Clifford Chance has advised Fannie Mae on a potential new structure for its benchmark Connecticut Avenue SecuritiesTM (CAS) credit risk transfer program, which is expected to expand the investor base for CAS securities by addressing certain tax constraints that currently exist for REITs and foreign investors.  Under the proposed new structure, the CAS notes would be issued by a trust that qualifies as a Real Estate Mortgage Investment Conduit (REMIC), and the CAS notes offered under the new structure will qualify as REMIC regular interests for federal income tax purposes.  To date

White & Case LLP and Latham & Watkins have advised on the establishment of the Kingdom of Saudi Arabia's debut 144A/Reg S Sukuk Programme and issuance of US$9 billion Sukuk in equal tranches of US$4.5 billion due 2022 and 2027 respectively.

The transactions represent the largest Sukuk issued in the international capital markets to date. Citigroup, HSBC and JP Morgan acted as joint global coordinators, joint lead managers and joint bookrunners, and BNP Paribas, Deutsche Bank and NCB Capital acted as joint lead managers and joint bookrunners.

The transactions represent the largest Sukuk issued in the international capital markets to date.

Global law firms Latham & Watkins and White & Case have advised on the establishment of the Kingdom of Saudi Arabia’s debut 144A/Reg S Sukuk Programme and issuance of US$9 billion Sukuk in equal tranches of US$4.5 billion due 2022 and 2027 respectively.

De Pardieu Brocas Maffei advised Société Anonyme des Galeries Lafayette on an “any-and-all” cash tender offer for Bonds admitted to trading on the Luxembourg Stock Exchange’s regulated market (€500 million issuance due April 2019). Following the operation, approximately one third of outstanding Bonds has been purchased by the Company.

The Group Galeries Lafayette is a major player in the large retail outlets and fashion sectors.

Simpson Thacher represented Travelex in connection with a Rule 144A and Regulation S offering by a finance subsidiary of €360 million aggregate principal amount of 8% Senior Secured Notes due 2022, as well as a new £90 million Revolving Credit Facility. The offering closed and the Revolving Credit Facility became available for drawing on May 5, 2017. Travelex used the net proceeds from the offering, as well as cash on balance sheet, to refinance outstanding indebtedness.

Simpson Thacher represented a finance subsidiary of Cognita in connection with a Regulation S offering of £50 million in aggregate principal amount of its 7.75% Senior Notes due 2021. The transaction closed on May 8, 2017. The net proceeds of the offering were used to repay amounts under Cognita’s revolving credit facility, with the remaining amounts to be used for general corporate purposes.

Cognita is a leading global operator of private-pay K-12 schools. As of February 28, 2017, it operated 66 schools across Asia, Europe and Latin America.

On April 17, 2017, State Grid Corporation of China (SGCC), advised by King & Wood Mallesons (“KWM”), established a US$7.7 billion overseas Medium Term Note Programme (the “Programme”) through State Grid Overseas Investment (2016) Limited (the “Issuer”), an SPV set up in the British Virgin Islands by State Grid Overseas Investment Limited, a wholly owned subsidiary of SGCC. On April 27, 2017, under the Programme, the Issuer successfully issued the U.S.$5 billion Senior Guaranteed Notes (the “Notes”) to the global investors.

Simpson Thacher represented Unilabs SubHolding AB (publ), a wholly owned subsidiary of Unilabs Holding AB (“Unilabs”), an Apax portfolio company, in connection with a Rule 144A and Regulation S offering of €250 million in aggregate principal amount of its 5.75% Senior Notes due 2025. The transaction closed on May 5, 2017.

Sidley has advised HPCL-Mittal Energy Limited (HMEL) on its maiden issuance of US$375 million of Senior Unsecured Notes due 2027, the proceeds of which will be used to repay HMEL’s outstanding external commercial borrowings. During the book building window, the order book was five times oversubscribed. Strong investor interest enabled HMEL to increase the issuance to US$375 million from their initial indication of US$300 million. The offering had over 150 investors participating, with Asian investors accounting for 71% and European investors accounting for 24% of the issuance.

On 13 April 2017, Multilease AG closed its inaugural Swiss auto lease securitization transaction involving the issuance by First Swiss Mobility 2017-1 AG (the Issuer) of CHF 260,700,000 0.14 percent asset-backed Class A Notes, due in 2027, CHF 22,200,000 1.75 percent asset-backed Class B Notes, due in 2027 and CHF 14,100,000 2.75 percent asset-backed Class C Notes, due in 2027. The Notes issued are listed on the SIX Swiss Exchange and are backed by a portfolio of Swiss auto lease assets originated by Multilease AG and transferred to the Issuer.