Senior Bond repayments two years ahead of schedule

Business | Fri 2 Oct | Author – Business & Finance
Corporate Restucturing Summit
John Doddy, partner, Corporate Advisory Services, Matheson; Tony O’Grady, partner, Commercial Litigation and Dispute Resolution Department, Matheson; Tom Kavanagh, partner, Restructuring Sercvies, Deloitte; Patrick Molloy, partner and Head of the Banking Group, Matheson; Danny McCoy, CEO, IBEC; Frank Daly, chairman, NAMA.

The seventh annual International Corporate Restructuring Summit in association with Matheson and Deloitte took place today at The Convention Centre Dublin.

Chaired by Danny McCoy, CEO of IBEC, this half-day summit provided insight and expertise from high-calibre speakers on the current state of play across the corporate restructuring landscape. The summit also provided delegates with an analysis of trends and an overview of the impact of new legislation.

Frank Daly, chairman of NAMA said the organisation was delivering on its mandate and much more, with Ireland’s contingent liability arising from NAMA and IBRC liabilities reduced from €40bn at the start of 2013 to €9bn today.

“Senior bond repayments are two years ahead of schedule with €1.75 redeemed in September 2015. €9.1bn was paid in 2014 – more than the previous four years combined. We are well on the way towards meeting the next major milestone – the redemption of a cumulative 80% of senior bonds by the end of 2016,” he said.

Tony O’Grady, partner, Corporate Restructuring and Insolvency with Matheson said: “The Summit gives those involved in the restructuring and insolvency sector an opportunity to discuss and debate the most significant trends in the market. The business and legal landscape has evolved enormously over the last couple of years and it is important that we analyse this evolution to enable those in this sector to plan for the future.”

Tom Kavanagh, partner, Restructuring Services, Deloitte added: “This is a watershed year in terms of loan book sales which will see a large quantum of loans from institutions such as NAMA, Lloyds, Ulster Bank and PTSB moving into private equity hands. Restructuring opportunities have never been more prevalent; however the working capital challenge to trading businesses in an improving economy will be a key component of our recovery.”

Also speaking at the event were; John Doddy, partner, Corporate Finance Advisory Services, Deloitte; Patrick Molloy, partner and Head of the Banking Group, Matheson; Pat Gaynor, managing director, Bank of Ireland Corporate Banking; Michael Lee, Ireland Strategic Investment Fund and Fabio Longo, Sankaty Advisors.