Paul Donnelly

• 
  www2.insto.com.au/index.php?option=com_content&task=vie - [Cached Version]
  Published on: 4/1/2007    Last Visited: 7/20/2007  

  "Lots of people thought the first half would be strong, but it's been quiet, people thought there would be a bit on , especially private equity deals," says Paul Donnelly, executive director of Macquarie Bank's equity capital markets group.

• 
  www.insto.com.au/index.php?option=com_content&task=view - [Cached Version]
  Published on: 2/1/2007    Last Visited: 3/5/2008  

  "It heralded the introduction of the ,equity credit' hybrid market in Australia, which has been responsible for much of the issuance during 2006, and represented the culmination of many months of work with Standard & Poor's," said Paul Donnelly, global head of hybrid capital, Macquarie Bank.

• 
  tomatom.com/journalism/?p=89 - [Cached Version]
  Published on: 7/14/2007    Last Visited: 7/14/2007  

  Macquarie Equity Capital Markets executive director Paul Donnelly says the turning point for the market was last year when Standard & Poor's decided to treat half as equity and half as debt.
  
  Typically preference shares have been issued for 10 years with a 100-point step-up.But now Standard & Poor's will accept a 200 to 250-point step-up after five years."The rating agencies wanted replacement language, where the issuer commits to refinance at year five with either equity or a like instrument," Donnelly says.
  ...
  Donnelly says: "Just compare this with the average weighted cost of capital . . . On average you are about 200 basis points better off than your equivalent whack with a hybrid.

• 
  www.insto.com.au/index.php?option=com_content&task=view - [Cached Version]
  Published on: 2/1/2007    Last Visited: 3/5/2008  

  "These were groundbreaking transactions, particularly the way in which the issuers re-engineered the syndicate process, and we are proud of the contribution we made," said Paul Donnelly, global head of hybrid capital.
  
  The successful reissue of Sydney Airports hybrid securities, the A$650 million SKIES offering in November, capped off a fine year for the group.The deal coincided with a turbulent environment for corporate credit investors, but Macquarie demonstrated its understanding of investors and markets in crafting a security and an offer structure that generated strong institutional and retail support.
  
  "The team has been working together now for more than 10 years, during which time we have led more than 50 transactions.The key factor is commitment to clients, strong working relationships with other professional advisers such as lawyers and accountants, and plain hard work," says Donnelly.

• 
  www.unitycommunity.com/joe_piscopo-01_13_99.htm - [Cached Version]
  Published on: 1/13/1999    Last Visited: 6/26/2008  

  At a school where street gangs clashed only weeks ago, a dozen or so other elected officials and civic leaders turned up for the program, including School Superintendent Roy Dawson; Police Chief Robert E. Allenbach; and Paul Donnelly, executive director of the state's Juvenile Justice Commission.

• 
  Australian Securitisation - [Cached Version]
  Published on: 10/7/2007    Last Visited: 10/7/2007  

  Paul DonnellyExecutive Director, Equity Capital MarketsMacquarie Bank
  
  Paul Donnelly is an Executive Director in Macquarie Equity Capital Markets where he is head of the Capital Structuring Group.Paul has led more than 40 capital structuring transactions including hybrid securities and share buy-backs, in addition to some of Australia's most complex and innovative IPOs.

• 
  Australian Securitisation - [Cached Version]
  Published on: 10/7/2007    Last Visited: 10/7/2007  

  Paul DonnellyExecutive Director Equity Capital Markets T 61 3 9635 9102 E paul.donnelly@macquarie.com

• 
  Australian Securitisation - [Cached Version]
  Published on: 10/7/2007    Last Visited: 10/7/2007  

  Paul Donnelly

• 
  CFO | Hybrids: let buyer and seller beware - [Cached Version]
  Published on: 5/12/2004    Last Visited: 5/12/2004  

  Williams reports that Paul Donnelly, executive director, head of capital structuring group at Macquarie Equity Capital Markets, 'thinks it is inevitable that the next generation of capital managers will be those who understand the full range of structures and options available to them' (One man's equity is another's debt).

• 
  CFO | Magazine > Article - [Cached Version]
  Published on: 10/1/2005    Last Visited: 7/11/2006  

  Paul Donnelly, executive director, equity capital markets at Macquarie Bank, believes hybrids have not lost their value to corporate Australia - it is the reasons they are being issued that have changed.
  ...
  Says Donnelly: "The accounting change can be a major issue for many companies, particularly those whose lending banks, capital market bonds or US private placements use covenants based on accounting definitions.
  ...
  Previously, S&P gave perhaps only 10% equity credit to RPS, but it now assigns 40-60% equity credit to the European clone of SUPS, says Donnelly.
  
  "That is a material change, and the cost of capital argument for hybrid issuance by investment-grade rated issuers simply becomes compelling.What was expensive debt in the eyes of the ratings agencies now becomes very cost-effective equity."He therefore expects more rated corporates to issue hybrids.
  ...
  Donnelly says each phase of Australia's hybrid market "has been triggered by the development of better instruments or some regulatory change that diminishes the attraction of existing instruments.

Page:  1 2