Capital Markets - Debt

William Fry has one of the largest and most experienced debt capital markets teams in the country. Our lawyers have worked in major law firms across the globe bringing significant experience and expertise to debt capital markets transactions. Combined with our tax practice, we offer our clients a comprehensive service. 

Our clients include originators, managers, dealers, arrangers and rating agencies across a variety of traditional and structured finance products. These include CDO/CLOs, stand alone and multi-issuer repackaging programmes, MTN programmes, PPNs, structured products using collateralised swaps, property and other asset backed securitisations. We also have particular expertise advising issuers and trustees on restructuring and termination of structured finance products. 

We have acted on some of the most notable and innovative transactions that came to the market in the last 12 months. These include advising:

  • Ardagh Packaging Group Plc launched a bond offering for a total financing of approx. $2,850m to finance the acquisition of a competitor in the metal beverage can manufacturing assets and support locations in Europe, Brazil and the United Sates for an enterprise value of approx. $3.42bn;
  • Smurfit Kappa Group plc through its subsidiary Smurfit Kappa Acquisitions Unlimited Company issued €500m worth of euro denominated senior notes due 2024;
  • PSC Eaglewood and Castlehaven with Irish legal and tax advice to  on the establishment of a €1bn secured fixed rate note issuance programme to fund the development of Irish property;
  • OPEN Cleantech on the establishment of a multi-currency secured note issuance programme to provide investors with an opportunity to invest in up to €500m of cleantech and renewable energy projects;
  • HSBC on a $300m asset backed securitisation for Bank of Communications Financial Leasing, the Chinese aircraft leasing arm of Bank of Communications;
  • Munich Re on a credit default swap structure utilising a section 110 securitisation company to issue notes and hedge against certain contracts of reinsurance and credit risk on defaults in portfolios of assets;
  • Catalina Insurance Ireland in relation to a €23.8m bond issued by it to raise additional funds for its Tier 2 solvency ratios;
  • KEB Hana Bank on the Irish legal, regulatory and tax matters relating to secured notes issued by CWMAA Ireland to funds its acquisition of aircraft;
  • Ardagh Group on its issuance of $770m and €845m of Senior Secured Toggle Notes due 2023 to raise finance to redeem existing Payment-In-Kind Notes due 2019 and to fund a return of capital to its shareholders;
  • Barclays in relation to the issuance by INEOS Finance Plc, a subsidiary of INEOS Group Holdings S.A., of €770m of 4% senior secured notes due 2023;
  • Goldman Sachs as lead arranger on a $583,370,000 aircraft-backed securitisation;
  • Fairfax Financial Holdings on the acquisition of a convertible bond issued by FBD;
  • Trinity Biotech on its $115m Exchangeable Senior Note issuance;
  • Cavendish Square Funding 2 Ltd on the sale of its portfolio of bonds, one of the largest bond sales in the European markets in June 2015;
  • Guotai Junan Securities (Hong Kong) Limited in connection with the establishment of a USD $5,000,000,000 fund-linked secured notes issuance programme;
  • J&E Davy on the establishment of a property backed programme for its investors, which was listed on the Irish Stock Exchange;
  • Smurfit Kappa Group in relation to the issuing of €250,000,000 2.75% Senior Notes due 2025.

COVID-19 and the Impact on Debt Capital Markets

Before the COVID-19 outbreak took effect, many issuers of debt were keen on exploring new / further debt issuance given the era of historically low interest rates. COVID-19 has caused widespread disruption on equity and debt markets in recent weeks and we are likely to see a slow-down in activity in the short-term.

What are Green Bonds and What’s new in Ireland?

With the recent launch of the Euronext Green Bond initiative on 5 November 2019, Eoghan O’Tuama, David Maughan and Lyn Brennan take a look at some recent green bond developments and Ireland as a listing venue.

The New Prospectus Regime – What Do I Need to Know?

New prospectus regime came into effect across the European Union on 21 July 2019

Ireland: A Center of Excellence for Islamic Finance?

In 2011, the Irish government outlined ambitious plans for Ireland to become a center of excellence for Islamic finance. David Maughan and Eoghan O'Tuama examine some of the developments in Ireland since then with respect to Islamic finance and also look at some emerging trends.

The Prospectus Regulation, What's Coming

On 21 July 2019, the remaining provisions of the Prospectus Regulation (Regulation (EU) 2017/1129) will become effective across the European Union.

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We are consistently ranked as one of the leading Banking & Financial Services law firms in Ireland.


