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Finance Magazine - February 2004 Issue

Irish capital market deals top €100 billion in 2003 according to first Irish Capital Markets Directory
Capital market deals by Irish-based issuers exceeded €100 billion in 2003 as a wide variety of funding vehicles were used by both corporate and bank issuers, with the US private placement market and corporate bonds featuring amongst the thirteen sectors surveyed in the first Irish Capital Markets Directory. Corporate bonds came back into favour in 2003, with six issues totalling approximately €2.8 billion from a number of the country’s largest companies. On the banking side two new markets emerged - the Irish covered bond, which saw issuance top €10 billion during last year, - and certificates of deposit, which for the first time Irish banks were able to issue to Irish investors. Click here for more.
Hedge fund management takes off as significant new players are attracted
Hedge fund managers are moving to Dublin to avail of the fiscal attractiveness, as well as the synergistic environment created by Ireland’s position as Europe’s hedge fund administration centre, Fiona Reddan writes. Burdon Capital, Vega Asset Management and Broadstone Fund Management, are just three international hedge fund managers that have established Dublin operations over the past number of months, following in the footsteps of Pioneer Alternative Investments in choosing Dublin over more renowned hedge fund centres such as London and Geneva. And, combined with this growth from international managers, several domestic institutions, including NCB Stockbrokers have also started offering hedge fund produces to their customers.
Venture capital: shift to seed and first round funding
Forty private equity deals were financed in Ireland last year, compared with 52 in 2002, but the volume of deals steadied during the year, with the number of private equity deals remaining largely constant in Q4 2003, compared to Q3 and Q2 of the same year, a new report by Ernst & Young and VentureOne reveals.
Ireland’s growing capital markets
Having reported on most of Ireland’s most significant capital markets deals for the best part of 17 years, this month sees the first annual compilation by us in FINANCE of the top deals in directory format. It provides a showcase of the industry in 2003, and the fruits of this labour can be seen on pages 6-10.
Second IFSRA Bill sees powers of single regulator increased
The recently published second IFSRA Bill will lead to a a major expansion and strengthening of the powers granted to IFSRA. However, with rising concerns over the level of regulation imposed on Irish entities, the big question is – do these new proposals get the balance right Kevin Allen asks.
Irish Association of Corporate Treasurers decides not to dissolve
Despite recent concerns that the Irish Association of Corporate Treasurers (IACT) may be dissolved, the industry body has, in recent weeks, received renewed support from its members and will continue to operate. The Association has elected a new committee, with James Ryan of DCU the new chairman.
DEPFA to expand its presence in Irish market beyond PPPs
DEPFA BANK plc, the Dublin headquartered public sector specialist bank, is to actively market its services to Ireland’s public sector authorities over 2004. DEPFA has already made an impact on Ireland's growing public private partnership (PPP) market, participating in two of the deals which have reached financial close to date.
International clearing company Pershing Securities sets up Irish base
Pershing Securities International Ltd, a subsidiary of The Bank of New York, has set up a Dublin office to provide financial services outsourcing, including clearing, settlement, custody and other administrative services on a Model A and Model B basis to Irish stockbroking firms and other firms located outside the UK.
Banking: Rabobank launches outsourcing service
Rabobank Ireland plc, Ireland’s fifth largest bank, has launched a financial services outsourcing service. The service will be offered both within the Rabobank Group, and to third parties, in areas such as securitisation, structured finance and corporate treasury, and Rabobank will be looking for high value rather than high-volume business.
New finance director at ESB
Bernard Byrne has been appointed group finance director of ESB, and will succeed Tony Donnelly, who was recently appointed deputy chief executive.
What Ireland can do for your IFS company - star studded lineup at Ireland's premier financial services conference at end of March
Alexander Schaub, (photo) Director General for the Internal Market at the European Commission, David Wright, Director, Directorate - Financial Markets, Internal Market, EU Commission, Charlie McCreevy, Minister for Finance and Michael Buckley, Group Chief Executive, AIB Group were among the star studded line up of over 30 speakers who addressed the 5th Annual Finance Dublin Conference on 30-31st March 2004.
Capital markets: UniCredito’s exchangeable bond demonstrates the interesting options of Ireland as an issuance venue
Following UniCredito Italiano’s successful €1,26 billion exchangeable bond issue in December, Hugh Beattie considers two of the main classes of equity-linked debt issues, convertible bonds and exchangeable bonds, and examines the issues.
Jobs in finance: corporate banking and treasury to out-perform in 2004
Recruitment in financial services remained steady over 2003, writes Ronan Colleran, who expects a greater volume of activity in the market in 2004, boosted by companies such as Merrill Lynch, who will significantly expanded their operations this year.
European market this year expected to mirror 2003
The market in Europe is expected to stabilise this year although there may still be some downside on rents. But with vacancy rates peaking there will be no shortage of money seeking a home in property writes John Moran.
The changing role of internal audit in Ireland
Gerry Fitzpatrick examines how the increasing emphasis on corporate governance has impacted on the role of internal audit in Irish corporations.
Significant volume of deals transacted in 2003, as corporates/banks availed of competitive pricing
2003 was a particularly busy year for the capital markets, as illustrated in this, the first FINANCE Capital Markets Deal Directory. Overall the market was able to provide a significant level of funding at very competitive pricing, and activity was widespread in a range of areas, from corporate bonds.
