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Finance Magazine - July 2004 Issue

 
Another first for Depfa
DEPFA BANK p.l.c. achieved another market first with the issue by it of Ireland's first listed extendible bond at the end of May. The $1.5 billion issue of extendible liquidity securities was lead managed by Morgan Stanley, with Morgan Stanley and DEPFA BANK acting as co-selling agents. McCann FitzGerald was the Irish legal advisor.
EBS brings ‚ā¨500m issue to market
Second issue under the Society‚€ôs EMTN programme launched.
Ireland may benefit from new Directive
Directive calls for holding companies to be set up.
First corporate securitisation on the horizon
Jefferson Smurfit, the Irish paper and packaging company, told FINANCE that it is currently considering an asset securitisation, in what would be the first corporate securitisation by an Irish company.
NTMA to kick off pension move to hedge funds
Although the latest influx in capital into the $1 trillion global hedge fund industry has been largely driven by pension funds, Irish pension trustees have been reluctant to allocate to alternatives. However, as KBC prepares to launch one of the first hedge fund products aimed at Irish pension funds, and the ‚ā¨10 billion national pension fund moves into alternatives, it may be just a matter of time before Irish trustees catch up with their international counterparts.
The search for alpha
Faced with shortfalls after the longest bear market in history, pension fund managers are now considering all options in an attempt to regain the losses and return pension fund schemes back into the black.
Why the Financial Conglomerates Directive is an opportunity for Ireland
Recent legislative changes at EU level with regards to the Financial Conglomerates Directive, should, together with the holding company regime introduced in the Finance Act 2004, put Ireland firmly in the short-list of jurisdictions being considered as a location for financial conglomerate holding companies, and indeed, holding companies generally, Kevin Allen writes.
FSAP II is set to begin
The European Commission has outlined its priorities for the next stage of financial services integration. With 93 per cent of the original 42 measures under the Financial Services Action Plan (FSAP) now under implementation, Irish companies should be aware that the Commission‚€ôs future priorities include the rapid adoption by the Parliament and Council of the 8th Company Law Directive on Statutory Audit, and of forthcoming Commission proposals for a Third Money Laundering Directive and for a Directive on Capital Adequacy.
Pension fund awards $300 million in mandates
The Irish National Pension Reserve Fund has awarded two new mandates to Detusche Asset Management (DeAM) and UBS Investment Management.
Green‚€ôs ‚ā¨710 million loan closes
In the past number of weeks, Green Property‚€ôs ‚ā¨710 million loan has been fully syndicated, and the funds will be used to pay down its remaining management buyout (MBO) debt.
Irish Nationwide‚€ôs debut sterling issue
Irish Nationwide Building Society launched its first sterling bond on May 27th. The ¬£250 million issue, which was rated A3 P2 by Moody‚€ôs, and which has a maturity of December 15th, 2008, was issued at a price of 99.969 per cent, and a coupon of 5.875 per cent. The issue will be used for general funding purposes. BNP Paribas was the arranger for the deal, and the dealers were BNP Paribas, Danske Bank, Davy, Dz Bank Ag, Rabobank International, SG Corporate +Investment Banking, The Royal Bank Of Scotland and Westlb Ag
New chairman for IVCA
Shay Garvey, a co-founder and partner of Delta Partners, has been elected chairman of the Irish Venture Capital Association (IVCA).
Growth in funds recruitment
Several of Dublin‚€ôs leading fund servicing companies, including State Street, Fortis, International Fund Services (IFS) and Bank of Bermuda, are actively recruiting for positions in administration, fund accounting, client support, relationship management, investor servicing, financial reporting, alternatives, custody and transfer agency.
Guest is new head of ABN AMRO
David Guest has been appointed ABN AMRO country representative and country coverage head for Ireland, assuming the role rom Tom McAleese, who left the bank earlier this year to take up the position of country manager and managing director, Ireland, for Barclays Bank plc. Anne Gleeson, former chief operating officer at ABN AMRO IFSC, is to step into Guest‚€ôs old role as managing director.
Basel II finalised at last
After years of discussion and consultation, the Basel II process came to an end on June 26th, when the Bank for International Settlements (BIS) published the final version of the capital adequacy framework. Entitled ‚€ėInternational Convergence of Capital Measurement and Capital Standards: a Revised Framework‚€ô, the Accord marks the first significant overhaul of the capital structure of banks since the 1988 Basel Capital Accord.
On the road - marketing DEPFA Bank's $1.5 billion extendible issue
Jackie Hughes describes her recent roadshow in the United States, which saw her visit New York, Charlotte, Boston, and New Hampshire, marketing a DEPFA Bank US$1.5 billion extendible issue, the first time DEPFA acted as a co-selling agent on a re-financing bond issue.
Fixed income: The internationalisation of the Irish bond market continues
In 1998 overseas investors owned just ‚ā¨7 billion, or 22 per cent of the Irish government bond market. However, international investors tripled their holdings of Irish gilts over the next five years, driven by, amongst other factors, the generous yield pick-up Irish bonds offered over the so-called core eurozone markets such as Germany and France, and held almost ‚ā¨21 billion at the end of 2003, Oliver Mangan writes.
Oil prices will trigger global rate rises
Niall Dunne analyses the impact of recent trends in the oil markets, and warns of higher interest rates ahead.
Regulating mergers - how has the Competition Authority been doing?
