Linklaters has advised the Belgian Belfius Bank NV/SA in relation to the establishment of a Programme for the issuance of German registered covered bonds (Namensschuldverschreibungen or “N-bonds”) under Belfius' €10,000,000,000 Mortgage Pandbrieven Programme. Investors in the N-bonds benefit from a dual recourse: on the one hand, they have recourse against a pool of cover assets segregated for the benefit of the investors under the Programme; on the other hand, they have recourse against the general estate of the Issuer.

Global legal practice Norton Rose Fulbright has advised J.P. Morgan and Bank of America Merill Lynch as global coordinators on EUR 900 million high-yield bond offering of P4 Sp. z o.o. (Polish Mobile Network Operator MNO operating under the ”PLAY” brand). The funds raised were used for refinancing PLAY's existing funding arrangements and distribution to PLAY’s shareholders.

Herbert Smith Freehills has advised the joint lead managers of Australia and New Zealand Banking Group Limited’s (ANZ) offer of new Tier 1 hybrid securities known as ANZ Capital Notes 2 (Notes) and concurrent reinvestment offer and buyback of ANZ’s CPS1 securities (Offer). The Offer will seek to raise A$1 billion, with the ability to raise more or less.

The Notes are perpetual, fully paid, mandatorily convertible and subordinated, offered at an issue price of A$100 and are expected to be quoted on the ASX.

Hong Kong: Leading international law firm Clifford Chance has advised the joint lead managers and bookrunners on the issue of US$500 million 4.25 per cent credit-enhanced bonds due 2019 by China Shipping Overseas Finance 2013 Limited, an indirectly wholly-owned subsidiary of China Shipping (Group) Company.

Clifford Chance has advised the joint lead managers and bookrunners on the issue of US$500 million subordinated perpetual capital securities callable 2019 by Moon Wise Global Limited, a wholly-owned subsidiary of Greentown China Holdings Limited, a leading property developer in China. The joint lead managers and joint bookrunners were BNP Paribas, Hong Kong Branch, Deutsche Bank AG, Singapore Branch, Goldman Sachs (Asia) L.L.C., The Hongkong and Shanghai Banking Corporation Limited, Macquarie Capital Securities Limited, Standard Chartered Bank and UBS AG, Hong Kong Branch.

Clifford Chance has advised UBS, UniCredit and HSBC acting as joint lead managers in connection with the issue of a EUR 500 million bond of O2 Telefónica Deutschland Finanzierungs GmbH. The bonds are guaranteed by Telefónica Deutschland Holding AG.

The maturity of the bonds is 2021 and their coupon is 2.375 per cent.

The Clifford Chance team comprised partner Sebastian Maerker and senior associate Dr. Felix Biedermann (both Banking & Capital Markets, Frankfurt).

Baker & McKenzie's securities team recently advised Air China Limited ("Air China"), as the lessor, and Sandalwood 2013 LLC, a special purpose trust incorporated in the state of Delaware, on the respective offerings of US$130 million 2.836% secured notes due 2025 and US$132 million 2.897% secured notes due 2025, both guaranteed by the Export-Import Bank of the United States ("US Ex-Im Bank"). The transaction featured a flip-to-capital markets option in which the proceeds from the offering will be used to re-finance a US Ex-Im loan for the leasing of two new Boeing 777-300ERs.

Global law firm White & Case LLP has advised Polish mobile telecoms operator P4 Sp. Z o.o., which trades as Play, on its groundbreaking, inaugural €870 million and PLN 130 million, dual-tranche high yield bond issue and entry into a new super senior revolving credit facility.

Play is a portfolio company co-owned by Olympia Development and London based investment firm, Novator.

Global law firm White & Case LLP has advised Ariston Thermo Benelux S.A., based in Belgium, on the establishment of a US$150 million Private Shelf Facility and its issuance of US$50 million Series A Senior Notes due November 5, 2020.

The Notes are guaranteed by Ariston Thermo S.p.A. and were sold through a private placement to U.S. institutional investors.

International law firm Simmons & Simmons has advised Prysmian Group on the terms of a €100m loan by the European Investment Bank (EIB) to fund their European R&D programmes.

Prysmian Group is world leader in the energy and telecom cables and systems industry. The loan supports projects developed in the Group’s R&D centres in France, Germany, Great Britain, Italy, the Netherlands and Spain.