Clifford Chance recently acted on the issue of bonds for SAGESS. In view of the financing of operations scheduled for 2013 to meet the obligations of of the national obligation of strategic stocks SAGESS (Societe Anonyme Management Stocks Security) bonds were issued on 6th March at a rate of 2.625 percent for a total of 600 million euros maturing in 2025. This maturity is part of a plan for active management of the maturity of the debt for SAGESS.

Clifford Chance advised the issuer with Cédric Burford (partner), Ludovic Timbal Duclaux Martin and Andrew McCann.

The issue of the guarantees is part of the Competitiveness and Innovation Framework Programme (2007-2013) of the European Union

International legal practice Norton Rose has advised the European Investment Fund in relation to the issue of two financial guarantees in favour of UniCredit S.p.A. in the context of a SME loan synthetic securitisation transaction carried out by UniCredit S.p.A. and involving also Ferconfidi and Federascomfidi, acting on behalf of the “Confidi” (group of SMEs) associated to them.

Ashurst has advised the Bank of Tokyo-Mitsubishi UFJ, Ltd, Sydney Branch (BTMU Sydney) on its A$3 billion transferable certificates of deposit (TCD) programme update and A$300 million inaugural trade.

This transaction marks the relaunch of BTMU Sydney's Australian dollar TCD issuance programme and its first issuance of TCDs under the programme.

Allen & Overy's Global Islamic Finance Group received eight awards at the Islamic Finance News (IFN) Awards ceremony on February 24, 2013.

Allen & Overy won "Deal of the Year" in four different categories, including "Deal of the Year" and "Saudi Arabia Deal of the Year" for the GACA sukuk as well as "Cross Border Deal of the Year" for the Axiata sukuk issuance programme and "Corporate Finance Deal of the Year" for the Majid Al Futtaim Properties sukuk.

Slaughter and May advised Aviva plc in relation to the establishment of a new £2 billion Euro-Commercial Paper Programme for the purpose of issuing unguaranteed short-term paper. Citibank International plc is the arranger of the Programme and Citibank International plc and The Royal Bank of Scotland are dealers.

Contacts

Financing: Miranda Leung (partner), Edward Comber (associate); Tax: Jeanette Zaman (partner), Mike Ringer (associate)

International law firm Freshfields Bruckhaus Deringer has completed two Dutch securitisations in the first quarter of 2013 with a total value of €4.3 billion.

International legal practice Norton Rose has advised the Managers on Dubai Electricity and Water Authority’s (DEWA) Sukuk issuance of US$1 billion certificates due in 2018.

The Managers comprised Abu Dhabi Islamic Bank PJSC, Citigroup Global Markets Limited, Dubai Islamic Bank PJSC, Emirates NBD Capital Limited, Standard Chartered Bank and The Royal Bank of Scotland plc as Joint Lead Managers and Commercial Bank International PJSC, Sharjah Islamic Bank (SIB) and Union National Bank as Co-Managers.

Hogan Lovells advised a syndicate of five lenders on the EUR80 million refinancing of French holiday park operator Siblu, owned by private equity firm Bridgepoint Development Capital.

The deal has been heralded as demonstrating the growing importance of alternative credit providers to the European leveraged finance mid-market. In addition to advising Barclays and Société Générale, Hogan Lovells also advised credit funds Haymarket Financial, Babson and French fund, Tikehau, with the credit funds forming the largest part of the lending group.

International legal practice Norton Rose has advised Shun Tak Holdings Limited on the establishment of a US$1 billion Guaranteed Medium Term Note Program and the initial issuance of US$400 million 5.70% Guaranteed Notes due 2020 under the Program.  Shun Tak was listed on the Hong Kong Stock Exchange in 1973, and is principally engaged in the property, transportation, hospitality and investment businesses in Hong Kong and Macau.

Norton Rose's appointment by Shun Tak has demonstrated its increasing recognition as a leading adviser in debt capital markets in Asia.

Slaughter and May, Hong Kong, advised Swire Properties Limited on the issue by its wholly-owned subsidiary, Swire Properties MTN Financing Limited, of US$500 million 2.750% Guaranteed Notes due 2020. The Notes are issued under Swire Properties' US$3 billion Medium Term Note Programme. The Notes are guaranteed by Swire Properties Limited and are listed on the Hong Kong Stock Exchange.

HSBC, J.P. Morgan and BAML acted as Joint Lead Managers.

Contacts

Capital Markets: Lisa Chung (partner), Jing Chen (associate), Paddy Law (associate)