Ireland: Walkers Listing Services Review And Outlook 2016

Welcome to our annual review of debt securities transactions that listed on the Irish Stock Exchange (ISE). In this bulletin, we provide a flavour of the transactions which kept us busy in 2015 highlighting the variety of debt products and the international spread of issuers choosing Ireland as their preferred listing venue.

 Listings in 2015 and emerging trends

2015 was a challenging year in many respects for the DCM and securitisation industries particularly with reference to the regulatory and legislative hurdles faced by certain asset classes together with world economic events. That said, 2015 was a strong year for Walkers listing team and we were pleased to act on a wide variety of debt securities transactions and to experience growth across a number of debt products. We were also excited that 2015 delivered industry awards to some of the transactions on which we acted.

Euro and U.S. CLOs – While the CLO market has undoubtedly faced a number of challenges in 2015, we were pleased to act as listing agent on a significant number of U.S. and European transactions, with an aggregate value of over US$6.1 billion and €3.2 billion, respectively, listing on the ISE. Interestingly, the majority of U.S. deals continue to list on GEM while the Euro CLOs tend to express a preference for the regulated market.

Sovereign Eurobonds – 2015 was a strong year for eurobond sovereign issuance and Walkers was pleased to act for countries including Armenia, Ghana, Jordan, Macedonia and Namibia. The eurobond market has proved to be a valuable and essential funding tool for a significant number of emerging market nations and we expect to see continued investor demand for this product in 2016.

Programmes – 2015 brought a number of new programmes our way offering a variety of debt products including MTN programmes, sukuk, covered bond and ABS programmes. We regularly act on programmes which originate from jurisdictions including Asia, Europe, Middle East, Scandinavia and beyond. It is also worth noting that some programmes will seek a dual listing with another international exchange.

Debt Capital Markets & High Yield – We represent a number of high profile clients who list their corporate debt securities on the ISE and in 2015 we noted that a majority of our clients chose the GEM as their preferred market. During 2015 we acted for a variety of businesses including waste management, broadcasting & telecommunications, banking, property development, real estate investment, and mortgage providers.

RMBS – 2015 was a successful year for RMBS deals and we were pleased to assist on a number of transactions in this sector. According to market sources the success of the RMBS market, particularly in the UK and The Netherlands, can be partly attributed to the "high quality securitisation" stamp that has been afforded to certain securitisation transactions, including RMBS. We expect to see further appetite in the RMBS space heading into 2016.

ABS – During 2015 we acted on a broad spectrum of asset-backed transactions including catastrophe bonds, auto loan receivables and loan repackagings. We note that European regulators, central banks and securitisation stakeholders are working to agree a framework for simple, standard and transparent securitisations which should inject growth and confidence in the securitisation field. Looking ahead we expect to see positive growth in the number of public securitisation transactions in 2016.

European CMBS – Continuing a trend established in 2014, we noted significant activity in the Italian CMBS space in 2015 with additional activity from The Netherlands, United Kingdom, Germany, Belgium, Ireland and France. We noted a strong mix of retail, office and hotel portfolios spanning the transactions on which we acted. Market sources predict 2016 issuance may reach €5-€10 billion and we are pleased to have a number of deals in the pipeline.

Award-winning deals in 2015

2015 saw Walkers take home a number of awards in recognition of the high-profile and strong calibre of transactions on which we acted. Some award-winning deals included:

Oman Electricity Transmission Company

Acted as Irish listing agent and Cayman legal counsel to OETC in connection with its US$1 billion note issuance understood to be the largest international capital markets issuance out of Oman and winner of the 2015 Sovereign/Quasi- Sovereign Financing Deal of the Year.

flydubai

Acted as Irish listing agent and Cayman legal counsel to Dubai Aviation Corporation in connection with its US$500 million debut capital markets Sukuk transaction and finalist in the 2015 Bond/Sukuk Deal of the Year by a Debut Issuer.

DECO-2014 BONN Limited

Acted as Irish listing agent and Irish legal counsel on a €680 million commercial mortgage backed securitisation (CMBS) transaction understood to be one of the largest European CMBS since the financial crisis, and winner of the Finance Dublin 2015 Debt Capital Markets ABS/Securitisation Deal of the Year.

Region In-Focus - MENA

We are introducing a new feature to our annual bulletin where we provide a snapshot of listings activity from a specific region of the world. In this edition we take a look at the MENA region and the variety of debt securities transactions listing on the ISE.

Our map highlights the jurisdictions from which ISE-listed deals have originated and we expect to see the attractiveness of an ISE listing spread even further in 2016.

The scope of MENA transactions on which we regularly act includes MTN programmes, corporate debt, high yield, sovereign debt and Eurobonds. We also frequently list Shari'ah compliant structures, particularly Sukuk transactions, each of which have listed on the Main Market of the ISE.

It is also worth acknowledging the variety of industries and sectors from the MENA region that are now familiar with listing in Ireland e.g. real estate/property development; banking; energy; pharmaceuticals; telecommunications.

