On January 3, 2017, Credit Suisse Group AG (Credit Suisse) established a new U.S. Senior Debt Program (the Program), which is registered as an issuance program with the SIX Swiss Exchange. Under this new issuance program, Credit Suisse may directly issue bail-inable (TLAC) notes governed by Swiss law eligible to count towards its Swiss gone concern requirement and exempted from the Swiss withholding tax regime.

Macfarlanes has advised Universities Superannuation Scheme Limited (USS), the sole corporate trustee of one of the UK’s largest pension funds, on an arrangement to provide senior debt finance to global private equity and asset management companies and the related purchase by USS of a majority stake in a portfolio of middle-market loans to direct lending funds and on-going risk management and origination services from Credit Suisse AG, London Branch. The portfolio is valued at $3.1bn and is secured by an underlying portfolio of loans to medium-sized European companies.

Slaughter and May, working as an integrated team with Clifford Chance LLP, advised NewDay in relation to its £425 million high-yield bond offering.

The transaction involved the issuance by Nemean Bondco plc, a newly-incorporated company, of £275,000,000 7.375% senior secured notes due 2024 and £150,000,000 senior secured floating rate notes due 2023. The notes were issued as part of the financing for the acquisition by Nemean Bidco Limited of NewDay Group Holdings S.à r.l., a holding company of the NewDay group.

The Freshfields team was led by Dr. Patrick Cichy and Dr. Alexander Glos

Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised the Hamburg-based Berenberg Bank on the acquisition of a portion of shipping loans from the Royal Bank of Scotland (RBS), valued at approximately US$300m. Another portion, valued at US$289m, was acquired by the Japanese financial services provider, Orix.

The multijurisdictional Freshfields team was led partner Sarah Murphy

Freshfields Bruckhaus Deringer LLP (‘Freshfields’) has advised Kernel Holding S.A. (‘Kernel’) on the issuance of its $500m guaranteed notes due 2022, which carry an interest rate of 8.75 per cent. Kernel is a diversified Ukrainian-based agribusiness with a share listing on the Warsaw Stock Exchange. It is a leading exporter of, among other products, sunflower oil and grains.

Gernandt & Danielsson advises in Forex Bank’s issue of Tier 2 bonds (Sw. supplementärkapital) in the amount of SEK 250 million. Forex has undertaken to list the bonds on Nasdaq Stockholm. The net proceeds from the bond issue will be used for general corporate purposes.

The core business of Forex Bank is to provide foreign currency transactions for private individuals throughout the Nordics. In 2003, Forex was granted a banking license and expanded its offering to include deposits, loans, payment services and debit- and credit cards.

Gernandt & Danielsson advises in Tobin Properties' issue of subsequent bonds in the amount of SEK 170 million.

Davis Polk advised the underwriters in connection with the SEC-registered Schedule B debt offerings by KEXIM of $500 million aggregate principal amount of its floating-rate notes due 2022, $500 million aggregate principal amount of its 2.125% notes due 2020 and $500 million aggregate principal amount of its 2.750% notes due 2022.

KEXIM is an official export credit agency providing comprehensive export credit and guarantee programs to support Korean enterprises conducting overseas business.

Davis Polk advised the lead dealer managers, in connection with the Rule 144A/Regulation S exchange offers by Ensco plc pursuant to which it issued $332 million aggregate principal amount of Ensco’s newly issued 8.00% senior notes due 2024 and paid $332 million of cash in exchange for of approximately $374 million aggregate principal amount of its 4.70% senior notes due 2021, and approximately $146 million aggregate principal amount of 8.50% senior notes due 2019 and $130 million aggregate principal amount of 6.875% senior notes due 2020 of Pride International, Inc., a wholly owned su

On 12 January 2017, IMMOFINANZ AG invited the holders of its EUR 515.1 million 4.25% senior unsecured convertible bonds due 2018 to convert their outstanding bonds into ordinary IMMOFINANZ shares and ordinary BUWOG shares or to accept payment of a corresponding cash settlement in exchange for their BUWOG shares. This conversion offer was limited to 45% of the nominal amount of outstanding bonds and was not addressed to retail investors.