Irish Non-Financial Corporations and the US Private Placement Market

Dermot Coates, Aoife Moloney and Jenny Osborne-Kinch
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Dermot Coates: Central Bank of Ireland
Aoife Moloney: Central Bank of Ireland
Jenny Osborne-Kinch: Central Bank of Ireland

No 12/EL/15, Economic Letters from Central Bank of Ireland

Abstract: This letter examines the use of an alternative source of funding, known as private placements, for Irish resident non-financial corporations (NFCs). Private placements are fixed-rate bonds arranged privately between an issuer and an institutional investor. The US private placement market is traditionally the primary market for Irish NFCs. As there is no single repository of private placement data, data was obtained from various sources including industry-specific publications and annual reports. Data indicate that since 2003 there have been an estimated 39 deals which involved 22 Irish NFCs. As of Q2 2014, we estimate that the total amount outstanding stood at $10.4 billion, with new issuance exceeding $1 billion per annum in recent years. Private placements have not been included in our published statistics to date, and this new data will help address this gap.

Date: 2015-12
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