Shearman & Sterling represented the underwriters, led by RBS Securities Inc., in connection with The Royal Bank of Scotland Group’s offering of $2.65 billion aggregate principal amount of 8.625% perpetual subordinated contingent convertible additional tier 1 capital notes (callable August 2021 and every five years thereafter). The joint bookrunners included Citigroup, Deutsche Bank, J.P. Morgan and UBS Investment Bank.

On August 10, 2016, UBS Group Funding (Jersey) Limited completed its issuance of 2.5 bn Bail-In Bonds under its USD 30 bn Senior Debt Programme. The USD 2 bn 2.65% Fixed Rate Notes due February 2022 and the USD 500 m Floating Rate Notes due 2022 (together, the "Notes") have been issued on a Rule 144A/RegS basis and will be listed on the SIX Swiss Exchange Ltd.

On August 10, 2016, UBS Group AG completed its issuance of USD 1.1 bn 7.125% Tier 1 Capital Notes.

Homburger advised UBS on all regulatory and transactional aspects as to Swiss law. The Homburger team included partners Stefan Kramer, Benedikt Maurenbrecher (both Financial Services) and Stefan Oesterhelt (Tax) as well as counsel Lee Saladino and Eduard de Zordi (both Financial Services), associate Daniel Hulmann (Financial Services) and Paralegal Bettina Oertle (Financial Services).

Davis Polk advised the sole solicitation agent in connection with a solicitation of consents by SABMiller plc from the holders of its 6.625% guaranteed notes due August 15, 2033 to amend certain provisions of the fiscal and paying agency agreement governing the notes. The consent solicitation, which was undertaken in connection with Anheuser-Busch InBev’s takeover of SABMiller, has received the requisite majority of the noteholders to effect the proposed amendments.

International law firm Watson Farley & Williams (“WFW”) has successfully advised a syndicate of banks led by Bankia S.A. (“Bankia”) on the €50m refinancing of group Grupo Forus (“Forus”), which manages municipal sport facilities in Madrid, Segovia, Valencia, Alicante and Las Palmas.

The refinancing will enable Forus to implement an ambitious expansion plan over the next five years, based on an organised growth policy and high quality standards.

The Firm represented NXP B.V. and NXP Funding LLC in connection with a Rule 144A and Regulation S offering of $1 billion of 3.875% Senior Notes due 2022. NXP intends to use the net proceeds from the offering of the Notes, together with cash on hand, to redeem the remaining $960 million aggregate principal amount of its outstanding senior secured notes due 2022 and to pay for certain costs and expenses related thereto.

Slaughter and May, London and Hong Kong, advised Standard Chartered PLC on its issue of US$2 billion Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities. The Securities are convertible into ordinary shares of Standard Chartered PLC if at any time Standard Chartered PLC determines that its Common Equity Tier 1 ratio, calculated on a consolidated and fully loaded basis, is less than 7.00 per cent. The Securities are listed on the Main Board of the Hong Kong Stock Exchange.

King & Wood Mallesons (KWM) has advised Fenghui Leasing Co. Ltd. as US and PRC counsels on its offering of US$150 million 7.875% guaranteed notes due 2019. It is the first high yield bond issued by a PRC financial leasing company and a landmark transaction for both the issuer, as its debut international bond offering, and for KWM, as the first ever international law firm to act as both US and PRC counsel in a bond issuance.

Ashurst has advised Coöperatieve Rabobank U.A. (Rabobank) Australia Branch in relation to a A$50 million issue of 4.25% Fixed Rate Notes, due 12 May 2026, under its A$15 billion Australian and New Zealand Debt Issuance Programme.

The Ashurst team was led by partner Jamie Ng, who was assisted by Senior Foreign Associate Caroline Smart and lawyer Timon Ibrahim.

Ashurst has advised L-Bank (Landeskreditbank Baden-Wurttemberg Forderbank) in relation to a A$50 million tap issuance of 3.00% Fixed Rate Notes, due 18 August 2026, under its A$5 billion Australian and New Zealand Debt Issuance Programme.

This brings L-Bank's consolidated issuance under this series up to A$180,000,000. The issuance was subscribed to by the Joint Lead Managers.

The Ashurst team was led by partner Jamie Ng, who was assisted by Senior Foreign Associate Caroline Smart and lawyer Timon Ibrahim.