Clifford Chance has advised Deutsche Bank, HSBC and Standard Chartered as the joint lead managers on the Socialist Republic of Vietnam's US$1 billion 4.8% 10-year bond issuance. The issuance was done in conjunction with a cash tender offer for outstanding bonds with an option to switch into the new issue or receive cash for notes due in 2016 and 2020, on which Clifford Chance also advised.
Linklaters advised JAB Holdings B.V. on its debut bond issue. The €750 million bond is issued by JAB Holdings B.V. and guaranteed by JAB Holding Company S.à r.l. The bond maturing in 2021 will bear interest at a rate of 1.5% p.a. The bonds will be traded at the Euro MTF market of the Luxembourg Stock Exchange.
JAB Holdings B.V. will use the proceeds of the issuance for the prepayment of a syndicated loan and general corporate purposes.
Slaughter and May is advising ISS, one of the world's leading facility services companies, on the issuance of notes totalling EUR 1,200,000,000 under its recently established Euro Medium Term Note Programme, on which Slaughter and May also advised.
The notes are to be issued in two tranches of EUR 700m (maturing in 2020 with a coupon of 1.125%) and EUR 500m (maturing in 2024 with a coupon of 2.125%). They will be listed on the Luxembourg Stock Exchange.
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Clifford Chance advised Volkswagen Aktiengesellschaft and Volkswagen Group of America Finance, LLC on the issuance of U.S.$ 2.0 billion of bonds by Volkswagen Group of America Finance, LLC primarily to U.S. institutional investors pursuant to Rule 144A of the Securities Act of 1933.
The bonds are irrevocably and unconditionally guaranteed by Volkswagen Aktiengesellschaft. This was Volkswagen Group of America Finance LLC's second issuance of bonds to U.S institutional investors.
The Government of the Socialist Republic of Vietnam has successfully closed its USD1 billion sovereign bond offering, as part of an innovative “debt switch” liability management exercise.
A team from Bird & Bird worked closely with counterparts from Freshfields and members of the Monarch in-house legal team jointly to advise the Monarch Group on its recent major refinancing and transformational programme. Monarch has been a significant and valued client of Bird & Bird since 2010.
DLA Piper represented Rioprevidencia (Rio de Janeiro’s state-owned pension fund), as sponsor, as well as the State of Rio de Janeiro, in a new 144A/Reg S US$1.1 billion securitization of oil royalties, the second international offering the firm handled for the fund in 2014.
This transaction follows a June 2014 US$3 billion offering, which was the first international securitization of Brazilian oil and gas royalties; a landmark transaction due to both its size and structure.
Simmons & Simmons has advised on a £250million UK residential mortgage backed security deal.
Led by asset-backed finance partner, Simon Schiff, the firm advised the joint lead managers (Lloyds, Macquarie, Morgan Stanley and Natixis) on the £250 million Paragon Mortgages (No.21) PLC securitisation of UK buy-to-let mortgages. This followed our instruction on the Paragon (No.20) PLC securitisation that closed earlier in the year. Paragon are one of the most regular issuers in the RMBS market.
Clifford Chance advised Advanced Petrochemical Company on its debut sukuk issuance. The sukuk was issued with a face value of SAR1 billion, with a floating rate coupon linked to SAIBOR and a maturity of 5 years.
Xi’an Chanbahe Development Co., Ltd. successfully registered RMB1.1bn worth of short-term financing bills and RMB2bn worth of private placement notes (PPNs) with National Association of Financial Market Institutional Investors and offered the first tranche of short-term financing bills RMB500mln in size and the second tranche of PPNs RMB600mln in size respectively for the year 2014. Partner Chen Jie and attorney Zhang Yindi from Dacheng’s Xi’an office advised the company on the issuance.