Herbert Smith Freehills has advised State Grid Corporation of China (State Grid) on a US$2 billion Rule 144A/Regulation S offering of senior guaranteed notes.

Slaughter and May, Hong Kong, advised Swire Properties Limited on the annual update of the US$3 billion Medium Term Note Programme of Swire Properties MTN Financing Limited, a wholly-owned subsidiary of Swire Properties Limited. Notes issued under the programme are unconditionally and irrevocably guaranteed by Swire Properties Limited and may be listed on the Hong Kong Stock Exchange.

HSBC and Standard Chartered are the joint arrangers under the programme.

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Slaughter and May advised International Personal Finance plc ('IPF'), a leading international home credit business with a market capitalisation of £1 billion and a FTSE 250 company, on its first public offer and issuance of retail bonds (the 'Bonds'). The sterling-denominated Bonds bear a fixed coupon of 6.125% and will mature in May 2020.

Slaughter and May advised Barratt Developments PLC ('Barratt'), one of the largest house building groups in the UK, on the agreement of a complete debt refinancing package.

Herbert Smith Freehills has advised the Joint Lead Managers of Macquarie Group Limited’s (MGL) offer of new Tier 1 hybrid securities known as Macquarie Capital Notes (MCN), which are fully paid, subordinated, non-cumulative, unsecured, mandatorily convertible notes issued by MGL. The offer raised A$580 million, with the ability to raise more.

MCN are offered at an issue price of $100 and are expected to be quoted on the ASX.

Bangkok: Leading international law firm Clifford Chance has advised Noble Group Limited on the issuance of 3.55% THB 2.85 billion (approx. US$100 million) guaranteed bonds due 2016. This is the first ever bond issuance utilising the Credit Guarantee and Investment Facility (CGIF) established by the Asian Development Bank (ADB), the Association of Southeast Asian Nations (ASEAN) members, China, Japan and Korea (ASEAN+3).

Ashurst has advised Qantas Airways Limited (Qantas) on its A$125 million issuance of medium term notes (MTNs).

This issue of seven-year MTNs by Qantas was made under its A$1 billion debt securities program and is the first issue to be made under the program for more than 10 years.

Ashurst lead partner on the matter, John Field, said: "It is very positive for Australia's debt capital markets to have such a strong issue from an iconic corporate in Qantas."

Ashurst has advised the lenders (Australia and New Zealand Banking Group Limited and Westpac Banking Corporation) and the security trustee (ANZ Capel Court Limited), on the bank debt refinancing of Adelaide Airport.

The debt funding for Adelaide Airport is a combination of bank debt and bond debt, secured by common securities under a security trust arrangement.  This deal involved the refinancing of Adelaide Airport's existing bank debt from a syndicated facility to bilateral facilities from the same lenders.

International law firm, Osborne Clarke advised Foresight Group (Foresight), the Infrastructure, Environmental and Private Equity asset management group on the issue of a £60m solar bond. The bond is secured over the assets of four UK solar parks.

The Osborne Clarke team was led by Omar Al-Nuaimi, Partner and Head of Projects, Real Estate & Finance, who comments:

Allen & Overy LLP advised KCA Deutag on the issue of high-yield bonds with a total volume of USD 500 million.

The issue consisted of a USD-tranche with a term of five years and bearing interest of 9.625 per cent.