Clifford Chance advised UBS Securities LLC ("UBS") in connection with the issuance by SPARC EM SPC, for the account of Panama Metro Line 2 S.P. (the "Issuer") of US$618,708,000 Series 2017-1 Panama Metro Line 2 Notes due 2022 (the "Notes"). This issuance represents the first-ever 144A/Reg S securitization of government certificates to finance an infrastructure project in Panama.
Allen & Overy has advised Axis Bank, Barclays, Citigroup, Crédit Agricole, HSBC, J.P. Morgan, Merrill Lynch and Standard Chartered Bank as joint lead managers in connection with the Regulation S offering of senior unsecured notes due 2022 by Canara Bank (Canara). The dollar-denominated 5-year 3.250% bond raised USD400 million for the Indian issuer.
Allen & Overy LLP has advised BNP Paribas Personal Finance S.A. on all aspects relating to the termination of its joint venture with Commerzbank AG, Commerz Finanz GmbH. In this context, the Banking business unit was split-off from Commerz Finanz GmbH to Commerzbank AG and all shares in Commerz Finanz GmbH that were still held by Commerzbank AG have been transferred to BNP Paribas Personal Finance S.A.
Allen & Overy has advised its long standing client Axis Bank in connection with its Rule 144A / Regulation S offering of senior unsecured notes due 2022. The dollar-denominated 5-year 3.00% bond raised USD500 million for the Indian issuer and marked the first Rule 144A / Regulation S transaction by an Indian bank this year.
Allen & Overy has advised the dealer managers and the joint lead managers on a debt refinancing transaction for Vedanta Resources plc, one of the world’s largest diversified natural resources companies.
Cembra Money Bank AG (Cembra) signed an agreement to refinance a CHF 42 million personal loan portfolio from eny Finance AG. eny Finance AG is a Swiss pure online personal loan provider. Cembra has also agreed to partially refinance future personal loan volume from this provider. The deal is structured through a special purpose vehicle (SPV) that is fully owned and consolidated by Cembra. The transaction was closed on 2 August 2017. By this transaction, eny Finance gets access to an additional refinancing source for its growing consumer credit portfolio.
Shearman & Sterling advised International Finance Corporation (IFC), along with Singapore-based specialist provider of structured finance solutions, Clifford Capital and CDC Group plc, the UK government’s development finance institution as the lenders in connection with the financing of the approximately US$412 million, 414MW (gas) / 333MW (fuel oil) greenfield, dual-fuel Sirajganj Independent Power Producer (IPP) power project.
Ashurst advised Andorra Banc Agrícol Reig B.V. (Andbank) on its €500 million global Euro medium term note and covered bond programme and its inaugural issue of €100 million floating rate covered bonds due July 2022, which was solely lead managed by JP Morgan. The residential mortgage-backed bond was the principality of Andorra's first ever covered bond issue.
The Ashurst team was led by debt capital markets partner Alex Biles, assisted by associate Katie Lloyd.
Global law firm White & Case LLP has advised doBank S.p.A. on 'Project Fino', the €17.7 billion disposal of three non-performing loan portfolios originally owned by UniCredit S.p.A.
Two of the three portfolios have been sold to, respectively, Fino 1 S.r.l. and Fino 2 S.r.l., which have financed their acquisitions through a securitization structure utilising the issuance of asset-backed notes subscribed by Fortress and UniCredit S.p.A. doBank S.p.A. has been appointed as master servicer and special servicer on the securitizations.
Global law firm White & Case LLP has advised a group of international and Nigerian banks on a US$780 million financing denominated in both US dollars and naira for the joint venture between the Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited, under NNPC's oil debt programme.