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Technical Publications

The International Capital Markets Review - Ireland Chapter

28 Nov 2013

This article was first published in The International Capital Markets Review, Third Edition.

In 2013, the international capital markets (particularly within the EU) continued to endure the effects of pre-2011 economic crises and uncertainties albeit with some tentative signs of recovery in certain Member States, and Ireland’s interaction with those markets has been no different. While domestic corporate issuance of capital markets debt in Ireland has always been modest, significant volumes of structured-finance debt were issued as part of collateralised loan obligations (CLOs), collateralised debt obligations (CDOs), residential mortgage backed securities (RMBS), commercial mortgage-backed securities (CMBS) and repackaging transactions out of Ireland. This was significantly curtailed in 2011 and 2012 but has seen some return to activity (especially CLOs) in 2013.

In addition, there have been significant reductions in the volumes of Irish bank debt issuances through the variety of debt programmes normally utilised by banks to access the capital markets. This turmoil extended in 2011 to affect the debt capital markets through emergency capital markets legislation giving special powers to the Irish government, and increased judicial activity in the Irish courts (although this fell off in 2012). Some stability has returned to markets in 2013 and while the volume of transactions characterised by the levels in 2006–2007 is unlikely to return, the capital markets continue to be accessed in other ways. Market participants have recently shown that they will continue to use Ireland as one of the preferred international financial locations.

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