Clifford Chance (CC), Allen & Overy (A&O) and Linklaters have taken roles on a €5bn (£4bn) debt capital markets (DCM) transaction by the European Financial Stability Facility (EFSF).

The bond issuance, one of the latest transactions relating to the eurozone sovereign debt crisis, aims to tap capital markets to raise funds to make loan disbursements to Ireland under its loan facility agreement with the EFSF.

CC advised the EFSF, with Paris-based finance partner Jonathan Lewis leading the firm's team. A&O advised the lead managers Societe Generale, HSBC Bank, Citi and 40 other co-managers of the bond issuance, while Linklaters also won a role, advising the trustee.

Capital markets partner Dan Lauder, who is also based in Paris, led the A&O team, while the Linklaters team was led by City capital markets partner Jasper Evans.

Lewis told Legal Week: "This has been a very complicated project and the fact that we were able to deliver it, and in such a short space of time, has felt like a great triumph for the firm – highlighting the strength of the capacity in our European offices. It has been a real challenge and we have felt privileged and honoured to work on this project, which has been an absolutely unique experience."

CC has been advising on the eurozone bailout programme since its launch last spring, including on the establishment of the EFSF in June last year, the €80bn (£69bn) stability loan to Greece by the European Commission in spring 2010, as well as the loan agreement between the EFSF and Ireland in December 2010, with Lewis acting as lead partner.

EFSF was incorporated as a Luxembourg corporate entity in June 2010 for the purpose of providing stability support loans to euro-area member states experiencing financial difficulties. It will finance the loans by issuing debt securities backed by up guarantees from the eurozone member states.