Debt capital markets
“On the debt side, the firm has been active on notes offerings, securities issuances and liability management. It recently advised Royal Bank of Canada on the expansion of its USD40 billion security issuance programme and issuances of three tranches under its global covered bond programme.”
Chambers UK, 2013
Our global debt capital markets team advises market-leading managers, issuers and other notable clients on the full range of debt transactions throughout Europe, Asia, Australia, Canada, Africa, the Middle East, Latin America and Central Asia.
We advise issuers and international dealers in the European debt market, including European Debt Issuance Programmes, stand-alone Eurobonds, Global Bond offers, Euro Commercial Paper Programmes and Covered Bond Programmes.
We have particular expertise across our key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and pharmaceuticals and life sciences. With our outstanding Islamic finance expertise, we also advise on Shariah compliant securitised derivatives and sukuks.
Our areas of work include:
- bond restructuring transactions
- convertible and exchangeable bonds
- Islamic finance
- liability management
- MTN, CP and CD programmes
- pre-IPO bonds
- sovereign debt
- US corporate finance (including Rule 144A offerings, Regulation S issues and private placements)
Our recent work:
- Following our work with the Republic of Indonesia on its initial US$1 billion sukuk issuance, our Hong Kong, Singapore and London offices advised the Republic again on the establishment of a US$3 billion sukuk issuance programme and the initial issuance of US$1 billion of sukuk under the programme. The issuance has a maturity of ten years with periodic distributions of 3.3 per cent per annum. The issuance was governed by English law and was offered under Rule 144A and Regulation S of the US Securities Act to a broad range of investors based inside and outside the US
- Advising the Government of Ras Al Khaimah on issues of ¥5 billion 3.58 per cent Bonds due 2030 and ¥10 billion 3.77 per cent Bonds due 2040 by the Government of Ras Al Khaimah (one of the seven United Arab Emirates), listed on the Regulated Market of the London Stock Exchange
- Advising QBE Insurance Group on issues of US$1 billion and £325 million Fixed Rate Reset Guaranteed Exchangeable Subordinated Callable Notes due 2041 offered under Rule 144A, by QBE Insurance Group, one of the world's leading international insurers and reinsurers, listed on the Singapore Exchange Securities Trading Limited. As part of the intra-group financing, we also advised on the issues of US$1 billion and £325 million Fixed Rate Reset Subordinated Callable Notes due 2041 by QBE Insurance Group's UK subsidiary, listed on the Channel Islands Stock Exchange. The Notes are Tier 2 compliant and expected to comply with Solvency II