Capital markets in Ireland

A&L Goodbody

A&L Goodbody's debt capital markets (DCM) team is particularly noted for its strength in residential mortgage-backed securities (RMBS) transactions and debt capital issuances by US companies following corporate inversions to Ireland. The team also handles transactions in the aviation sector and advises private equity and hedge funds on alternative structures. Ciarán Rogers  and Peter Walker lead on DCM work; Gearoid Stanley is noted for his expertise in asset-backed and high-yield bond financing and financial derivatives; and new partner Sinéad O’Connor has been active in Irish RMBS. On the equity capital markets (ECM) side, the team has been highly active advising on IPOs on the Euronext Dublin market of the Irish Stock Exchange (and London dual listings) and assisting Irish companies with listings on international exchanges. Paul White heads the ECM practice, while Matthew Cole and Charlie Carroll have extensive experience in domestic IPOs.

Practice head(s):

Peter Walker; Ciarán Rogers; Paul White

Key clients

Barclays Bank

Ambac Assurance UK

Ulster Bank

BNP Paribas



Endo International

Permanent TSB

Merrill Lynch International


Credit Agricole Corporate and Investment Bank

Société Générale

The Governor and Company of the Bank of Ireland

Mulcair Securities

Finance Ireland Credit Solutions

Goodbody Stockbrokers

Grafton Group

Glenveagh Properties

Cairn Homes

Dalata Hotel Group

Iterum Therapeutics

Osmotica Pharmaceuticals


Nabrivia Therapeutics


Royal Bank of Canada


Work highlights

  • Acting as Irish legal adviser to Barclays Bank on the acquisition of Irish residential mortgages from Bank of Scotland (Ireland).
  • Advised Ambac on an Irish law scheme of arrangement to restructure New York-governed notes issued by Ballantyne.
  • Acted for bookrunners J&E Davy and RBC Capital Markets on Uniphar’s IPO on the Euronext Growth market of the ISE and the AIM market of the LSE.

Arthur Cox

Arthur Cox has extensive experience in securitisations, collateralised loan obligation (CLO) transactions, derivatives and commercial real estate loan repackagings. Cormac Kissane is noted for his advice to dealers on Irish government bonds; Glenn Butt leads the firm's Russian DCM practice; and Aiden Small specialises in structured finance and alternative investments. On the ECM side, the team is highly active in advising on IPOs, secondary issues of shares on the Irish and international markets, and capital raising transactions. Maura McLaughlin has extensive experience advising listed companies on using their shares as consideration for landmark transactions; the 'incredibly talented' Cian McCourt specialises in transactions in the pharmaceutical, financial services and technology sectors; Stephen Ranalow has 'excellent experience'; and Michael Coyle and Conor McCarthy have advised on high-profile domestic ECM transactions.

Practice head(s):

Maura McLaughlin; Geoff Moore; John Matson; Cormac Kissane; Glenn Butt; Aiden Small; Phil Cody; Helen Berrill


Technically very strong

Cian McCourt is an excellent partner – always available and very commercial.

Very hands-on approach. Good practical advice.

Stephen Ranalow is well acquainted with the industry, has excellent experience and is always readily available and accessible.

Conor McCarthy, Maura McLaughlin and Pádraig Ó Ríordáin are our most trusted advisers. We feel their passion for our ambitions and they consistently demonstrate their commitment to supporting us and adding value to our internal offering. Technically expert but also practical and innovative.

Arthur Cox has an incredibly talented capital markets team across the board – partners, counsel, associate and paralegals – which results in the highest levels of service to clients.

Cian McCourt is not only incredibly talented from a technical perspective, but also excels at managing client relationships.

Michael Coyle has a deep range of expertise and always brings an incredibly pragmatic approach to all issues.

Excellent availability and engagement. Good at understanding what we want to achieve and then finding appropriate legal solutions, often breaking new ground. Very commercial but with empathy and understanding of what the business is trying to achieve.

