Issue has maximum outstanding value of €50 million

The Spanish Alternative Fixed-Income Market (“MARF”) has registered a new promissory-note program for Fluidra with a maximum outstanding value of €50 million, enabling the company to issue these short-term instruments during one year from the date of the program's registration.

It is the 17th promissory-note program registered with MARF which, this year, for the first time since its creation in 2013, has achieved an outstanding value exceeding €1 billion.

Global law firm White & Case LLP has advised Banca Farmafactoring S.p.A. on the issue of €200 million, two percent notes due 2022, issued pursuant to Regulation S under the Securities Act.

The Notes are listed on the Regulated Market of the Irish Stock Exchange.

Banca Farmafactoring specialises in the management, sale and non-recourse factoring of receivables owed to suppliers mainly by national healthcare service entities and other Italian public sector organisations.

Shearman & Sterling represented the underwriters, including Citigroup, HSBC, J.P. Morgan, Morgan Stanley and Rand Merchant Bank, as joint global coordinators on the $1 billion rights offering by Sibanye Gold Limited.  The rights offering was made on an SEC-registered basis, as well as in a public offering in South Africa.  This is the third-largest rights issue ever by a South African company and the largest ever acquisition-related capital raise in South Africa.

De Pardieu Brocas Maffei advised Export-Import Bank of China on the debut offering of US $300,000,000 Floating Rate Notes Due 2020 issued by the Export-Import Bank of China, Paris Branch, under the US $27,000,000,000 Medium Term Notes Programme (the “Programme”).

The joint lead managers of the issue were Bank of China Limited, Bank of Communications Co., Ltd. Hong Kong Branch, Barclays Bank PLC, Crédit Agricole Corporate and Investment Bank, MUFG Securities EMEA plc, Australia and New Zealand Banking Group Limited and KGI Asia Limited.

Allen & Overy advised PZU SA on its PLN 2,250,000,000 issuance of subordinated bonds in compliance with the requirements of the Solvency II Directive. This is the first issuance of subordinated debt instruments by a Polish insurance company.

The Allen & Overy team was led by Piotr Lesinski, partner, and supported by Lukasz Walczyna, senior associate.

Banque Cantonale de Genève successfully completed the placement of CHF 90 million perpetual additional tier 1 subordinated bonds and CHF 110 million tier 2 subordinated bonds due 2027. The additional tier 1 subordinated bonds were issued at 100% of their nominal amount with an interest of 2.00%. The tier 2 subordinated bonds were issued at 100.024% of their nominal amount with an interest of 1.125% and will mature on 28 June 2027 at their nominal amount.

Allen & Overy has advised the Ministry of Finance and Treasury on behalf of the Government of the Republic of Maldives on the sovereign’s inaugural offering in the international capital markets, with an issue of USD200 million 7.00% notes due 2022 pursuant to Regulation S.

Proceeds of the bonds will be used for large-scale, multi-year infrastructure projects to diversify the country’s economy. BOCOM International was the sole global coordinator for the issuance.

Shearman & Sterling represented the initial purchasers, led by Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as global coordinators on Reckitt Benckiser’s US dollar bond offering in connection with its acquisition of Mead Johnson Nutrition Company.  The $7.75 billion senior notes offered by Reckitt Benckiser Treasury Services plc were sold by way of a private placement.

Dentons, the global law firm, successfully advised Stifel, Nicolaus & Company Incorporated, Jefferies LLC and Drexel Hamilton, LLC as bookrunners and initial purchasers on a sovereign bond issued by the Dominican Republic. The Rule 144A/Regulation S offering of US $500 million 5.950 percent Bonds is due in 2027 by the Dominican Republic. The bonds constitute an additional issuance of US $1.2 billion bonds issued by the Dominican Republic in January 2017, and are expected to be admitted to trading on EuroMTF.

Shearman & Sterling advised Globalworth Real Estate Investment Limited on its Eurobond offering of €550 million 2.875% senior notes due 2022. The proceeds of Globalworth’s inaugural bond offering have been used to refinance existing debt and for general corporate purposes. The notes have been listed on the regulated market of the Irish Stock Exchange and, in addition, are expected to be listed on the Bucharest Stock Exchange.