Slaughter and May advised Legal & General Group Plc on its issuance of £600 million Fixed Rate Reset Subordinated Notes due 2045 pursuant to its £3 billion Euro Note Programme. The Notes bear interest at the rate of 5.375 per cent. per annum until 27 October 2025. On such date and thereafter on each reset date, the interest rate shall be reset by reference to a reference bond rate.

Barclays Bank, Deutsche Bank, J.P. Morgan Securities and Merrill Lynch International acted as joint lead managers.

CONTACTS

Slaughter and May advised Santander UK Group Holdings plc on the establishment of its EUR 30 billion Euro Medium Term Note Programme. The programme allows Santander UK Group Holdings plc to issue notes specifying their status as senior or subordinated.

Gide advised the underwriting syndicates in the context of two U.S. dollar bond offerings by EDF in the form of private placements. The first offering was a $3.5 billion senior bond issue in four tranches, including:

    * $1.5 billion, with a 5-year maturity and a fixed coupon of 2.350%
    * $500 million, with a 20-year maturity and a fixed coupon of 4.750%
    * $1.15 billion, with a 30-year maturity and a fixed coupon of  4.950%

Bayport Management Ltd has issued Swedish bonds with a value of SEK 1.1 billion. The issue was a private placement directed to Swedish and foreign institutional investors. The bonds have been issued within a framework amount of SEK 1.5 billion. The bond loan is Bayport’s fifth Swedish bond and will, as the previous bond loans, be listed on the corporate bond list at Nasdaq Stockholm.

Slaughter and May, London and Hong Kong, advised Standard Chartered on the annual update of its US$77.5 billion debt issuance programme, under which Standard Chartered PLC, Standard Chartered Bank and Standard Chartered Bank (Hong Kong) Limited have the ability to issue notes to be listed and traded on the London and Hong Kong Stock Exchanges.

CONTACTS

London

Capital Markets: Nilufer von Bismarck (partner), Akshay Kundaiker (associate), Anthony Phillips (associate); Tax: Jeanette Zaman (partner), Rose Leyland (associate)

Hong Kong

Herbert Smith Freehills has advised the lenders in relation to the design, build, financing and maintenance for the IJmond Sea Lock PPP Project in the Netherlands which reached financial close on 15 October.

Linklaters has advised as the People Bank’s of China issued 5bn of 3.10% bonds due 2016 in London. This is the first time that renminbi government bonds have been issued outside China, in an attempt to open up an offshore renminbi debt market.

The deal will be celebrated at a ceremony and lunch taking place in London to coincide with President Xi Jinping’s first state visit to the UK. Those present include the Assistant Governor of the People’s Bank and a director of the Bank of England.

Linklaters has advised on three capital markets deals that  are being marked at London Stock Exchange listing ceremonies taking place in London this week to coincide with President Xi Jinping’s first state visit to the UK.

Linklaters advised China Development Bank as it issued a multi-currency bond deal. The deal is China Development Bank’s first foreign currency issuance in more than 10 years. 

The Linklaters team is led by Capital Markets partners William Liu and Andrew Carmichael. 

We advised TVR in the issue and listing of a EUR 300 million fixed rate unsecured bond rated by Standard & Poor’s. The bond was listed on the NASDAQ OMX Helsinki on 16 October 2015.

TVR’s team of advisers included Partners Tero Tuomisto and Janne Lauha, Counsel Joni Painilainen as well as Associate Aksu Tuominen.

Slaughter and May advised Eesti Energia Aktsiaselts on its recent intermediated tender offer and issue of EUR 500,000,000 2.384% notes due September 2023. The new note issue represents the first ever benchmark Eurobond transaction for Eesti Energia.

The tender offer was made by Deutsche Bank AG, London Branch for Eesti Energia's EUR 400,000,000 4.250% notes due 2018 and EUR 300,000,000 4.5% notes due 2020.