‘Glenn Butt has a great and diverse understanding of capital market structures. He does not just take instruction but actively looks to add value and ask questions to ensure that the client has thought through potential issues.

Key clients

Aer Lingus





Avadel Pharmaceuticals

Bank of Ireland



Flutter Entertainment


Greencore Group


Johnson Controls International

John Menzies


nVent Electric


Seagate Technology

Strongbridge Biopharma

Total Produce

Citibank Global Markets


Credit Value Partners

Hudson Advisors UK

James Hardie


Freshfields Bruckhaus Deringer


Allen & Overy

Mayer Brown

BNY Mellon

Work highlights

  • Advised Aryzta on its underwritten rights issue and the subsequent admission of newly issued shares to trading on the SIX Swiss Stock Exchange and the Irish Stock Exchange.
  • Assisted Mallinckrodt with its proposed spin-off of its specialty generics business to shareholders.
  • Acted as Irish counsel to Barclays Bank as arranger and joint lead manager on a transaction comprising three RMBS transactions and two warehouse financing transactions.


Matheson's DCM team is noted for its international client base, including leading banks, asset managers and financial institutions. The team advises on securitisations (including auto loan securitisations); note, bond and euro medium-term note (EMTN) issuing programmes; and CLO transactions, among other matters. Turlough Galvin's expertise includes tax, securitisation and structured finance, while Christian Donagh specialises in advising on raising debt capital, newly promoted partner Richard Kelly has expertise in derivatives, and senior associate Andrew Gill has experience advising on asset-backed commercial paper programmes. The firm is also active in domestic ECM work, advising on significant IPOs of Irish companies, public takeovers, restructurings of public companies, and US listings and fundraisings for multinationals with Irish holding companies. Fergus Bolster has particular experience in the technology, pharmaceutical, energy and media sectors; George Brady regularly advises on listings on the Irish and international stock exchanges; and Madeline McDonnell specialises in public company M&A. New York-based Alan Keating  is also noted.

Practice head(s):

Fergus Bolster; Turlough Galvin; Christian Donagh; Patrick Molloy

Key clients

Deutsche Bank

Credit Suisse

BNP Paribas

Societe Generale


Oaktree Capital

BlueMountain Capital Management

Funding Circle


Goldman Sachs

UniCredit Bank AG

Landesbank Baden-Württemberg


DZ Bank AG

Ally Bank

Banco Sabadell





Innocoll Holdings

Fidante Capital

Ireland Strategic Investment Fund

Willis Towers Watson

Eaton Corporation

Weatherford International

Independent News & Media

IFG Group

Tullow Oil

Aryzta AG

Work highlights

  • Advised Deutsche Bank AG, London Branch on the second public securitisation by First Citizen Finance.
  • Acted for Credit Suisse Asset Management on the issuance by Cadogan Square CLO XIII of eight tranches of notes listed on the Irish Stock Exchange.
  • Advised NYSE-listed Steris on its corporate and tax redomiciliation from the UK to Ireland and the associated re-listing of the shares of the new Irish holding company on the NYSE.

McCann FitzGerald

McCann FitzGerald covers the full range of DCM transactions, including public bond issues, bank capital raisings, securitisation transactions, repackagings, and structured products. Roy Parker is highly regarded for his expertise in issuances of Irish covered bonds; Fergus Gillen has extensive experience advising on funding platforms; Adrian Farrell is particularly strong in cross-border DCM and structured finance matters; Judith Lawless specialises in derivatives; and Éamon Ó Cuív's experience includes advising on the launch of Ireland's first sovereign green bond. The ECM team has been active advising on IPOs, redomiciliations, restructurings, listings on Irish and international stock exchanges, and privatisations. Aidan Lawlor leads the team, which also includes David Byers, who has significant experience advising on takeovers of Irish-quoted companies, the 'excellent' Conor O’Dwyer and Stephen FitzSimons, and 'very strong up-and-coming partner' Gill Lohan.

