Slaughter and May advised Aviva plc on its issue of EUR650 million Dated Tier 2 Reset Notes (the 'Notes') under its £5 billion Euro Note Programme.
The Notes, which were issued on 05 July 2013, have been admitted to listing on the Official List of the UK Listing Authority and to trading on the regulated market of the London Stock Exchange.
In collaboration with Clifford Chance, we have advised the University of Manchester on the launch of a £300 million 4.25% public bond issue due 2053, the first public capital markets fundraising undertaken by the Russell Group university.
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 (Notes), which are fully paid, mandatorily convertible, subordinated, perpetual notes issued by ANZ (Offer). The Offer raised A$1 billion, with the ability to raise more.
The Notes are offered at an issue price of $100 and are expected to be quoted on the ASX.
Linklaters advised Barry Callebaut, the leading global manufacturer of top-quality cocoa and chocolate products with registered office in Switzerland, in relation to the offering of a US$400m high yield bond and a CHF 279m capital increase. The high yield bond has a term of ten years and a fixed coupon of 5.5 per cent and was also offered to U.S. investors.
The German bank was the first international financial institution that issued such a bond in Taiwan. The so-called "Formosa bond" (issued in Taiwan borrowing in foreign currency), with a volume of 1.1 billion CNY the largest renminbi bond that has been issued in Taiwan. The bond will be listed on the Taiwan Stock Exchange GreTai, which Taiwanese private investors can invest directly in the bond.
Ashurst advised Bank of Ireland, BNP Paribas, HSBC, ING, Rabobank, Royal Bank of Scotland and Societe Generale as arrangers and underwriters of the £375 million refinancing of the Pret A Manger group. This marked a continuation of Ashurst's relationship with Pret A Manger since acting on the acquisition financing provided to Bridgepoint Capital in 2008.
International law firm Trowers & Hamlins has advised Tilal Development Company S.A.O.C. (Tilal) on the first-ever corporate sukuk issue in Oman. The sukuk received regulatory approval from Oman's Capital Market Authority on 26 June 2013, and the private placement for the five-year RO50m (£85m) sukuk is on track to close in July.
London and Milan; Global legal practice Norton Rose Fulbright has advised the European Investment Fund (EIF) on a guarantee provided for an asset backed floating rate note issue, arranged by Société Générale Corporate & Investment Banking (Société Générale).
Clifford Chance advised Goldman Sachs International and Bank of America Merrill Lynch on the largest CMBS transaction in Europe since the beginning of the financial crisis. The bonds issued by the Irish special purpose vehicle German Residential Funding 2013-1 Limited are secured by real estate loans secured on residential real estate granted to two limited partnerships which are companies in the GAGFAH group, the largest listed residential company in Germany.
Allen & Overy has advised GAGFAH, the second-largest German multi-family property company, on the refinancing and securitisation by way of CMBS (Commercial Mortgage-backed Securities).
The proceeds of the new CMBS (German Residential Funding 2013-1 Limited) with a volume of EUR 2.061 bn were applied to refinance a loan that was securitised in 2006 and secured by GAGFAH’s GRF portfolio comprising approx. 61,600 residential and 469 commercial units.