Skadden secures €1.3bn rights issue role for Portuguese bank
Skadden Arps Slate Meagher & Flom's London arm has advised Banco Comercial Portugues (BCP) on its €1.3bn (£1.03bn) rights issue. London capital markets partner James Healy led the Skadden team on the capital raising, which closed on 6 May. BCP, the largest Portuguese bank listed on the Euronext 100 index, has used Skadden on other corporate transactions in the past but has also turned to firms including Allen & Overy (A&O) and Freshfields Bruckhaus & Deringer.
May 14, 2008 at 10:53 PM
2 minute read
Skadden Arps Slate Meagher & Flom's London arm has advised Banco Comercial Portugues (BCP) on its €1.3bn (£1.03bn) rights issue.
London capital markets partner James Healy led the Skadden team on the capital raising, which closed on 6 May. BCP, the largest Portuguese bank listed on the Euronext 100 index, has used Skadden on other corporate transactions in the past but has also turned to firms including Allen & Overy (A&O) and Freshfields Bruckhaus & Deringer.
For Portuguese legal matters the bank turned to local firm Morais Leitao Galvao Teles Soares da Silva where corporate partner Luisa Soares da Silva took the helm.
Cleary Gottlieb Steen & Hamilton advised opposite Skadden, with London finance partner Ashar Qureshi acting for the underwriting banks Morgan Stanley and Merrill Lynch.
The rights issue is the latest in a stream of cash-calls by leading financial institutions in recent months. At the end of last month A&O landed a role advising HBOS on its £4bn issue with Freshfields advising Morgan Stanley and Dresdner Kleinwort as joint financial advisers and brokers on the deal.
Meanwhile, magic circle rival Linklaters bagged the lead advisory role for UK lender Royal Bank of Scotland on its record-breaking £12bn right issue, which saw Freshfields acting for underwriters UBS, Goldman Sachs and Merrill Lynch.
Healy told Legal Week: "Unlike some of the current rescue rights issues by financial institutions, this was for a bank that had no exposure to the subprime or collateralised debt obligation market but nonetheless needed to shore up capital requirements. The rights issue was very well supported by current shareholders."
Cleary's Qureshi added: "This is really the first rights offering in 2008 by a major bank that was designed to boost regulatory capital."
The deal is Skadden's second significant European instruction in recent weeks, with the firm also advising the joint global co-ordinators on the €1.4bn (£1.1bn) flotation of New World Resources.
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