CC and A&O act in €3bn bond deal to bail out Irish
Clifford Chance (CC) and Allen & Overy (A&O) have taken lead roles on a €3bn (£2.6bn) bond sale by the European Financial Stability Facility (EFSF), the latest part of the financial assistance programme for Ireland. CC advised the euro-zone bailout facility EFSF as it launched the issue via a syndicate of lead manager banks advised by A&O. The sale is the first EFSF bond issue since eurozone countries renegotiated the size and terms of the facility over the summer in response to the heightened financial crisis, particularly in Greece.
November 30, 2011 at 07:03 PM
2 minute read
Clifford Chance (CC) and Allen & Overy (A&O) have taken lead roles on a €3bn (£2.6bn) bond sale by the European Financial Stability Facility (EFSF), the latest part of the financial assistance programme for Ireland.
CC advised the euro-zone bailout facility EFSF as it launched the issue via a syndicate of lead manager banks advised by A&O.
The sale is the first EFSF bond issue since eurozone countries renegotiated the size and terms of the facility over the summer in response to the heightened financial crisis, particularly in Greece.
The proceeds will be used to fund the EFSF's second financial assistance payout to Ireland, with the deal coming after CC and A&O advised alongside Linklaters on the first €5bn (£4.3bn) deal over December 2010 and January 2011.
CC has been advising on the eurozone bailout programme since its launch last spring, advising on the establishment of the EFSF in June 2010, the €80bn (£68.5bn) 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 Paris finance partner Jonathan Lewis in lead role.
Paris capital markets partner Dan Lauder led the A&O team advising the syndicate, including 46 banks headed by Barclays, Credit Agricole CIB and JP Morgan. Lauder also advised on the initial loan to Ireland.
The EFSF is a Luxembourg corporate entity, set up in June 2010 to manage the eurozone's bailout of ailing economies within the European Monetary Union. It finances the loans by issuing debt securities backed by guarantees from the eurozone member states.
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