  • The team at William Fry is noted for its "no-nonsense approach to capital markets advice". David Maughan heads the DCM practice. Legal 500 2019
  • One client says "William Fry has been exemplary in its work. It has assigned experts to what has been a very technically demanding assignment. A very responsive and professional approach has been adopted consistently." Another client states: "responsive, comprehensive and thorough advice. William Fry are available with advice on tight deadlines when required." IFLR 1000 2019
  • The team has been "very responsive, available, prompt in the delivery of advice, thorough and easy to deal with". Clients also reported that the firm offers "a good standard of service, with a good depth of expertise" and describe the lawyers as "responsive and able to understand the commercial elements of deals". Chambers Europe  
  • Clients report: "the team is very easy to deal with and very easy to talk to." other sources describe the firm as "deadline-driven, with good international links." Chambers Global 2018
  • "Clients are impressed by the firm's "levels of service, attention and response, as well as the breadth of service." Chambers Global 2017 
  • William Fry’s ‘efficient and very professional team’ includes David Maughan, whose busy caseload included advising Guotai Junan Securities on setting up a $5bn fund-linked secured notes issuance programme. Legal 500 2017
  • Elaine Hanly’s team at William Fry provides ‘proactive service’ and ‘sensible advice that gets to the heart of the commercial issues’. Among its ‘highly knowledgeable partners’, David Maughan is ‘excellent on all counts’, Rachel Stanton provides ‘reliable and highly professional counsel’.  Legal 500 EMEA, 2015 - Banking and Finance
  • William Fry has ‘deep business knowledge’ and ‘its expertise instils confidence’. Elaine Hanly’s debt team includes David Maughan.  Legal 500 EMEA, 2015 - Capital Markets
  • "The lawyers have real strength in managing and driving the process and can see the wood for the trees and negotiate the key clauses very hard." "The team does the really complex work with both speed and efficiency." Chambers Europe, 2014 - Banking and Finance
  • William Fry ‘provides an excellent service’. Legal 500 EMEA, 2014 - Banking and Finance
  • Sources say: "The team was critical to the successful outcome of a complex deal." Chambers Europe, 2013 - Capital Markets
  • "The team provides complete asset finance solutions in an effective and timely manner." Chambers Europe, 2013 - Banking & Finance
  • "Each lawyer has an absolute command of their speciality’ and is ‘a pleasure to work with" Legal 500 EMEA, 2013 - Capital Markets
  • "The banking team at William Fry continues to occupy a prominent place in the Irish market." Chambers Europe, 2012 - Banking & Finance
  • William Fry’s group constitutes "a very experienced team" of "good negotiators" that "goes well beyond normal client service expectations".  Legal 500 EMEA, 2012 - Banking & Finance
  • William Fry provides "a first-class service", "client commitment and commercialism". Legal 500 EMEA, 2012 - Capital Markets 


  • David Maughan 
    • One interviewee describes her as "very good - she knows her stuff and understands the technicalities."  Chambers Europe 2019 
    • One source notes he is"very good, he knows his stuff and is very approachable."Chambers Global 2019 
    • Clients describe David Maughan as "very effective and knowledgeable." He advises on aircraft repackaging programmes, debt and equity investments and securitisation transactions. Chambers Global 2018
    • "William Fry’s ‘impressive’ team covers a full range of public and private debt issuances and is led by David Maughan, who has ‘a positive, can-do approach’." Legal 500 2018
    • “David was excellent in walking us through the process of listing, dealing with the Irish stock exchange and getting the deal across the line in a tight deadline. His knowledge of capital markets structures was very valuable.” IFLR 1000 2018
    • Clients say that David Maughan is "very approachable, responsive, easy to worth with, commercial and pragmatic." Chambers Global 2017
    • David Maughan takes an “excellent commercial approach”. IFLR 1000 2017 
    • Clients describe David as a "prominent aviation lawyer" who can "tailor his advice to the needs of the project."  Sources add: "His advice is top-notch and easy to digest. His communication is strong, and you can rely on his local knowledge." Chambers Europe 2016
    • David is ‘excellent on all counts’Legal 500 2015 
    • David Maughan is renowned for his experience of mandates in the aviation sector, as part of a wider structured finance practice. Sources say: "His advice is top-notch, and his communication is strong." Chambers Europe 2016 
    • Client comment that "He always gives me a practical answer to any issues that come up and is always willing to work around the unique structures we like to set up." Chambers Europe 2015
    • "He looks at the transaction as a whole and is therefore able to offer advice on a more general as well as Irish-specific level." Chambers Europe 2015 - 
    • "He is widely recognised as an expert in aviation law". Chambers Europe 2014 
  •  Elaine Hanly
    • One interviewee describes her as "very good - she knows her stuff and understands the technicalities."  Chambers Europe 2019 
    • "Elaine Hanly acts for financial institutions on derivatives transactions, structured finance and syndicated loans. She also advises on PPP and project finance matters. Hanly advised Ardagh Packaging Group on a USD2.85 billion bond offering and a USD1.565 billion senior secured toggle notes offering." Chambers Global 2018 
    • William Fry excels in real estate finance, where practice head Elaine Hanly is ‘an excellent and thorough banking lawyer’. Legal 500 2017 
    • Elaine Hanly’s team at William Fry provides ‘proactive service’ and ‘sensible advice that gets to the heart of the commercial issues’. Legal 500 EMEA, 2015 - Banking and Finance
    • Elaine Hanly wins praise for her in-depth knowledge of derivatives, syndicated loans and securitisation. Observers describe her as 'dedicated and thorough.' Chambers Global, 2013 - Capital Markets
    • Elaine Hanly is valued by clients, who say she is 'unbelievably dedicated, and has an ability to look ahead and find the difficult points and deal with them.' Chambers Europe, 2012 - Capital Markets
    • Elaine Hanly 'has an impressive track record and wins the admiration of her peers.' Chambers Europe, 2012 - Banking & Finance 
  • Mary Ward
    • One client states Mary has "great attention to detail and solid technical understanding." IFLR 1000 2017

Key Contacts

David Maughan Partner

Elaine Hanly Consultant

Lyn Brennan Partner

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