Debt Capital Markets Legal Updates October 23, 2019
PD3 – the new Prospectus Regulation and its implications for Irish asset-backed securities issuance
Our Debt Capital Markets team provides securities law, company law, taxation and stock exchange listing advice on public and private debt and equity issuance. We advise regular issuers on a variety of stand-alone and multi-issuance debt transactions.
The team’s work complements the work carried out by our Securitisation and Structured Finance and Irish Stock Exchange Debt Listing teams in advising on domestic and international securitisations, MTN and CP programmes and other structured debt issuances.
We are experienced advisers on Irish securities law – including on prospectus, transparency and market abuse requirements – to major financial institutions and issuers offering equity and debt securities into Ireland.
Representative transactional work includes acting for:
- FBD Insurance plc, the only publicly traded insurer in Ireland, and its parent (FBD Holdings PLC, an ISE and LSE quoted company), in the issuance of €70m convertible subordinated bonds, structured under Irish law to qualify as tier 2 capital under Solvency II and listed on the Irish Stock Exchange.
- N&W Global Vending (a major European food vending company) and its Irish parent in relation to the issuance of €300m of senior secured notes and €100m of second lien notes, listed on the Irish Stock Exchange.
- A global asset manager in connection the participation by several funds under its management, as part of a consortium, in the €1.123bn purchase of common stock in Bank of Ireland (representing 34.96% of the total issued ordinary stock of Bank of Ireland).
- AIG Inc. on the listing and euro system eligibility of various debt securities on the Irish Stock Exchange and related liability management exercises.
