Ireland

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.

Rating: —/BBB+/BBB+

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.

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.

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.

Rating: A3/A+/A

Four sovereign, supranational and agency borrowers came to market for euros in the opening week of 2017, showcasing the market’s depth and flexibility. But the torrent of supply has meant that issuers haven’t had it all their own way.

KfW and Ireland brought euro deals on Wednesday at the very top end of size expectations, alleviating a little of the pressure on what is set to be an extremely busy year in the currency. The trades came the same day as Municipality Finance mandated for a euro benchmark and a request for proposals came from the European Financial Stability Facility.

As a year where political upsets became the norm drew to a close, GlobalCapital picks the standout trades from a turbulent 2016.