary of property development firm Treasury Holdings, in February of this year, and Anglo Irish Bank’s €430 million Tier 1 Capital deal. The issue of preference shares was structured so as to permit investors to acquire Perpetual Tier-One Pass-Through Securities, reflecting the return on the preference shares, and this is the first time such a structure has been implemented to raise Tier 1 Capital by an Irish bank.

Another issuer of Tier 1 Capital during the year was the EBS Building Society. This was the first issue of Tier-1 Capital Securities by an Irish building society for over 10 years, and the transaction was structured through a Luxembourg newly incorporated subsidiary and utilised a repackaging vehicle, Chess Capital Securities plc.
Other notable deals during the year included the securitisation transaction Orkney Re II. This deal was established by the Scottish Re Group for the purposes of raising long-term finance for certain US statutory reserves associated with level-premium term life insurance policies, and it was the first XXX securitisation outside the US.

In January of this year, in what was the largest ever share placing by an ISEQ listed company, Anglo Irish Bank placed 33.6 million of new ordinary shares, at a price of €12.40 per share raising approximately €416 million.
In the next issue of FINANCE, we will publish the winners of both the corporate finance ‘Deals of the Year’, and the capital markets ones.

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