Practice head(s):

Aidan Lawlor; Fergus Gillen


Very experienced and give pragmatic advice. Good strength and depth in the team.’

David Byers is a class apart in equity capital markets.

Stephen FitzSimons is excellent.

Gill Lohan is very strong up-and-coming partner with a great ability to think on her feet.

The team have very good knowledge of our business and approach their work with a strong level of commerciality.

The partners have a great sense of our business, are very familiar with our industry and are very proactive in how they deal with matters. Éamon Ó Cuív and Fergus Gillen are excellent and provide real value add for our business.

Significant expertise in capital markets transactions, both equity and debt. Trusted advisers who go beyond the call of duty to provide support.

Conor O’Dwyer is an excellent adviser, very measured and an excellent sounding board. His whole team, particularly associate Gillian Boyle and Gill Lohan, have in-depth expertise, great attention to detail and are easy to work with as a team.

Incredibly easy to work with, and also have good humour in the midst of tight deadlines and significant transactions.

Very experienced and top-quality senior partners

Key clients

Electricity Supply Board

Gas Networks Ireland

SMBC Aviation Capital

National Treasury Management Agency

Magnetar Capital

DunPort Capital Management

AIB Mortgage Bank

EBS Mortgage Finance



UniCredit Group

Intesa SanPaolo

Credit Suisse, HSBC, Merrill Lynch, Investec, Shore Capital, Davy and Goodbody

IPL Plastics

Irish Residential Properties REIT

Greencoat Renewables

Mainstay Medical International

Kingspan Group

Hostelworld Group

Work highlights

  • Advised IPL Plastics on its IPO and innovative redomiciliation.
  • Advised Goodbody Stockbrokers and Shore Capital (as joint bookrunners, joint brokers and Enterprise Securities Market/nominated advisers) on a share placing and the re-admission of Applegreen’s shares to the AIM and the ESM in connection with its acquisition of a majority holding in Welcome Break.
  • Acted for the National Treasury Management Agency on all aspects of its launch of Ireland’s first sovereign green bond.


Walkers advises on the full range of DCM matters, with particular expertise in CLO transactions. The team is also highly active in the European commercial mortgage-backed securities (CMBS) space and the significant risk transfer (SRT) securitisation market, as well as regularly advising on securitisation transactions originating in Ireland and governed by Irish law. Practice head Garry Ferguson is noted for his experience in insurance-linked securities (ILS); Noeleen Ruddy has expertise in asset and mortgage-backed securities and CLO transactions; and Andrew Traynor's strengths include auto loan securitisations. Ian McNamee, who regularly advises on matters involving Irish SPVs, and Paddy Rath, who has experience in the CLO, CMBS and private equity space, were promoted to partner in July 2019.

Practice head(s):

Garry Ferguson


Matters are given due attention by partners and other senior lawyers, and their advice is pragmatic and commercial.

Andrew Traynor and Ian McNamee are extremely personable, actively involved in matters and able to understand when work is pressing and needs their attention. They understand cost pressures and manage matters accordingly.’

Key clients

Accunia Credit Management Fondsmæglerselskab A/S

Assicurazioni Generali S.p.A,

AXA Global P&C

Banco Santander/Santander Consumer Finance/Santander UK/Santander Portugal

Bank of America Merrill Lynch (BAML)

Bank of Scotland


Bardin Hill (formerly Halcyon Capital Management)

Bench Walk Advisors, LLC


DXC Technology

Deutsche Bank AG

Goldman Sachs

Infrastructure Finance & Trade Limited

Lloyds Bank plc

Macquarie Bank

Man Group plc

Munich Re

Oak Hill Advisors

Onex Capital Partners

Pinebridge Investments

Rothschild/Five Arrows

SCOR Global P&C

Tramontana Asset Management

Unicredit Bank AG

UnipolSai Assicurazioni S.p.A.

