Capital Markets

About

White & Case's award-winning Capital Markets Practice has a market-leading presence in all major financial centers across the Americas, EMEA and APAC. Our heritage, scale, comprehensive offering, deep US/English law bench and fully integrated global network make us a first choice for complex cross-border capital markets matters.

We cover the full spectrum of securities products (debt and equity capital markets, high yield, structured finance and derivatives, securitization and corporate trust). Our client base includes all leading global investment banks, NYSE, NASDAQ and FTSE-listed corporates, sovereigns and funds (both private equity and distressed). 

What sets us apart is our history of delivering groundbreaking capital markets advice in mature and growth markets, which translates to fresh thinking and original solutions. Over many years, we have built up considerable institutional knowledge, advising on thousands of securities transactions around the globe. We have advised on the first rescheduling of sovereign debt in recent history (Republic of Indonesia in 1975) and have since helped more than 60 sovereigns and state-owned enterprises resolve complex and often unique legal challenges. We represented Visa in connection with its record US$19.3 billion IPO and listing on the NYSE in 2008, which was the largest in US history at the time. White & Case has been instrumental in most major developments in relation to sustainable finance, including advising on the first-of-its-kind US$3 billion green securitization deal by Crédit Agricole in 2017. Recent highlight transactions include Saudi Aramco's debut bond offering, the Republic of Mozambique's sovereign debt restructuring, the largest-ever IPO of a software company on the London Stock Exchange, the largest-ever high-yield transaction in Africa and the largest-ever green bond offering in Brazil. We are at the forefront of market developments and are the sole legal knowledge partner to the G20 Sustainable Finance Study Group.

 

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AWARDS & RECOGNITION

"Impressive cross-border instructions and increased European recognition has a significant Pan-European offering across the full range of DCM, ECM, high yield and structured finance transactions. Impressive coverage of key Western European jurisdictions, with teams at the forefront of the markets in London, Paris and Milan supplemented by a respected Frankfurt group, also benefits from strong links to emerging markets, advising on deals in Eastern Europe, Africa and Turkey, and is well-placed to handle transactions in the Nordic region through distinguished offices in Stockholm and Helsinki. Clients note that the firm's international expertise particularly stands out, with one source commenting: ‘The overall experience has been very positive. Their strengths are their business orientation and depth of experience in capital markets,', adding: ‘They are able to co-ordinate international work successfully.'"
Chambers Global 2019 – Capital Markets: Europe-wide

White & Case's Latin America team is known as a "deeply respected international player offering notable prowess in capital markets transactions throughout Latin America. Has long-standing experience acting on behalf of both issuers and underwriters on the full gamut of securities offerings, including IPOs, bond issuances and debt restructuring through tender and exchange offers. Also benefits from significant expertise in SEC-registered offerings. Clients say: 'I have the highest opinion of White & Case and consider them a go-to firm. I have found all members of the firm to be extremely diligent in their analysis and advice, and I feel their constant support throughout the entire transaction.'"
Chambers Latin America 2019 – Capital Markets

White & Case's US Securitization team is known as "a wealth of expertise advising clients on complex financings and a range of securitizations. Noted for the even breadth of experience across asset classes within the team, which includes expertise in esoteric assets such as IP rights. Regularly represents underwriters in sophisticated CLOs and is also respected for its work in the esoteric space. Clients say: ‘Their structured finance practice is one of the best in the business. They have deep knowledge across disciplines and provide a high level of service.' Another interviewee reports: ‘They stand out in structured credit. There are very smart people in that group, and they've always been a high-quality practice.'"
Chambers USA Nationwide 2019 – Securitization

Band 1 in Debt Capital Markets: Europe-wide
Chambers Global, 2019

Best Green/SRI Finance Law firm
GlobalCapital, 2018 and 2019

North American Green/SRI Bond Deals of the Year
GlobalCapital, 2019

Technology/Biotech IPO of the Year
GlobalCapital, 2019

Privatization Deal of the Year
GlobalCapital, 2019

ECM Deal of the Year in Turkey, the Middle East and Africa
GlobalCapital, 2019

Saudi Arabia Deal of the Year (Saudi Real Estate Refinance Company's debut SAR 11 billion sukuk program)
IFN Awards, 2019

ECM Deal of the Year in CEE, Russia and the CIS
GlobalCapital, 2019

Block Trade of the Year
GlobalCapital, 2019

Europe High Yield Bond of the Year & Euro Bond of the Year
IFR Awards, 2018

Latin America: Structured Bond Deal of the Year
Bonds & Loans Latin America Deals of the Year Awards 2018

Debt & Equity-Linked Deal of the Year
IFLR Europe Awards, 2018

Best Law Firm for Equity Capital Markets in the EMEA region
GlobalCapital, 2018

Equity Capital Markets Deal of the Year
GlobalCapital, 2018

Equity-Linked Bond Deal of the Year
GlobalCapital, 2018

ECM Deal of the Year in CEE, Russia and the CIS
GlobalCapital, 2018

Latin Finance Deal of the Year – Financing Innovation of the Year
LatinFinance, 2018

Financing Firm of the Year in Finance 2018
The Legal 500 UK, last two consecutive years

Best Law Firm in Africa
EMEA Finance African Banking Awards, 2013 – 2018

Winner STANDOUT deal in "accessing new markets and capital"
FT Innovative Lawyers Awards Europe, 2018

Winner Commodity Trading Company Deal of the Yea
TXF Awards, 2018

Winner Best Deal
Trade Finance Awards, 2018

Winner Best Deal
Global Trade Review Awards, 2018

Winner Structured Finance and Securitization Deal of the Year 2018
IFLR Asia Awards, 2018

Winner Securitization Deal of the Year
Marine Money International Awards, 2018

European Road Deal of the Year
IJ Global Awards, 2018
 
PPP Deal of the Year, Europe
Infrastructure Investor Global Awards, 2018

Bond of the Year: SSA & Award for Innovation: Structure
Environmental Finance Green Bond Awards, 2017

High Yield Deal of the Year
IFLR Asia Awards, 2017
 

Experience

Saudi Aramco's debut bond offering
Represented Saudi Aramco as issuer in connection with its debut five-tranche offering of global notes worth US$12 billion. The notes have been issued under its recently established GMTN program and comprise US$1 billion notes due 2022, US$2 billion bonds due 2024, US$3 billion bonds due 2029, US$3 billion bonds due 2039 and US$3 billion bonds due 2049. 

