On November 1, 2016, Banco BTG Pactual S.A. (BTG Pactual) and EFG International AG (EFGI), the listed Swiss private wealth manager, announced the completion of the sale and purchase of all the shares of BSI SA, a Swiss private bank with headquarters in Lugano. As a result of the transaction, BTG Pactual has become a significant shareholder of EFGI with an interest of 30% of the share capital and voting rights of EFGI, which is now one of the largest Swiss private banks.

Hengeler Mueller has advised the banking syndicate consisting of Commerzbank Aktiengesellschaft, Deutsche Bank AG, London Branch, HSBC Bank plc und Société Générale with respect to the successful issuance of a bond by TUI with a total volume of EUR 300 m. The corporate bond with a maturity of 5 years, a coupon of 2.125% and a yield of 2.250% was several times oversubscribed. The bond uses high yield features such as a financial covenant related to the limitation of indebtedness and it is guaranteed by subsidiaries in multiple jurisdictions.

As announced by Solstad Offshore ASA (SOFF), SOFF took delivery of the "Normand Maximus" on the 28th October 2016 through the 25/75 owned affiliate, Maximus Limited, with AGC Maritime Yield Fund I LP from Vard Brattvaag. At the same time, the vessel commenced its 8-year charter contract with Saipem.

Normand Maximus, is developed in close collaboration between Solstad, Saipem and Vard and is to our understanding the largest vessel ever constructed by Vard Brattvåg.
 

Milbank, Tweed, Hadley & McCloy LLP advised the banking consortium on the successful EUR 250 million bond issuance of Sixt SE, worldwide provider of top-quality mobility services. Bayerische Landesbank, Commerzbank and Deutsche Bank acted as joint lead managers, Berenberg Bank and Hauck & Aufhäuser were co-lead managers on the transaction. The bond has a maturity of six years and an interest coupon of 1.125% p.a. The proceeds of the issuance are used to finance the long-term growth of the Sixt Group.

White & Case LLP has advised HSBC, Deutsche Bank, JP Morgan and Morgan Stanley as joint bookrunners on the dual-tranche issuance by Total S.A. of €2.5 billion hybrid notes.

Kirkland & Ellis represented Morgan Stanley, Goldman Sachs (Asia) L.L.C, China Renaissance Securities, Citigroup, Credit Suisse and J.P. Morgan as underwriters in the US$1.4 billion initial public offering of American depositary shares on the New York Stock Exchange (NYSE) of ZTO Express (Cayman) Inc. (NYSE: ZTO), a leading express delivery company in China. The listing took place on Oct. 27, 2016 and is expected to be the largest initial public offering of the year. The full release is available here.

Slaughter and May, London and Hong Kong, advised Standard Chartered on the annual update of its US$77.5 billion debt issuance programme, under which Standard Chartered PLC, Standard Chartered Bank and Standard Chartered Bank (Hong Kong) Limited have the ability to issue notes to be listed and traded on the London and Hong Kong Stock Exchanges.
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Linklaters was pleased to advise Standard Chartered Bank on its issuance of bonds denominated in Special Drawing Rights (SDR), which was completed on 26 October 2016.

This is the first issuance of SDR bonds by a commercial entity.

“This deal is a great example of the use of legal innovation to support increased financial integration between the PRC and international markets,” said capital markets partner Hwang Hwa Sim.

“We were pleased to assist our client in yet another market first,” Mr Sim added.

Jones Day represented UniCredit Bank AG in the €12.5 million refinancing of the Plana de Jarreta project.

For additional information about this matter, please contact: Fernando Lillo
Client(s): UniCredit Bank AG
Practice(s): Projects & Infrastructure
Office(s): Madrid

Jones Day represented UniCredit Bank AG in the €13.05 million refinancing of the La Carracha project.

For additional information about this matter, please contact: Fernando Lillo
Client(s): UniCredit Bank AG
Practice(s): Projects & Infrastructure
Office(s): Madrid