Best bank - Bank of Ireland
Best debt house - Barclays Capital
Best equity house - Davy Stockbrokers
Best M&A house - IBI Corporate Finance/Bank of Ireland
Best local partner - Goodbody
When Bank of Ireland's bid for UK mortgage bank Abbey National fell flat, investors in the Irish institution breathed a sigh of relief. It wasn't at all clear why Bank of Ireland would want to expand into the relatively slow-growth UK market when its Irish business is performing so strongly, with a 22.4% return on equity for 2002.
Corporate banking and treasury now comprise 31% of Bank of Ireland's business. Key deals in the past year include a $450 million loan for first-time borrower Galen Chemicals to finance the acquisition of a portfolio of drugs from Pfizer and a e500 million facility for Bord Gáis Eíreann, which was oversubscribed.
Given Barclays Capital's prominence in the UK bond and loan markets, it is perhaps not surprising that it is also the leading debt bank in neighbouring Ireland. There have been few corporate deals in Ireland this year. But in the bank market, Barclays leads the way with transactions for a variety of issuers.