By far the most important and potent weapon in the Irish Competition Authority‚€ôs regulatory armoury is its merger control function. Since 1 January 2003, every large M&A transaction with a potential impact on Irish markets must, prior to closing, be notified to and approved by Authority officials. If the Authority takes the view that a deal may lessen competition, it can without the need to prove its case in Court prohibit that transaction outright. Without doubt, that makes the Competition Authority Ireland‚€ôs most powerful business regulator, writes Philip Andrews.
Over-confident CEOs can lead to disastrous M&A deals
There are major lessons to be learnt from behavioral finance, a rapidly growing area that applies psychology to financial decision making, says Hersh Shefrin. And financial executives are not immune. Psychological phenomena provide the major explanation for why the majority of merger and acquisition activity has destroyed value for shareholders.
Corporate finance: IPO v trade sale - the pros and cons
While the upfront costs for going public can be prohibitive, with the transaction costs of the two most recent additions on the Irish Stock Exchange, eircom and C&C, estimated at ‚ā¨47 million and ‚ā¨19 million respectively, there are also many advantages, and research indicates that the valuation achievable at IPO exceeds that of a trade sale by 22 per cent, writes Philip Kearney.
A commercial court will bring savings for businesses
The business community in Ireland has long complained that commercial litigation is frustratingly slow and hugely expensive. So the establishment of a commercial court will result in savings to business, which will arise from the more specialised approach to cases, and also from using modern information technology when involved in proceedings before the Court, Lea Devitt writes.
Corporate finance: IPO v trade sale - the pros and cons
While the upfront costs for going public can be prohibitive, with the transaction costs of the two most recent additions on the Irish Stock Exchange, eircom and C&C, estimated at ‚ā¨47 million and ‚ā¨19 million respectively, there are also many advantages, and research indicates that the valuation achievable at IPO exceeds that of a trade sale by 22 per cent, writes Philip Kearney.
A commercial court will bring savings for businesses
The business community in Ireland has long complained that commercial litigation is frustratingly slow and hugely expensive. So the establishment of a commercial court will result in savings to business, which will arise from the more specialised approach to cases, and also from using modern information technology when involved in proceedings before the Court, Lea Devitt writes.
Financial reporting environment for insurers, reinsurers and banks, has never been more challenging
Dargan Fitzgerald and Kieran Kelly give an overview of developments at a recent seminar on financial reporting for international banks, international insurance and reinsurance companies, and other financial institutions.
Financial reporting environment for insurers, reinsurers and banks, has never been more challenging
Dargan Fitzgerald and Kieran Kelly give an overview of developments at a recent seminar on financial reporting for international banks, international insurance and reinsurance companies, and other financial institutions.
Majority of global new markets fail to deliver
More than half (22) of all global new markets (38) are merely existing without much of a purpose, some, including Portugal's Novo Mercado, failing to attract companies and funds altogether, Paul McCann writes. Others however, such as London‚€ôs Alternative Investment Market, continue to go from strength to strength, attracting companies such as Ireland‚€ôs CNG.
Majority of global new markets fail to deliver
More than half (22) of all global new markets (38) are merely existing without much of a purpose, some, including Portugal's Novo Mercado, failing to attract companies and funds altogether, Paul McCann writes. Others however, such as London‚€ôs Alternative Investment Market, continue to go from strength to strength, attracting companies such as Ireland‚€ôs CNG.
Business continuity plans post 9/11
The tragedy of 9/11 demonstrated the vulnerabilities in the global financial system Karen McEntegart writes. She says that comparable vulnerabilities may exist in the Irish financial services industry, and urges companies to prepare adequate business continuity programmes.
Business continuity plans post 9/11
The tragedy of 9/11 demonstrated the vulnerabilities in the global financial system Karen McEntegart writes. She says that comparable vulnerabilities may exist in the Irish financial services industry, and urges companies to prepare adequate business continuity programmes.
Personal investment: Equity investing for income with growth
High yield equity investing in blue-chip stocks will outperform other types of investment, and moreover will do so with very little input required from the investor writes Stephen Elliott.
Property investment: Southern hemisphere‚€ôs ‚€ėhot spot‚€ô is not without risks
After the accession countries, South Africa has been identified as the next ‚€ėhot spot‚€ô for property investment. Resident Sheila Killian examines the risks and rewards associated with such a transaction.
A Day in the Life: investment director
As investment director, Ireland, a key function of Jennifer Richards role is increasing Standard Life Investments‚€ô local presence, as well as supporting Standard Life Assurance Company.
IFRS and Tax
Many groups are facing mandatory changes to the basis of accounting as the EU enforces international accounting standards. There is discussion at present as to the implications of such standards for taxation liabilities of companies. Those implications may be more limited in scope than might be expected.
One Ireland ‚€‘ Two Taxes
Irish people who move across the border to work or marry face potentially costly traps from poorly co-ordinated gift and inheritance tax systems.
International trade and payments
AIB Capital Markets present a glossary on terms used in international trade and payments.
New developments on VAT at EU level
The Advocate General of the European Court of Justice has published an opinion on a case of significance to funds, and also in a separate case involving cross border insurance, Terry O'Neill reports.
EBS‚€ô funding and the road of diversification
EBS Builiding Society has just completed a successful ‚ā¨500 million senior debt issue, under its European medium-term note (EMTN) programme. Jackie Gilroy tells us how it fits in with EBS' funding strategy, which also includes the Emerald RMBS programme, and a ‚ā¨2 billion commercial paper programme.
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