To uplift its capital adequacy ratio and enhance operative capabilities, China Development Bank issued RMB12bln worth of 2014 CDB Tier 2 Capital Bonds at the interbank bond market by means of tendering, with approval from People’s Bank of China and China Banking Regulatory Commission. The ten-year-term unguaranteed bonds would be repaid following payment to depositors and general creditors and before shareholders and other Tier 1 capital instruments and hybrid securities holders.

China Vanke Co., Ltd. (“China Vanke”) has received a notice of acceptance (No.[2014] MTN459) from National Association of Financial Market Institutional Investors (“NAFMII”) on the registration of RMB1.8bln worth of medium-term notes (“MTNs”). The registered amount would be effective within two years upon receiving the notice of acceptance.

Freshfields Bruckhaus Deringer has advised leading emerging market mobile operator, MTN Group, on its US$750,000,000 4.755% guaranteed bond issuance, its first issuance into the international capital markets. The net proceeds of the bond issue will be used by MTN Group for general corporate purposes. The bond matures in 2024.

The Freshfields team was led by partners Stuart Grider and Duncan Kellaway supported by associates Joshua Deutsch, Nick Hayday, Chioma Amobi and Adam Ajlouni.

White & Case LLP has advised Mediobanca – Banca di Credito Finanziario S.p.A., as arranger and dealer, and Crédit Agricole Corporate and Investment Bank, Société Générale and UniCredit Bank AG as dealers, on the Italian and English law aspects of the annual update of SIAS S.p.A.'s €2 billion Euro Medium Term Note Programme.

SIAS is the main toll road operator in north west Italy, with a network of approximately 1,400km under concession.

Shearman & Sterling advised Ares Management Limited as arranger, and funds managed by Ares Management Limited as subscribers, on a €40 million unitranche bond financing provided for refinancing the indebtedness of the Frial Group, a European leader in premium frozen meals. The Frial Group was acquired in 2008 by Alpha Investment Funds to develop the company internationally.

The Shearman & Sterling team was led by partner Arnaud Fromion (Paris-Finance) and included associates Adrien Paturaud and Laurent Bonnet (both Paris-Finance).

Davis Polk advised DBS Bank Ltd. and Morgan Stanley & Co. International plc as the solicitation agents in connection with a solicitation of consents by Central China Real Estate Limited from the holders of its 10.75% senior notes due 2016 to certain amendments under the indenture governing such notes. The amendments were made to conform the indenture to the terms of Central China’s 6.5% senior notes due 2017 issued on May 26, 2014.  

Allen & Overy LLP has advised Merck KGaA on the issue of two hybrid bonds with a total volume of EUR 1.5 billion.

Ashurst advised DNB Bank ASA, Bank of Ireland and Mizuho Bank Ltd, with respect to the refinancing of APCOA PARKING Group ("APCOA" or "The Group"). The leading European car park manager reached agreement with its key lenders and finance investor Eurazeo regarding the modalities of its refinancing. Eurazeo acquired APCOA in 2007 from private equity company Investcorp for €885 million.

White & Case LLP has advised Kiko S.p.A., a leading Italian cosmetics, make-up and skin care products brand owned by Percassi Group, on a private placement of €100 million, 6.50 percent Senior Secured Notes due December 2020 to qualified investors outside the United States. The Notes are listed on the Irish Stock Exchange.

The Firm has, concurrently, advised Kiko on a €152 million term and revolving credit facility. BNP Paribas and UniCredit acted as arrangers and lenders.

Erste Group successfully placed a subordinated bond (tier 2) with a volume of USD 500 million to institutional investors. They were advised by the law firm Wolf Theiss.

Due to the structure of the notes, Erste Group can account the issue as supplementary capital (tier 2). The notes provide for an ongoing interest adjustment after five and a half years which will take place if the notes are not redeemed by Erste Group at this time.