Slaughter and May advised Close Brothers Limited, the banking division of Close Brothers Group plc, on the issue of £300 million 3.875% senior unsecured bonds due 2021 from the Close Brothers Finance plc £1 billion Euro Medium Term Note programme. The bonds are listed and traded on the Regulated Market of the London Stock Exchange and guaranteed by Close Brothers Limited.

The Royal Bank of Scotland plc, HSBC Bank plc and Lloyds Bank plc acted as Joint Lead Managers.

CONTACTS

Financing: Miranda Leung (partner), Hector Kociak (associate)

Slaughter and May advised Legal & General Group Plc on its issuance of £600 million Fixed Rate Reset Subordinated Notes due 2064 pursuant to its £3 billion Euro Note Programme. The Notes bear interest at the rate of 5.50% per annum until 27 June 2044. On such date and thereafter on each reset date, the interest rate shall be reset by reference to a reference bond rate.

The Royal Bank of Scotland acted as structuring adviser and Barclays, Citigroup, HSBC and The Royal Bank of Scotland acted as joint lead managers.

CONTACTS

Slaughter and May advised Legal & General on the annual update and amendment of its £3 billion Euro Note Programme. Under the Programme, Legal & General Group Plc have the ability to issue senior or subordinated Notes and Legal & General Finance PLC may issue senior Notes guaranteed by Legal & General Group Plc, in each case to be listed and traded on the Main Market of the London Stock Exchange.

Hogan Lovells has advised Santander Global Banking & Markets and Citibank International plc as Arrangers and Joint Lead Managers in relation to a PLN 1,367 million Polish auto loan securitisation which closed on 27 June. This marks the first securitisation of Polish auto loan receivables by Santander Consumer Bank S.A.
Both the Class A Notes and Class B Notes are rated by Fitch and Moody's, offered in Polish zloty; and listed on the Irish Stock Exchange. The Class A Notes may also be listed on the Warsaw Stock Exchange.

Freshfields Bruckhaus Deringer is advising London Stock Exchange Group plc (“LSEG”) on its $2.7bn acquisition of Russell Investments from Northwestern Mutual and on its related $1.6bn rights issue. The transaction represents a rare opportunity for LSEG to acquire a high quality US business with a leading global brand providing index and investment management services.

Linklaters has advised the underwriters on the Republic of Kenya’s debut international bond. The US$2 billion transaction is the largest debut bond issuance by an African sovereign issuer. The capital raising comprised two tranches of bonds: a $500m, five-year tranche paying an interest rate of 5.875 per cent, and a $1.5bn 10-year tranche with an interest rate of 6.875 per cent.

Nabarro has advised Oriel Securities, a long-standing client of the firm, on the IPO of Secure Income REIT plc (Secure Income), a newly created real estate investment trust comprising well known attractions such as Madame Tussauds and Warwick Castle. Oriel Securities acted as the broker and adviser in relation to the admission to and placing of Secure Income on the London Stock Exchange’s AIM market.

Clifford Chance has advised HSBC Bank plc in its role as structuring bank and Barwa Bank, CIMB, HSBC Bank plc, National Bank of Abu Dhabi and Standard Chartered Bank as joint lead managers and also HSBC Bank plc as agent on the inaugural £200 million sukuk issuance by HM Treasury in the United Kingdom.

The sukuk uses an ijara structure, a Shari'a compliant leasing structure, which allows the rental income of three central UK government offices to underpin the transaction.

Leading international law firm Clifford Chance is advising Citi on the sale of its consumer banking business in Spain to Banco Popular. The transaction, subject to regulatory and other customary approvals, is expected to close in the third quarter of 2014.

The Citi team of lawyers comprises Joseph Tedeschi, Brian Cheng, Allam Taj and Sancho Guibert.

Allen & Overy has advised Bank of America Merrill Lynch, Credit Suisse, HSBC and J.P. Morgan, as joint bookrunners, on PTT Exploration and Production Public Company Limited’s corporate hybrid bond issuance, in what is reported to be the first USD hybrid issuance by a Thai corporate since 2006. The USD1 billion subordinated perpetual capital securities were offered in a combined Rule 144A/Regulation S transaction to institutional investors internationally. PTTEP is Thailand’s largest publically listed oil and natural gas explorer.