Capital markets in Ireland
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.
Peter Walker; Ciarán Rogers; Paul White
Ambac Assurance UK
Merrill Lynch International
ABN AMRO Bank
Credit Agricole Corporate and Investment Bank
The Governor and Company of the Bank of Ireland
Finance Ireland Credit Solutions
Dalata Hotel Group
Royal Bank of Canada
- 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 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.
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.‘
Bank of Ireland
Johnson Controls International
Citibank Global Markets
Credit Value Partners
Hudson Advisors UK
Freshfields Bruckhaus Deringer
Allen & Overy
- 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.
Fergus Bolster; Turlough Galvin; Christian Donagh; Patrick Molloy
BlueMountain Capital Management
UniCredit Bank AG
DZ Bank AG
Ireland Strategic Investment Fund
Willis Towers Watson
Independent News & Media
- 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 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.
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‘
Electricity Supply Board
Gas Networks Ireland
SMBC Aviation Capital
National Treasury Management Agency
DunPort Capital Management
AIB Mortgage Bank
EBS Mortgage Finance
Credit Suisse, HSBC, Merrill Lynch, Investec, Shore Capital, Davy and Goodbody
Irish Residential Properties REIT
Mainstay Medical International
- 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.
‘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.’
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
Deutsche Bank AG
Infrastructure Finance & Trade Limited
Lloyds Bank plc
Man Group plc
Oak Hill Advisors
Onex Capital Partners
SCOR Global P&C
Tramontana Asset Management
Unicredit Bank AG
UnipolSai Assicurazioni S.p.A.
- 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'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.
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.‘
Smurfit Kappa Group
Department of Finance
Yew Grove REIT
RBC Capital Markets
J & E Davy
RBC Capital Markets
- 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 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.
Absolute Return Partners
Kinnerton Credit Management
DFC Global Corporation
FCS Funds and Capital Solutions
Celtic Investment Opportunities
Lasalle Investment Management
- Advised FBD Insurance on the issuance of subordinated notes and the purchase and cancellation of previously issued convertible notes.
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.
‘Lee Murphy is very experienced in capital markets.‘
Venn Life Sciences Holdings
Independent News & Media
Broadridge Financial Solutions
Prime Active Capital
- 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'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.
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.‘
Draper Esprit Plc
CVC Credit Partners European CLO Management
Insight Investment Management (Global)
Goldman Sachs International
Intermediate Capital Group
Bank of America Merrill Lynch
HPS Investment Partners
Brigade Capital UK
TwentyFour Asset Management
BlueBay Asset Management
North Wall Capital
- 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'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.
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.‘
Scisys Group plc
Kerry Group plc
Norish Group plc
Ormonde Mining plc
Donegal Investment Group plc
- 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 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'.
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‘
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
- 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' '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.
‘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.‘
MBA Community Loans plc
Camber 4 plc
Camber 7 plc
LTI Notes Series 1 DAC
CCA Longevity DAC (Corry Capital Advisors)
Alpha Growth plc
- 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.