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Finance Magazine - June 2009 Issue

 
Keeping innovation alive
In the hardest times the best rise to the surface. This is evident in this year’s Capital Markets Deals of the Year awards. These best in class deals all show the qualities needed to succeed in what is the toughest year virtually in living memory for capital markets. Underlined in this year’s winners are the ability to adapt and the required innovation to succeed.
IAWS merger with Hiestand creates world leader Aryzta
The merger of IAWS plc with Swiss firm Hiestand Holdings has created the Irish/Swiss listed group Aryzta, which is now one of the largest players in the international baked goods market. The deal, which took place prior to the landmark Lehman Brothers bankruptcy in September 2008, shows the ability of Irish advisers to conduct multi-jurisdictional transactions. The merger was achieved on a largely non-cash basis rather than a debt-funded transaction and has left the merged entity well placed to emerge stronger on the other side. For these and other reasons, the deal wins this year’s Corporate Finance Deal of the Year
Competitive auction process gets strong price for Noonan
The sale of the Noonan Group to Alchemy partners has won the Mid-market Corporate Finance Deal of the Year. The Noonan Group attracted international and domestic interest with a number of bids from both international and domestic private equity and trade buyers
A new business model emerging in IFSC banking
The winner of this year’s Most Innovative Deal of The Year is the the transfer of a portfolio of securities valued at approximately €23 billion from WestLB to an Irish SPV. The structure of the deal is innovative and ground breaking because it shows how Ireland can develop into a location for the domiciliation of distressed assets and guide other international banks to set up similar entities in Ireland. The benefit of these type of structures is that the sale of distressed assets to Irish banks, for domiciliation in Irish SPVs, will result in a lower tax charge on the gains arising in the event of their recovery to par values. On foot of the WestLB deal, a number of banks have submitted proposals to locate distressed assets in Dublin
Bond success a testament to the quality of CRH
A €650 million bond issue by CRH America has won the Bond Deal of the Year. At a time when raising money on the capital markets was very difficult and there were few issues of debt by Irish corporates, CRH managed to successfully issue this bond
Winning deal provides a solution to an SIV puzzle
Six bank syndicated deal completed despite difficult financial backdrop
Quality in the underlying asset was core to funding success
Timing a key factor in winning for Iberdrola
How to regulate hedge funds
Pricing good for target while acquirer gains strategic investment
Distressed assets present an opportunity in European M&A sector
Renewables sector outperforming in M&A
Documentary credit the solution to export credit insurance crisis
Hedge Fund Directive clashes with Irish regulations
A rejoinder on Richard Cantillon’s behalf
Obama’s tax proposals
Building a framework for the smart economy - tax relief for intangible assets
The annual VAT recovery rate adjustment - an ever present feature of the Irish summer
Internationally competitive financial services experience can be gained in Ireland
New pension products for a changed market
space space space space space space
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