Herbert Smith Freehills has advised Asaleo Care on its A$350 million new banking facilities that will refinance its existing debt facilities on completion of Asaleo Care’s upcoming initial public offering (IPO). Herbert Smith Freehills also advised Asaleo Care on various material contracts including its Trade mark and Technology Licence and Supply material contracts and advised Pacific Equity Partners in relation to the IPO.

Asaleo Care was listed on the Australian Securities Exchange on 27 June 2014.

Linklaters has advised the underwriters on the Republic of Kenya’s debut international bond. The US$2 billion transaction is the largest debut bond issuance by an African sovereign issuer. The capital raising comprised two tranches of bonds: a $500m, five-year tranche paying an interest rate of 5.875 per cent, and a $1.5bn 10-year tranche with an interest rate of 6.875 per cent.

Clifford Chance has advised HSBC Bank plc in its role as structuring bank and Barwa Bank, CIMB, HSBC Bank plc, National Bank of Abu Dhabi and Standard Chartered Bank as joint lead managers and also HSBC Bank plc as agent on the inaugural £200 million sukuk issuance by HM Treasury in the United Kingdom.

The sukuk uses an ijara structure, a Shari'a compliant leasing structure, which allows the rental income of three central UK government offices to underpin the transaction.

Allen & Overy has advised Bank of America Merrill Lynch, Credit Suisse, HSBC and J.P. Morgan, as joint bookrunners, on PTT Exploration and Production Public Company Limited’s corporate hybrid bond issuance, in what is reported to be the first USD hybrid issuance by a Thai corporate since 2006. The USD1 billion subordinated perpetual capital securities were offered in a combined Rule 144A/Regulation S transaction to institutional investors internationally. PTTEP is Thailand’s largest publically listed oil and natural gas explorer.
 

London/Dubai – Linklaters has advised the United Kingdom Government on its issue of a £200 million sukuk (Islamic bond).  The transaction represents the first sovereign sukuk to be issued by a European government and the first to be issued by a country outside the Muslim world; it also demonstrates the remarkable success of the enabling environment that has been created in the United Kingdom for Islamic finance.

Mayer Brown advised the joint lead managers of a Euro 250 million bond issued by Sixt SE, an internationally operating car rental and leasing services provider. The bond has a term of six years and bears interest of 2.00 per cent per annum.

In the current low interest rate environment, especially after the most recent base interest rate decision of the ECB, Sixt was able to achieve very attractive refinancing conditions. After Sixt had issued a bond in 2012 with the same term and a coupon of 3.75 per cent, the current interest payable is significantly lower.

Debevoise & Plimpton LLP advised The Guardian Life Insurance Company of America (“Guardian”), one of the nation’s largest mutual life insurers and a leading provider of employee benefits, in connection with its private offering of $450 million aggregate principal amount of 4.875% surplus notes due 2064.

Slaughter and May advised Ladbrokes plc (Ladbrokes) on the public offer and issuance by its wholly-owned subsidiary, Ladbrokes Group Finance plc, of £100 million 5.125% retail bonds due 2022 (the Bonds) and the amendment and extension of its existing banking facilities (the Facilities).

The Bonds have been admitted to trading on the main market of the London Stock Exchange (the LSE) and are tradable through the LSE's electronic Order book for Retail Bonds. Barclays Bank PLC, Canaccord Genuity Limited and Lloyds Bank plc acted as joint lead managers.

Linklaters has advised the Emaar Malls Group LLC, a wholly-owned subsidiary of Emaar Properties PJSC, on its inaugural $750 million 10 year debut Sukuk issue. Emaar Malls is the operator of numerous malls, shopping centres and other retail shopping developments in Dubai, including The Dubai Mall, one of the world's largest shopping malls.
 
The benchmark offering was managed by 11 international and regional investment banks and the Sukuk have been admitted to the NASDAQ Dubai market.

Herbert Smith Freehills has advised China Merchants Bank Co. Ltd. Hong Kong Branch on the establishment of its US$5 billion Medium Term Note (MTN) program and the first drawdown of US$500 million.

The MTN program was established on 28 May 2014 and the Hong Kong Stock Exchange listing of the notes became effective on 13 June 2014. China Merchants Bank offered US$500 million principal amount of notes, with a 2.375% coupon, which will mature in 2017. The proceeds will be used for working capital and general corporate purposes.