Capital Markets
The Practice
Arthur Cox has one of Ireland’s leading Capital Markets practices with an extremely impressive domestic and international client base. The Capital Markets Group advises originators, lead managers, dealers, rating agencies, trustees and issuers on a wide range of debt capital markets transactions, including bond issues and debt issuance programmes, repackagings, LPNs, securitisations, covered bonds, CDO/CLO transactions and derivatives.
The firm’s strong Irish client base generates a significant volume of domestic debt capital markets transactions. We continue to have a leading position in the Irish covered bond market, acting as dealers counsel on all public mortgage covered bond programmes. We have been at the forefront of Ireland’s securitisation market, advising on the first ever RMBS and the first ever, and only, public CMBS. We have advised issuers and managers on a variety of Tier 1 and Tier 2 issues by Irish credit institutions. We have also seen the trend continue of having Irish originated capital markets transactions documented under Irish law. Apart from Arthur Cox, very few Irish firms have the expertise and capacity to do this.
Recently we have been advising clients (both credit institutions and other corporations) on a variety of liability management projects involving the buy-back of securities and loans.
Additionally, the combined strength of our Tax and Capital Markets groups has given us a significant edge in the international debt capital markets. In this regard, we continue to be by far the leading advisor on Russian LPN issues using Irish special purpose vehicles, whilst also advising on Russian securitisation transactions and ECP programmes.
Cormac Kissane (ex Clifford Chance and Sidleys) and Glenn Butt (an ex Allen & Overy Capital Markets partner) are the specialist debt capital markets partners within the Capital Markets Group. Between them they hold a wide range of expertise and experience, having had extensive experience as lead lawyers at major international law firms.
The strength of our tax practice, headed by Conor Hurley (ex Linklaters partner), and including senior tax partner, Caroline Devlin and partners Fintan Clancy (ex Skadden) and Ailish Finnerty, is integral to the success of our Capital Markets Group. We work extremely closely with our Tax Group and they play a significant role in all of our debt capital markets transactions.
We have a specialist business dedicated to advising clients on the listing of debt securities on the Irish Stock Exchange. Arthur Cox Listing Service (ACLS) has been tremendously successful and Director of Listings Helen Berrill (ex Irish Stock Exchange) heads up the listing team. Clients benefit from the one-stop shop offered by our Listings and Capital Markets Groups. ACLS advises European, US and Russian clients on the listing of a wide range of debt products including high yield debt, MTN programmes, CDOs, CLOs, securitisation, US shelf programmes and exchange offers. ACLS listed the first Islamic Finance programme on the Irish Stock Exchange. ACLS, in combination with lawyers from the Capital Markets Group, also advises on the application of the Prospectus Directive, Market Abuse Directive and Transparency Directive from a listing perspective.
We also work closely with our Financial Regulatory Group when advising issuers, banks, financial institutions and other businesses on Irish regulatory and compliance issues. We have particular experience in advising clients on market abuse and related issues, regulatory capital treatment of securities and transactions and issues relating to the conduct of investment business in Ireland.
Our Structured Finance and Securitisation Group also advises on a wide range of structured finance and securitisation transactions.
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