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International Edition

A&O, Bakers and Latham among legal line-up on $1bn Thai oil bond issue

Allen & Overy (A&O), Baker & McKenzie and Latham & Watkins have all taken roles on a $1bn (£636m) bond issuance by Thai Oil, one of the largest petroleum refineries in Thailand. The publically-listed refining and petrochemical company, which is owned by Thailand's PTT Group, issued a dual tranche of senior unsecured fixed-rate notes to foreign institutional investors earlier this month.
2 minute read

International Edition

Solving the debt problem - the impact of changing regulations on debt funding

Since the 2008 global financial crisis, banks and other financial institutions have been hit by a tsunami of regulatory proposals. Take for instance Basel III (and its European offshoot, CRD IV-CRR); the Vickers and Liikanen reports; the proposed single supervisory mechanism; recovery and resolution proposals for banks in the European Union; Dodd-Frank in the US; Solvency II for insurers within the EU; and the Financial Stability Board's (FSB) proposals for shadow banking. The volume and complexity of new regulation has been routinely criticised as the root cause of the continuing financial challenges.
8 minute read

International Edition

Riding the refinancing wave - alternative investment options examined

Since the global financial crisis, concerns around shortfalls in refinancing and new money opportunities have regularly made the press. However, developing trends in the UK mid-market indicate that the potential impact of the refinancing wave may not be as severe, with UK mid-market borrowers finding ways to ride out the storm. With many UK banks sitting on over-exposed balance sheets and facing increasing regulatory constraints and high costs of funds, liquidity still remains a pressing issue for banks.
5 minute read

International Edition

Skadden and Sullivan win key roles on €1bn IPO of real estate group LEG

Skadden Arps Slate Meagher & Flom and Sullivan & Cromwell have landed roles on German real estate group LEG's initial public offering (IPO), expected to raise up to €1bn (£838m). The listing on the Frankfurt Stock Exchange is due to take place in early February, and is expected to value the Duesseldorf-based housing company at more than €2bn (£1.7bn), according to market analysts.
2 minute read

International Edition

Links, A&O lead bank-side DCM rankings as year-on-year proceeds grow 11%

Linklaters and Allen & Overy (A&O) have dominated Thomson Reuters' global legal rankings for bank roles on debt capital markets transactions in 2012, as the value of debt deals grew by 11.3% over the period. The data, cut off at 21 January, shows Linklaters toppling A&O from the global top spot after advising managers on 524 straight debt deals globally in the 2012 calendar year, generating proceeds of $394bn (£248bn).
3 minute read

International Edition

Paul Hastings hires Weil London capital markets head

Paul Hastings' London office has hired Weil Gotshal & Manges local capital markets and hedge fund head James Cole for its securities and capital markets practice. Cole, who will formally join the firm on 1 March, advises clients including investment banks, hedge funds and financial institutions on all aspects of capital markets transactions and distressed investment opportunities.
2 minute read

International Edition

Skadden, CC among legal line-up on BlackRock's Credit Suisse purchase

Skadden Arps Slate Meagher & Flom and Clifford Chance (CC) are among a line-up of firms advising on asset manager BlackRock's acquisition of Credit Suisse's exchange traded funds (ETF) business. The terms of the deal are undisclosed, but the transaction is reportedly worth between $200m (£124m) and $300m (£186m). The ETF business has around CHF16bn (£10.8bn) of client assets under management.
2 minute read

International Edition

BLP, LG act as Schroders lists property trust on Alternative Investment Market

Berwin Leighton Paisner (BLP) and LG have taken roles on one of the first Alternative Investment Market listings of the year, as UK fund manager Schroders seeks to raise more than £100m via a float of its West End property trust. The initial public offering (IPO) will see the West End of London Property Investment Company (WELPIC) – a newly formed Guernsey-incorporated trust – seek to raise funds to invest in the existing West End of London Property Unit Trust (WELPUT), which is managed by Schroders and Grafton Advisors.
2 minute read

International Edition

Hope floats again for crucial IPO market as advisers dare to bet on HK revival

It's only the second week of January and already everyone is placing bets on the health of Hong Kong's initial public offering (IPO) market, still used by many local advisers as the bellwether of confidence in the region's economy. While the accountants are gearing up for a strong recovery, forecasting around 80 new listings valued at approximately HK$120bn (£9.5bn) during 2013, most lawyers are taking a characteristically cautious approach while hoping for the best.
6 minute read

International Edition

Cadwalader adds capital markets partner in China with K&L Gates hire

Cadwalader Wickersham & Taft has boosted its China capital markets team with the hire of K&L Gates corporate partner Rose Zhu. Zhu, who specialises in capital markets, M&A and bank financing transactions, has joined the US firm's Beijing branch from K&L Gates' local office, where she has spent around 18 months after moving from Allen & Overy in August 2010.
2 minute read

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