Clifford Chance (CC) has advised Deutsche Bank and Goldman Sachs on the sale of £2.84bn of debt in Eurotunnel, with the magic circle law firm fielding teams in both London and Paris.

The City giant advised the banks on loans made to Eurotunnel's operating companies in June as part of the group's restructuring agreement made at the end of last year.

In what is understood to be Europe's largest sale of asset-backed bonds this month, CC advised Deutsche and Goldmans on the sale of the debt though Channel Link Enterprises, a company created to issue the securities and repackage the loans.

The loans were secured against the group's assets, revenues and fees charged to other rail operators.

London capital markets partner David Bickerton led a large CC team that included restructuring partners Adrian Cohen and Nicholas Frome, tax partner Helen Smyth and trustee partner Susan Rose in the City. In Paris, meanwhile, finance partner Daniel Zerbib took a main role, alongside insolvency and litigation partner Christian Lacheze.

Magic circle rivals Freshfields Bruckhaus Deringer and Linklaters also picked up roles, with Freshfields advising Eurotunnel, fielding a team led by Paris-based securities partner Tony Besse. Linklaters, led by capital markets partners James Harbach and Julian Davies, advised the monoline insurers.

The deal comes after Eurotunnel restructured around £6.2bn of debt under the new 'French Safeguard' procedure, granting it protection from creditors. That followed the approval by Eurotunnel's existing bondholders of the restructuring agreement drawn up by administrators appointed by the Paris Commercial Court.