Our Dubai office has been active in the region for over 10 years and provides fully-integrated Cayman legal, corporate and fiduciary services which, when coupled with our Irish listing services, effectively offers a one-stop-shop for our clients. Please click here for further information on our experience and services offering in the MENA region.

Outlook for 2016

As we face into 2016 we acknowledge the challenges faced by the capital markets in terms of turmoil in certain emerging market economies, uncertainty in China, falling oil prices and general macro-economic events. However, such circumstances can also create funding requirements for corporates, financial institutions and governments and we predict capital markets products serving as an effective and efficient funding tool to meet such demands.

From a European perspective we expect to see continued efforts to enhance securitisation products and anticipate increased confidence and demand for such transactions. We will also keep a close eye on developments relating to the European Capital Markets Union and discussion papers on proposed changes to the Prospectus Directive (such proposals referred to as PD III).

2016 has started strongly for Walkers with a number of transactions already closed and listed including a catastrophe bond, euro CLO, corporate debt and a number of U.S. CLOs. As the strength and profile of an ISE listing continues to be internationally recognised, we expect a busy 2016 for our listings team.

ISE Key Statistics: 2015

  • More than 27,000 debt securities listed
  • 9% increase in new debt tranches compared to 2014
  • Issuers from excess 85 countries worldwide
  • GEM reflecting 38% of all documents approved in 2015

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

To print this article, all you need is to be registered on Mondaq.com.

Click to Login as an existing user or Register so you can print this article.

Authors
 
In association with
Related Topics
 
Related Articles
 
Up-coming Events Search
Tools
Print
Font Size:
Translation
Channels
Mondaq on Twitter
 
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).
 
Email Address
Company Name
Password
Confirm Password
Position
Mondaq Topics -- Select your Interests
 Accounting
 Anti-trust
 Commercial
 Compliance
 Consumer
 Criminal
 Employment
 Energy
 Environment
 Family
 Finance
 Government
 Healthcare
 Immigration
 Insolvency
 Insurance
 International
 IP
 Law Performance
 Law Practice
 Litigation
 Media & IT
 Privacy
 Real Estate
 Strategy
 Tax
 Technology
 Transport
 Wealth Mgt
Regions
Africa
Asia
Asia Pacific
Australasia
Canada
Caribbean
Europe
European Union
Latin America
Middle East
U.K.
United States
Worldwide Updates
Registration (you must scroll down to set your data preferences)

Mondaq Ltd requires you to register and provide information that personally identifies you, including your content preferences, for three primary purposes (full details of Mondaq’s use of your personal data can be found in our Privacy and Cookies Notice):

  • To allow you to personalize the Mondaq websites you are visiting to show content ("Content") relevant to your interests.
  • To enable features such as password reminder, news alerts, email a colleague, and linking from Mondaq (and its affiliate sites) to your website.
  • To produce demographic feedback for our content providers ("Contributors") who contribute Content for free for your use.

Mondaq hopes that our registered users will support us in maintaining our free to view business model by consenting to our use of your personal data as described below.

Mondaq has a "free to view" business model. Our services are paid for by Contributors in exchange for Mondaq providing them with access to information about who accesses their content. Once personal data is transferred to our Contributors they become a data controller of this personal data. They use it to measure the response that their articles are receiving, as a form of market research. They may also use it to provide Mondaq users with information about their products and services.

Details of each Contributor to which your personal data will be transferred is clearly stated within the Content that you access. For full details of how this Contributor will use your personal data, you should review the Contributor’s own Privacy Notice.

Please indicate your preference below:

Yes, I am happy to support Mondaq in maintaining its free to view business model by agreeing to allow Mondaq to share my personal data with Contributors whose Content I access
No, I do not want Mondaq to share my personal data with Contributors

Also please let us know whether you are happy to receive communications promoting products and services offered by Mondaq:

Yes, I am happy to received promotional communications from Mondaq
No, please do not send me promotional communications from Mondaq
Terms & Conditions

Mondaq.com (the Website) is owned and managed by Mondaq Ltd (Mondaq). Mondaq grants you a non-exclusive, revocable licence to access the Website and associated services, such as the Mondaq News Alerts (Services), subject to and in consideration of your compliance with the following terms and conditions of use (Terms). Your use of the Website and/or Services constitutes your agreement to the Terms. Mondaq may terminate your use of the Website and Services if you are in breach of these Terms or if Mondaq decides to terminate the licence granted hereunder for any reason whatsoever.

Use of www.mondaq.com

To Use Mondaq.com you must be: eighteen (18) years old or over; legally capable of entering into binding contracts; and not in any way prohibited by the applicable law to enter into these Terms in the jurisdiction which you are currently located.

You may use the Website as an unregistered user, however, you are required to register as a user if you wish to read the full text of the Content or to receive the Services.