Work highlights

  • Acted as Irish legal and tax counsel and Irish listing agent for Santander Consumer Finance on the securitisation of Finnish consumer auto loan receivables.
  • Advised Tramontana as arranger on all Irish law aspects of the establishment of an innovative asset-repackaging secured note programme using an Irish section 110 SPV as issuer.
  • Advised UnipolSai Assicurazioni on the issuance of class A principal-at-risk variable rate notes under the Atmos Re DAC programme, a cat bond programme established in Ireland.

William Fry

William Fry's ECM team has experience advising on significant domestic and international IPOs, secondary issuances, and takeovers. The team counts high-profile Irish and overseas companies, banks and brokers among its clients, as well as a number of venture capital funds based in Ireland. Myra Garrett, who is noted for her expertise in advising technology companies on fundraising, exit strategy and sales, leads the team, which also includes the 'very commercial and highly professional' Mark Talbot. On the DCM side, the team has been active in corporate and property-backed note and bond issuances and repackagings. Practice head David Maughan has expertise in distressed asset funding, particularly for aircraft, while Elaine Hanly's extensive experience includes securitisations and derivatives, and Mary Ward's recent experience includes advising on a major debt repackaging programme.

Practice head(s):

David Maughan; Myra Garrett


William Fry’s capital markets practice is a strong team, commercially minded, pragmatic and focused on the commercial outcomes. Always well prepped, on top of the detail and with a longer-term view of what is required and on key objectives.

Very personable as well as providing first-class advice.

Mark Talbot is very diligent in identifying and understanding the key issues, highlighting the important points within the detail and then moving processes forward. Very commercial and highly professional.

Mark Talbot has been particularly proactive about our business and quick to respond with considered opinions.

Key clients

PSC Eaglewood

Smurfit Kappa Group


BNP Paribas

Department of Finance

Yew Grove REIT

Smurfit Kappa

RBC Capital Markets

J & E Davy

Jefferies International

Ardagh Group

RBC Capital Markets

Credit Suisse




Work highlights

  • Acted as lead Irish counsel to Ardagh Group on a large receivables securitisation involving multiple jurisdictions.
  • Advised Open Cleantech on the establishment of a multi-currency secured-note issuance programme.
  • Acted for Linde on its business combination with Praxair under an Irish incorporated holding company, Linde plc, which was then listed on the Frankfurt and New York Stock Exchanges.

Dillon Eustace

Dillon Eustace is active in DCM work, and is noted for its work for significant Irish debt issuers as well as international financial institutions, funds and investment firms. The team is regularly involved in multi-jurisdictional matters, and has advised on ABS transactions, complex hybrid structures and the listing of corporate and high-yield bonds. Managing partner Mark Thorne leads the practice; Conor Keaveny is noted for his expertise in Russian matters; Keith Robinson has experience in notable Irish securitisation transactions; and John-Hugh Colleran has been active in cross-border deals.

Practice head(s):

Mark Thorne

Key clients

Goldman Sachs

FBD Holdings

Deutsche Bank





Absolute Return Partners

Cott Corporation

Kinnerton Credit Management

DFC Global Corporation


Helios Towers

FCS Funds and Capital Solutions

Celtic Investment Opportunities

Lasalle Investment Management

Work highlights

  • Advised FBD Insurance on the issuance of subordinated notes and the purchase and cancellation of previously issued convertible notes.

Eversheds Sutherland

Eversheds Sutherland counts a number of listed Irish companies among its clients, in addition to financial institutions and semi-state bodies. Thanks to the firm's global network of offices, the team regularly handles matters with an international element, such as listings on the London Stock Exchange. Areas where the team has been active include flotations and associated fundraisings; shares, bonds and mortgage-backed notes issuances; and reverse takeovers. The 'very experienced' Lee Murphy, who has advised on significant domestic IPOs, leads the practice.

