Ireland
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The Irish government has fired the starting gun for the IPO of Allied Irish Banks (AIB), a potential €3bn deal, even though this means it will be in the market right through the UK general election, writes Aidan Gregory. -
The long-awaited re-privatisation of Allied Irish Banks has begun at last, after the Irish government decided to press ahead with the IPO, which could raise about €3bn, in a sign of confidence in Ireland's economic recovery and the European IPO market.
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The IPO market in Europe is busy, with the launch of several big deals over the past few days, and the completion of yet another popular Nordic IPO on Wednesday.
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The impact of Brexit on Ireland is likely to be mixed. While Ireland’s exposure to the UK has led the government to revise its forecasts for GDP growth down in 2017, some areas of the economy look well positioned to flourish in the post-Brexit era, most notably financial services. Following the triggering of Article 50 by the UK government, representatives from the public and private sector gathered in Dublin in early May to discuss the longer-term prospects for the Irish economy and the financial services industry.
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Lorcan O’Shea, head of UK and Ireland equity capital markets at Deutsche Bank, has left the bank.
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The Financial Conduct Authority is reviewing aspects of the UK’s primary markets regime, with a particular focus on whether the UK needs a specialised wholesale debt listing venue, like Ireland’s GEM market.
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Budget airline Ryanair slipped into the market to print a €750m August 2023 bond on Wednesday, taking advantage of an almost clear run as many issuers are still on earnings reporting blackouts. Meanwhile, two other corporate credits are about to meet investors.
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The Irish regulators are looking to facilitate European investments into China, following the award of an RMB qualified foreign institutional investor (RQFII) quota to Ireland as well as prepping for the launch of the China-Hong Kong ETF Connect.
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Crédit Agricole has pulled out of the primary dealerships of three countries, the latest bank to scale down the number of countries in which it is active as a PD. It is unlikely to the be the last this year, according to a GlobalCapital poll of DCM heads.
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Ireland’s funding office will unveil its first quarter auction schedule this coming Monday, having already taken a sizeable chunk out of its 2017 funding needs with a syndication earlier this week.
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