You may not modify, publish, transmit, transfer or sell, reproduce, create derivative works from, distribute, perform, link, display, or in any way exploit any of the Content, in whole or in part, except as expressly permitted in these Terms or with the prior written consent of Mondaq. You may not use electronic or other means to extract details or information from the Content. Nor shall you extract information about users or Contributors in order to offer them any services or products.

In your use of the Website and/or Services you shall: comply with all applicable laws, regulations, directives and legislations which apply to your Use of the Website and/or Services in whatever country you are physically located including without limitation any and all consumer law, export control laws and regulations; provide to us true, correct and accurate information and promptly inform us in the event that any information that you have provided to us changes or becomes inaccurate; notify Mondaq immediately of any circumstances where you have reason to believe that any Intellectual Property Rights or any other rights of any third party may have been infringed; co-operate with reasonable security or other checks or requests for information made by Mondaq from time to time; and at all times be fully liable for the breach of any of these Terms by a third party using your login details to access the Website and/or Services

however, you shall not: do anything likely to impair, interfere with or damage or cause harm or distress to any persons, or the network; do anything that will infringe any Intellectual Property Rights or other rights of Mondaq or any third party; or use the Website, Services and/or Content otherwise than in accordance with these Terms; use any trade marks or service marks of Mondaq or the Contributors, or do anything which may be seen to take unfair advantage of the reputation and goodwill of Mondaq or the Contributors, or the Website, Services and/or Content.

Mondaq reserves the right, in its sole discretion, to take any action that it deems necessary and appropriate in the event it considers that there is a breach or threatened breach of the Terms.

Mondaq’s Rights and Obligations

Unless otherwise expressly set out to the contrary, nothing in these Terms shall serve to transfer from Mondaq to you, any Intellectual Property Rights owned by and/or licensed to Mondaq and all rights, title and interest in and to such Intellectual Property Rights will remain exclusively with Mondaq and/or its licensors.

Mondaq shall use its reasonable endeavours to make the Website and Services available to you at all times, but we cannot guarantee an uninterrupted and fault free service.

Mondaq reserves the right to make changes to the services and/or the Website or part thereof, from time to time, and we may add, remove, modify and/or vary any elements of features and functionalities of the Website or the services.

Mondaq also reserves the right from time to time to monitor your Use of the Website and/or services.

Disclaimer

The Content is general information only. It is not intended to constitute legal advice or seek to be the complete and comprehensive statement of the law, nor is it intended to address your specific requirements or provide advice on which reliance should be placed. Mondaq and/or its Contributors and other suppliers make no representations about the suitability of the information contained in the Content for any purpose. All Content provided "as is" without warranty of any kind. Mondaq and/or its Contributors and other suppliers hereby exclude and disclaim all representations, warranties or guarantees with regard to the Content, including all implied warranties and conditions of merchantability, fitness for a particular purpose, title and non-infringement. To the maximum extent permitted by law, Mondaq expressly excludes all representations, warranties, obligations, and liabilities arising out of or in connection with all Content. In no event shall Mondaq and/or its respective suppliers be liable for any special, indirect or consequential damages or any damages whatsoever resulting from loss of use, data or profits, whether in an action of contract, negligence or other tortious action, arising out of or in connection with the use of the Content or performance of Mondaq’s Services.

General

Mondaq may alter or amend these Terms by amending them on the Website. By continuing to Use the Services and/or the Website after such amendment, you will be deemed to have accepted any amendment to these Terms.

These Terms shall be governed by and construed in accordance with the laws of England and Wales and you irrevocably submit to the exclusive jurisdiction of the courts of England and Wales to settle any dispute which may arise out of or in connection with these Terms. If you live outside the United Kingdom, English law shall apply only to the extent that English law shall not deprive you of any legal protection accorded in accordance with the law of the place where you are habitually resident ("Local Law"). In the event English law deprives you of any legal protection which is accorded to you under Local Law, then these terms shall be governed by Local Law and any dispute or claim arising out of or in connection with these Terms shall be subject to the non-exclusive jurisdiction of the courts where you are habitually resident.

You may print and keep a copy of these Terms, which form the entire agreement between you and Mondaq and supersede any other communications or advertising in respect of the Service and/or the Website.

No delay in exercising or non-exercise by you and/or Mondaq of any of its rights under or in connection with these Terms shall operate as a waiver or release of each of your or Mondaq’s right. Rather, any such waiver or release must be specifically granted in writing signed by the party granting it.

If any part of these Terms is held unenforceable, that part shall be enforced to the maximum extent permissible so as to give effect to the intent of the parties, and the Terms shall continue in full force and effect.

Mondaq shall not incur any liability to you on account of any loss or damage resulting from any delay or failure to perform all or any part of these Terms if such delay or failure is caused, in whole or in part, by events, occurrences, or causes beyond the control of Mondaq. Such events, occurrences or causes will include, without limitation, acts of God, strikes, lockouts, server and network failure, riots, acts of war, earthquakes, fire and explosions.

By clicking Register you state you have read and agree to our Terms and Conditions