2018 Annual Review
Banking and capital markets

Banking and capital markets

In a changing financial landscape, we helped clients raise capital and complete complex financing transactions

Highlights of our work in 2018

Innovative financing under Juncker Plan
We advised Crédit Agricole CIB on €830 million in new funding for French SMEs and ISEs through a synthetic securitization, one of the first large-scale transactions under the European Investment Plan (Juncker Plan).

Largest-ever software IPO on LSE
We advised global cybersecurity provider Avast on its US$816.6 million (£602 million) IPO, the largest-ever software IPO on the London Stock Exchange.

US$2.1 billion-equivalent financing for Fidessa Group acquisition
We represented UBS AG, Stamford Branch, as arranger, in an incremental term loan facility for ION Trading Technologies S.a.r.l. and ION Trading Finance Limited's credit agreement. It included US$1.32 billion of initial dollar term loans and €670 million of initial euro loans; the proceeds were used, in part, to acquire the UK's Fidessa Group plc.

First Nasdaq IPOs of Brazilian companies
We represented the underwriters in the US$1.4 billion IPO and Nasdaq listing of shares of Brazilian fintech company StoneCo Ltd., the second-ever Nasdaq IPO of a Brazilian company; and the underwriters in the US$210 million IPO and Nasdaq listing of shares of Arco Platform Limited, a Brazilian digital education platform, the first Nasdaq IPO of a Brazilian company.

Global agribusiness US$4.75 billion notes offering
We represented various underwriters in a US$4.75 billion Rule 144A/Regulation S offering of notes by Syngenta Finance NV in connection with its acquisition by ChemChina.

Amigo Holdings £1.3 billion IPO
We advised Amigo Holdings PLC, the leading company in the UK guarantor loan space, on its IPO on the London Stock Exchange (LSE).

First IPO on Astana International Exchange
We represented various financial institutions in the US$3 billion IPO of JSC NAC Kazatomprom, the world's largest producer of uranium, on the London Stock Exchange (LSE) and the newly established Astana International Exchange (AIX) allowing free float of the GDRs between the LSE and the AIX. This was the largest Kazakhstani IPO on the LSE in more than a decade and the first IPO on the newly established AIX.

Creation of new Mexican stock exchange
We represented Central de Corretajes (Cencor), a developer of infrastructure for financial markets in Latin America, Mexico and the United States, in the creation of Bolsa Institucional de Valores (BIVA), Mexico's first new stock exchange in 100 years and one of the most technologically advanced stock markets in the world.

Concordia US$3.7 billion recapitalization
We advised an ad-hoc group of secured creditors of Concordia International Corp., an international generic pharmaceuticals business, on its US$3.7 billion recapitalization, which was implemented by way of a court-approved plan of arrangement pursuant to the Canada Business Corporations Act.

Hong Kong shopping malls acquisition financing
We represented a consortium led by Gaw Capital Partners in HK$13.8 billion in financing arranged by various banks for the acquisition of a portfolio of 17 retail shopping malls in Hong Kong.

Multibillion-dollar Ambac debt restructuring
We represented a group of hedge funds, as the significant creditors, in the rehabilitation of the segregated account of Ambac Assurance Corporation (AAC), a Wisconsin stock insurance corporation and a subsidiary of Ambac Financial Group, Inc., which resulted in the restructuring of more than US$5 billion of debt and Ambac's exit from rehabilitation.

Successful completion of Oi restructuring
We represented Brazilian telecommunications company Oi S.A. in the completion of its US$20 billion debt restructuring, Latin America's largest-ever, including advising on new international bond issuances by Oi of US$1.7 billion, new equity issuances of US$1.5 billion and US$1.7 billion in restructured export credit facilities in 2018.

€1.1 billion financing for Finnish acquisition
We represented global private equity firm CVC Capital Partners in the €1.1 billion financing for its acquisition of the Mehiläinen Group, a leading provider of private healthcare and social services in Finland.

US$6.4 billion acquisition financing for Brookfield Property Partners
We advised Wells Fargo, Morgan Stanley and several other lead arrangers and lead banks on US$6.4 billion in financing to fund in part the US$15 billion acquisition by Brookfield Property Partners L.P. of commercial real estate company GGP Inc.

Michelin €2.5 billion bond issue
We advised Groupe Michelin, the leading tire company, on a three-tranche, €2.5 billion bond issue.

Delta Air Lines US$1.6 billion notes offering
We represented underwriters on a publicly registered offering by Delta Air Lines, Inc. of US$1.6 billion notes.

€1.275 billion debt financing for Zentiva acquisition
We represented the mandated lead arrangers/original lenders in the debt financing of pharmaceutical company Zentiva by Advent International Corporation.

Berlin Hyp AG's green Pfandbriefe issuance
We advised various financial institutions, as managers, on Berlin Hyp AG's issuance of €500 million of green covered bonds (Pfandbriefe).


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