Capital issues
Certificates of deposit (CDs) programmes
A CD is a receipt for, and promise to repay, funds deposited at a bank or other financial institution. CDs have a fixed maturity and a specified interest rate.
Collateralised debt obligations (CDOs)
An asset backed security which uses a portfolio of bonds or loans as collateral, or security. This year Bank of Ireland issued the first fully Irish structured CDO.
Covered bonds
A bond which has other financial instruments, such as mortgage loans, pledged as security against default.
Commercial paper programmes
Commercial paper is a short-term unsecured promissory note that is issued for a specified amount and matures on a specified date. CP is a negotiable instrument, typically in bearer form.
Corporate Bonds
A bond is a legal contract in which a government, company or institution (the borrower) issues an IOU certificate, which promises to pay holders a specific rate of interest for a fixed duration and then redeem the contract at face value on maturity.
Exchangeable bonds
Similar to convertible bonds but not linked to the shares of the issuer. They can be exchanged for shares Similar to convertible bonds but not linked to the shares of the issuer. They can be exchanged for shares in another company.in another company.
Floating rate notes (FRNs)
A floating rate note is a medium-term debt instrument that pays a variable rate of interest.
Medium-term note (MTNs) programmes
Borrowings out to about five years typically issued under a similar facility as for commercial paper.
Private placements
Usually refers to a bond issue that is placed directly with investors.
Creation of financial instruments by combining other financial assets and then selling them to investors in the new form.
Syndicated loans
A large loan arranged by a group of banks that form a syndicate, headed by the lead manager.
Growth to continue in PPPs
Christine Moran and Des McCarthy on developments in PPP financing in 2003.
A Day in the Life of a Treasurer
As a Leeds fan, John Coffey, deputy general manager, treasury, at BNP Paribas Dublin, doesn’t have much to be happy about this season, but he is making up for this in his working life. 2003 was a particularly good year for the French bank, but 2004 will be more difficult, as the imminent arrival of IAS 39 will mitigate against the normal ‘macro-hedging’ approach of a bank treasury and is likely to create more volatility in the bank's results.
Who's Who profile: BGE's treasurer whose deals approached €1 billion in value last year
Paul Kenny is group treasurer for Bord Gais Eireann (BGE), and managed a substantial refinancing of BGE last year, which saw the company avail of a €500 milion syndicated loan, and issue $426 million in the US private placement market.
Who’s who in Finance: Tom McAleese, Country Manager and Managing Director - Ireland, Barclays Bank PLC
Tom McAleese, was recently appointed country manager and managing director, Ireland, for Barclays Bank PLC.Tom will direct Barclay’s presence in the corporate and investment banking market in Ireland, managing operations in Dublin and Belfast and act as the Group’s senior representative in Ireland.
Major restructuring in financial services predicted
A new wave of restructuring is expected in the financial services sector worldwide over the next five years, with India touted as being the location to benefit most from this. However, Irish companies can become more integrated into the value chain of their institutions and play a greater role than heretofore Paul Halpin says.
Morrogh ruling risks Ireland's pro-business reputation being damaged
Last year’s ruling on the Morrogh Stockbrokers case may damage Ireland’s investment management, custody and funds administration businesses, and as such Sean Hawkshaw writes that there is a strong view within the industry that something needs to be done to clarify the situation and preferably reinstate the ringfence around assets held by custodians.
Finance Bill 2004 modernises financial services tax legislation
The Finance Bill has made a number of beneficial changes to areas of relevance to the financial services industry in Ireland. These include the introduction of a holding company regime, improvements in the treatment of small ticket leasing business, helpful clarifications of the VAT treatment of the management of CIU’s and securitisation vehicles, and in the treatment of foreign taxes on dividends Brian Daly reports.
Finance Bill 2004 Update: Ireland's holding regime is good, but not as good as regimes in other EU countries
The Finance Bill contained two major proposals designed to make Ireland’s tax offering to international groups attractive, and competitive with regimes elsewhere in the EU. One is the research and development relief discussed and the second is the holding company regime which allows groups to dispose of major holdings without a CGT liability, and to repatriate certain foreign earnings from such holdings in a tax efficient manner Seamus Hand writes.
Research and development tax breaks
The vision shown by the Minister for Finance in proposing the introduction of significant tax breaks for research development has been let down by the draft legislation in the Finance Bill. There are fears that the manner in which the Minister’s proposals are being implemented may result in the expected benefits not being achieved.
The Companies (Auditing & Accounting) Act 2003- Overview
Brendan Jennings gives an overview of changes made to the Companies Bill before it was passed by the Oireachtas in December.
Buying Irish art - leading auctioneers on where the value currently is
The Irish art market bears similarities to the upper end of the Irish housing market - and, like the housing market, forecasts of its demise have been exaggerated - although the boom years are past us for now. As in all mature markets, value lies in selection and quality. Leading auctioneers Ian Whyte, John de Vere White and Rory Guthrie, offer readers their advice on buying. (Pictured on the left is 'The Queen of Spain’s Daughter' by Colin Middleton, which was bought for ?7,500 sterling from a gallery in London in 1992 and made € 42,000 at Whyte’s ten years later).
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