Allen & Overy (A&O) has advised the Vietnamese Government on a $1bn (£648m) sovereign bond offering.

The deal also handed a role to Wall Street's David Polk & Wardwell as lead international adviser to the underwriting banks.

The A&O team was led by US-qualified corporate and finance partner David Johnson, who is based in the magic circle firm's Hong Kong office.

Davis Polk fielded a team led by Tokyo-based corporate partner Eugene Gregor on the deal, which closed at the end of January. The underwriters included Barclays, Citigroup and Deutsche Bank.

The Government of the Socialist Republic of Vietnam has not issued sovereign bonds since 2005, when the country raised $750m (£486m). The new notes, which are listed on the Singapore Exchange, will pay a coupon of 6.75% per annum and are due to mature in January 2020.

A&O's team was flanked by local firm Audier & Partners Vietnam, led by managing partner Nicholas Audier, advising on Vietnamese law. Local firm YKNV also won a mandate as the Vietnamese law adviser to the managing banks.

Neither A&O nor Davis Polk has a local presence on the ground in Vietnam. International law firms with offices in the Southeast Asian country include Freshfields Bruckhaus Deringer, Lovells, Baker & McKenzie and Gide Loyrette Nouel.

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