Practice head(s):

Lee Murphy


Lee Murphy is very experienced in capital markets.

Key clients

Investec Bank

Goodbody Stockbrokers

Cairn Homes

Finance Ireland

Hibernia REIT

Venn Life Sciences Holdings


Hanover Investors

Malin Corporation

Independent News & Media

AWG Holdings

Broadridge Financial Solutions




Prime Active Capital

Knight Frank

Open Orphan

Work highlights

  • Acted for Investec Bank and Goodbody Stockbrokers on their role as joint bookrunners in the share issuance programme and initial share placing in Yew Grove REIT.
  • Advised Finance Ireland on the issue of mortgage-backed notes on the Global Exchange Market of Euronext Dublin.
  • Acted for Venn Life Sciences Holdings on the acquisition of Open Orphan, which consisted of a reverse takeover transaction under the AIM and Euronext Dublin Rules, and an associated fundraising. A separate team from the firm advised Open Orphan.

Maples Group

Maples Group's DCM team is noted for its strength in the European CLO space, as well as in warehouse lending and securitisations. The team also advises on NPL RMBS transactions, repackaging programmes, and - with support from the firm's strong investment funds practice - the creation of specialist Irish SPV issuer platforms. Practice co-head Stephen McLoughlin counts domestic and international company issuers, banks and asset managers among his clients, while Callaghan Kennedy has particular expertise in structured products, repackagings and fund-linked structures. On the ECM side, the team regularly advises on matters with an international element, drawing on the firm's global network of offices, and has experience of IPOs, fundraisings, takeovers and bids for Irish public companies. The 'extremely responsive and solution-oriented' Patrick Quinlan  jointly heads the practice with McLoughlin.

Practice head(s):

Patrick Quinlan; Stephen McLoughlin


The team provided all of the expertise that we needed across a number of different areas and were able to draw on expertise from across the group where necessary.

The individuals are not only learned lawyers but are also commercial and can understand what people are trying to achieve, which leads to getting agreement across various parties quicker and with less fuss.

Patrick Quinlan delivers what is required in a timely, professional and commercial manner. I would happily recommend him again.

The team has very strong market know-how and works incredibly efficiently.

Patrick Quinlan is extremely responsive and solution oriented. He needs little information to understand the needs of his clients and to provide a client-oriented solution.

Key clients

Draper Esprit Plc

Fleetmatics Group

J&E Davy

Barclays Capital

CVC Credit Partners European CLO Management

Insight Investment Management (Global)

Goldman Sachs International

Funding Circle

Intermediate Capital Group

Bank of America Merrill Lynch

Morgan Stanley

HPS Investment Partners

Brigade Capital UK

TwentyFour Asset Management

Liberty Global


BlueBay Asset Management

Spire Partners

North Wall Capital

Work highlights

  • Acted for Draper Esprit on its ESM and AIM follow-on fundraising, following its 2016 admission and fundraising in 2017.
  • Advised Proteus RMBS on the restructuring of a previously issued RMBS.
  • Assisted CVC Credit Partners European CLO Management with the issue of tranched CLO notes (arranged by BNP Paribas), which were listed on the Global Exchange Market of Euronext Dublin, by CVC Cordatus Loan Fund XII.

Mason Hayes & Curran LLP

Mason Hayes & Curran LLP's 'very responsive and flexible' ECM team acts for a number of Irish-quoted companies, and has longstanding experience advising on listings on the Irish and London stock exchanges, including listings following corporate inversions, takeovers, and secondary fundraisings. 'Capable markets lawyer' Justin McKenna leads the team; Paul Egan regularly advises public, private and state-owned companies on securities law; and David Mangan has been active advising on public offers. Daragh O’Shea rejoined the firm from an in-house role overseas to build the DCM practice.

Practice head(s):

Justin McKenna; Daragh O’Shea


The practice is very responsive and flexible regarding a client’s specific requirements and deadlines.

