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Capital Markets

Our heritage, scale and comprehensive offering made us a first choice in 2020 for complex cross-border capital markets matters

__Deal highlight

US$1 billion IPO in Kazakhstan

Fintech

We advised joint stock company Kaspi.kz, the largest payments, marketplace and fintech ecosystem in Kazakhstan, on its initial public offering of global depositary receipts on the London Stock Exchange (LSE).

The total value of the offering amounted to US$1 billion. Kaspi.kz’s market capitalization at the time of the IPO was approximately US$6.5 billion, making the deal the largest LSE IPO of a Kazakh company since 2007. View the press release here.

US$8 billion Saudi notes issuance under GMTN

Oil & gas

We advised the Saudi Arabian Oil Company (Saudi Aramco) on an update to its Rule 144A/Regulation S global medium-term note (GMTN) program and the issuance of US$8 billion of notes thereunder. The landmark transaction was Saudi Aramco’s second international bond issuance. View the press release here.

DraftKings equity offering

Technology

We advised the underwriters, led by Goldman Sachs & Co. LLC and Credit Suisse Securities, on a US$1.8 billion primary and secondary public offering of 46 million shares of Class A common stock, of which 16 million shares were sold by DraftKings and 30 million shares were sold by certain selling stockholders. The shares included the full exercise of the underwriters’ option to purchase an additional six million shares from the selling stockholders. View the press release here.

Lemonade IPO

Technology

We advised Goldman Sachs and Morgan Stanley & Co. on the initial public offering of mobile-based insurance startup Lemonade, Inc., which raised US$360 million for the company, including US$100 million purchased by Scottish investment fund Baillie Gifford, as a cornerstone investor. The share price doubled on launch, giving the company a market cap of US$3.8 billion and making the IPO the “best IPO debut” of 2020, according to MarketWatch. View the press release here.

First German government green bond

Sovereigns

We advised the Federal Republic of Germany (Bund) on its first issuance of a green bond. View the press release here.

Eletrobras US$1.25 billion unsecured notes offering

Utilities

We advised the initial purchasers on the issuance in aggregate of US$1.25 billion unsecured notes by Centrais Elétricas Brasileiras S.A. - Eletrobras, the largest power utility company in Latin America, and on a related tender offer. It was Eletrobras’s first foray into the international capital markets since 2012. View the press release here.

Natura &Co Holding global offering

Consumer products

We advised the initial purchasers on an approximately US$1 billion global offering by Natura &Co Holding S.A. The offering was the largest equity offering by a consumer beauty company in 2020, and the largest equity offering in Latin America in the consumer industry since 2010. View the press release here.