Walkers Ireland Capital Markets Team Wins Two Finance Dublin Awards

The capital markets team at Walkers Ireland have been awarded two Deals of the Year by Finance Dublin, the leading publication of the International Financial Services Centre in Dublin. The Finance Dublin Deals of the Year awards acknowledge the most significant, largest and complex transactions over the previous 12 months entered into by Irish companies.

Finance Dublin Deals of the Year:

 

  • Financial Services Insurance Deal of the Year: Lion I Re €190 million catastrophe bond;

  • Debt Capital Markets ABS/Securitisation Deal of the Year: DECO 2014-Bonn Limited €680 million CMBS.



Lion I Re

Walkers Ireland advised Assicurazioni Generali S.p.A., Italy’s largest insurer and Europe’s 3rd largest insurer, on its debut €190 million catastrophe bond issued through Lion I Re Limited, an Irish special purpose reinsurance vehicle authorised by the Central Bank of Ireland.

This innovative transaction (which involved several market firsts) provided Generali with a cover that is fully collateralised by highly rated assets throughout the three year risk period and allows Generali to rely on multi-year committed capacity, while maintaining the possibility to adjust cover and premium on an annual basis within a specified range.

The last feature is very novel and is an important development for the cat bond market. It opens the possibility for cedents to access capital markets protection at a different time than their traditional renewal without paying excess premium.

DECO 2014-Bonn Limited

Walkers Ireland advised Deutsche Bank AG, London Branch, on this commercial mortgage backed securitisation (CMBS) transaction which was one of the largest European CMBS in 2014, involved 29 secondary quality German offices owned by IVG Immobilien.

This transaction is representative of the return of the European CMBS market and shows a notable movement away from CMBS being used primarily to refinance single asset transactions towards multi property CMBS deals backed by secondary commercial real estate.

With market participants forecasting between EUR 5billion and EUR8.5billion in primary issuances for 2015, it is expected that CMBS has made a permanent return as an important tool for European real estate financing.


IRELAND
Garry FergusonManaging PartnerT +353 1 470 6659garry.ferguson@walkersglobal.com
Noeleen RuddyPartnerT +353 1 470 6650noeleen.ruddy@walkersglobal.com
Jonathan SheehanPartnerT +353 1 470 6639jonathan.sheehan@walkersglobal.com
Andrew TraynorPartnerT +353 1 470 6632andrew.traynor@walkersglobal.com
Therese RedmondHead of Listing ServicesT +353 1 470 6645 therese.redmond@walkersglobal.com
Ken FoleySenior Listing ExecutiveT +353 1 470 6672ken.foley@walkersglobal.com