Leading international law firm Clifford Chance advised the Bank of China (Hong Kong) Limited on the issuance of US$3 billion undated non-cumulative subordinated Additional Tier 1 capital securities under its recently updated US$15 billion medium term note programme and the tender offer to repurchase US$876 million of the US$2.5 billion 5.55% subordinated notes due 2020.
Allen & Overy advised Santander Bank Polska S.A. on the issue of its EUR 500,000,000 Eurobonds.
This was Santander Bank Polska S.A.'s first ever issue of Eurobonds. Santander acted as Sole Arranger of the Programme and Sole Bookrunner on the bond issuance. J.P. Morgan and PKO Bank Polski acted as Joint Lead Managers (no-books). The Eurobonds will be listed on Euronext Dublin.
Watson Farley & Williams LLP (“WFW“) has advised Commerz Real AG (“Commerz Real”) on a further German wind farm portfolio acquisition via its “CR Institutional Renewable Energies” closed-end special fund launched in autumn 2016.
Located in Germany’s Brandenburg region, the portfolio has a total installed capacity of 24 MW, comprising the three turbine Wustermark I and four turbine Schenkendöbern I wind farms. Both wind farms started operating in 2016.
Cleary Gottlieb represented BPCE in the offering of $750 million 4.000 percent senior non-preferred notes due 2023, $500 million senior non-preferred floating-rate notes due 2023, and $750 million 4.625 percent senior non-preferred notes due 2028 under BPCE’s U.S. medium-term notes program.
The transaction, which closed on September 12, 2018, was managed by Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Natixis Securities Americas LLC, and Wells Fargo Securities, LLC for the Dealers.
Davis Polk advised the underwriters as joint global coordinators in the Hong Kong initial public offering of Meituan Dianping. The gross proceeds from the offering amounted to approximately HK$33.14 billion (US$4.22 billion) prior to the exercise of the over-allotment option.
Meituan Dianping is China’s leading e-commerce platform for services. It uses technology to connect consumers and merchants. Service offerings on Meituan Dianping’s platform address people’s daily needs for food and extend further to broad lifestyle and travel services.
Davis Polk advised X Financial on its SEC-registered initial public offering of 11,000,000 American Depositary Shares for an aggregate price to the public of $104.5 million. X Financial has granted the underwriters an option to purchase up to 1,650,000 additional ADSs. Each ADS represents two Class A ordinary shares of X Financial. The ADSs are listed on the NYSE under the symbol “XYF.”
Milbank, Tweed, Hadley & McCloy LLP is advising the banks in connection with private equity firms Investindustrial and The Carlyle Group’s bid to create a design-focused furnishing company by combining several firms into a single group with total sales of more than €500 million. The new company will initially be established by bringing together three businesses currently controlled by Investindustrial — namely furniture-maker B&B Italia, and lighting specialists Flos, and Louis Poulsen.
Shearman & Sterling represented BAML, ABN AMRO, Barclays, Citigroup and Crédit Agricole on InterXion’s high yield “tap” offering of €200 million 4¾% senior notes due 2025.
InterXion, is headquartered in Amsterdam, and is a leading provider of carrier and cloud-neutral colocation data center services in Europe. It supports approximately 2,000 customers through 50 data centers in 11 countries.
Linklaters has advised The International Swaps and Derivatives Association, Inc. (ISDA) as it today publishes the ISDA Benchmarks Supplement.
The Benchmarks Supplement provides market participants with the ability to enhance contractual robustness for certain derivatives which reference interest rate, equity, fx and commodities benchmarks. It has been designed to help firms address the requirements of the European Benchmarks Regulation and also responds to IOSCO’s Statement on Matters to Consider in the Use of Financial Benchmarks.
Macfarlanes has advised long-standing client Legal & General on a £285m bulk annuity transaction with a Fortune 500 multinational firm covering their UK-based Retirement Benefits Scheme
The transaction, which included residual risks cover for the trustees, proceeded in two parts, with around £250m of the scheme liabilities insured initially, allowing the liabilities relating to around 100 deferred members to be insured on locked-in commercial terms in a follow-on transaction once an ongoing Enhanced Transfer Value (ETV) exercise had been completed.