The individuals are easy to deal with and always available.

Mason Hayes & Curran is an exceptional law firm with talented lawyers. They see the bigger picture, so can provide commercially savvy advice. It is a very responsive team that is always available and shows a willingness to be flexible and adapt to our business needs.

Key clients

Scisys Group plc

Kerry Group plc

Norish Group plc

Ormonde Mining plc

Donegal Investment Group plc

Work highlights

  • Acted for Scisys plc on its corporate inversion under a newly incorporated Irish public company, Scisys Group plc.
  • Acted for KCK Limited on Mainstay Medical International plc’s 2018 placing.
  • Advised multiple Irish incorporated issuers on their EMTN programmes on behalf of Flexfunds.

Byrne Wallace

Byrne Wallace is noted for its niche expertise in the energy and life sciences sector, where the ECM team advises on fundraisings (and secondary transactions), flotations, public offers and capital reductions. Gerry Beausang has extensive experience acting for listed clients in the energy sector (particularly oil and gas companies). Joseph Gavin leads the DCM team, advising on debt restructuring, listed loan notes programmes and bond transactions. Head of tax Anthony Smyth is noted as 'a recognised leader in international tax structuring for loan note issuers'.

Practice head(s):

Gerry Beausang; Joseph Gavin; Anthony Smyth


Joseph Gavin is particularly well networked within the broader EC regulatory framework. As a result he has an excellent perspective on what can be achieved in the different jurisdictions.

Anthony Smyth is a recognised leader in international tax structuring for loan note issuers comprising US fund managers, with particular expertise in structuring tax-efficient loan note programmes for US institutional investors.

Joe Gavin is known for regulatory expertise in structuring transactions to address regulatory issues.

Responsive and commercial advice. Magic circle service.

Provide concise advice which is also commercial

Key clients

Aminex plc

PetroNeft Resources plc

Amryt Pharma plc

Q3 Medical Devices Limited

UBiqube (Ireland) Limited

Mainstream Renewable Power Limited

Global Investment Strategy plc

Green Oak Investments DAC

Nuvo Pharmaceuticals (Ireland) DAC

Zeno Investment Funds plc

Work highlights

  • Advising Q3 Medical Devices Limited on its proposed IPO on the Hong Kong Stock Exchange, which will be the first-ever listing by an Irish company on this exchange.
  • Assisted Aminex with the farm out of part of its interest in Ruvama PSA.
  • Advised Aminex plc on its institutional placing.

LK Shields Solicitors

LK Shields Solicitors' 'responsive and quality-driven' DCM team has developed a particular expertise in structures relating to repackaged loans, life settlements and green bonds. The team also advises on securitisation structures for a range of asset classes, including loan receivables and ABS transactions. Adrian Mulryan returned to the firm from an in-house role to lead the practice, and has extensive experience in cross-border matters; David Williams is noted for his expertise in bespoke securitisation structures; and Trevor Dolan advises on the establishment and listing of debt issuance programmes on the Irish Stock Exchange.

Practice head(s):

Adrian Mulryan


They listen to and understand the client’s requirements, with fulfilment of services at a good value.

David Williams and associate Garry Wynne executed the mandate very efficiently.

A very responsive and quality-driven group.

Key clients

MBA Community Loans plc

Camber 4 plc

Camber 7 plc

LTI Notes Series 1 DAC

CCA Longevity DAC (Corry Capital Advisors)

Alpha Growth plc

Audacia Capital

Gentium Global

Veritas Group

Work highlights

  • Acted for three institutional investors on their acquisition of the majority of the notes issued by Elm Corporate Credit DAC as part of its fundraising.
  • Acted for CCA Longevity DAC and Corry Capital Advisors LLC on the further issue of notes in a life settlements investment structure.
  • Advising Camber 4 plc, which was initially established as an ABS programme, on the management of its assets.