Ireland

The IPO market in EMEA has been unaffected by the political turmoil that has engulfed the UK, after the general election last Thursday resulted in a hung parliament. One of the largest and most important IPOs of the year achieved coverage on the first day of bookbuilding this week, and several more deals have been announced.

The €3bn IPO of Allied Irish Banks, the Irish banking group, was covered at its maximum size including the greenshoe by the end of the first day of the bookbuild on Tuesday. The deal could value the rescued financial institution at up to €13.3bn if it is priced at the top of its range.

The launch of the Allied Irish Bank’s (AIB) IPO by the Irish government should be welcomed as an important landmark in the republic’s astonishing recovery since it emerged from its bailout in 2013.

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.

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.

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.

Lorcan O’Shea, head of UK and Ireland equity capital markets at Deutsche Bank, has left the bank.

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.

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.