The Co-operative Bank's inaugural MREL-eligible debt offering
Represented The Co-operative Bank as issuer in connection with its issue of £200 million Fixed Rate Reset Callable Subordinated Tier 2 Notes due 2029. This bond is the first-of-its-kind in the UK, making the Co-op Bank the inaugural High Street lender to successfully issue MREL-eligible debt.

The Republic of Mozambique US$1.9 billion sovereign debt restructuring
Represented the Republic of Mozambique in connection with a complex sovereign restructuring of approximately US$1.9 billion of its external commercial indebtedness. The restructuring discussions are continuing against the background of substantial macroeconomic instability and continuing deterioration in the fundamentals of the economy.

The world's first "true sale" commodities securitization program
Represented Trafigura, one of the world's leading independent commodity trading and logistics companies, in connection with the establishment of the world's first “true sale” commodities securitization program.

Largest-ever IPO of a software company on the London Stock Exchange
Represented Avast, the leading global cybersecurity provider, in connection with its £602 million IPO on the London Stock Exchange.

Largest-ever value rights issue in Italy
Represented 31 underwriters in connection with the approximately €13 billion rights issue of UniCredit S.p.A.

The Republic of Uzbekistan's US$1 billion debut bond offering 
Represented the Republic of Uzbekistan, represented by the Ministry of Finance of the Republic of Uzbekistan, in connection with the establishment Global Medium Term Note Program and inaugural Reg S/Rule 144A dual-tranche US$1 billion bond offering. 

Yapı Kredi Bank's first-ever public Additional Tier 1 Bond issuance by a Turkish bank 
Represented Yapı Kredi Bank, one of the largest private banks in Turkey, in connection with its inaugural offering of US$650 million Perpetual Fixed Rate Resettable Additional Tier 1 Notes. This was the first-ever public Additional Tier 1 Bond issuance from Turkey, and the first issue of non-sovereign international bonds from Turkey since April 2018, thereby reopening the Turkish private sector bond market.

Superstrada Pedemontana Veneta "greenfield" project bond 
Represented J.P. Morgan as global coordinator, together with Banca IMI, Santander, Banca Akros and Kommunalkredit, in connection with a €1.57 billion project bond financing for the construction of the Superstrada Pedemontana Veneta toll road. The transaction is the culmination of more than two years of work and represents: the highest value unrated project bond issued for the construction of a toll road; the first unrated “greenfield” (construction phase rather than refinancing) project bond ever and the first project bond of a greenfield infrastructure in Italy; and the largest European project bond to be placed without European Investment Bank credit enhancement.

MGM China's debut US$1.5 billion senior notes offering
Represented the joint global coordinators and other initial purchasers in connection with MGM China Holdings Limited's debut 144A/Regulation S debt issuance of senior notes in an aggregate amount of US$1.5 billion, comprising two tranches, a five-year tranche of US$750 million, 5.375% senior notes due 2024 and a seven-year tranche.

Republic of Indonesia's US$2 billion dual tranche Green Sukuk offering
Represented the arrangers and managers in connection with the update of The Republic of Indonesia's Rule 144A/Reg S Trust Certificate Issuance Program and the subsequent US$2.0 billion dual tranche sukuk offering under the Program. The offering involved the issuance of a tranche of US$750 million and a tranche of US$1.25 billion Green Sukuk. 

China Molybdenum's debut bond offering
Represented China Molybdenum Co., Ltd. in connection with its issuance of unrated US$300 million, 5.48% guaranteed bonds due 2022. China Molybdenum is a leading global diversified mining conglomerate.

StoneCo US$1.4 billion SEC-registered IPO and NASDAQ listing
Represented the joint lead global coordinators and representatives of the underwriters and bookrunners in connection with the US$1.4 billion IPO of StoneCo Ltd. This is only the second NASDAQ IPO of a Brazilian company and the first such deal in the fintech space.

Largest-ever green bond offering in Brazil
Represented Fibria Celulose in connection with its inaugural US$700 million SEC-registered green bond offering.

Loma Negra US$1.1 billion IPO and NYSE listing of American Depositary Shares 
Represented Loma Negra C.I.A.S.A., the leading cement company in Argentina, as issuer, and the selling shareholder, Loma Negra Holding GmbH, in connection with the US$1.1 billion initial public offering of ordinary shares of Loma Negra and the listing of American Depositary Shares on the New York Stock Exchange. This IPO was the largest US IPO by a Latin American issuer in 2017 and the third-largest US IPO in history by an Argentine issuer.

Golden Nugget Inc. US$2.5 billion financing 
Represented the joint bookrunners and initial purchasers in connection with a US$1.4 billion high yield senior notes offering by Golden Nugget Inc. The notes offering was part of a US$2.5 billion bank and bond financing to affect the business combination of Landry's and Golden Nugget, an operator of casinos, hospitality and entertainment venues, as well as a US$1.65 billion dividend recapitalization and refinancing of outstanding debt.

Syngenta Finance N.V. US$4.75 billion notes offering
Represented the underwriters in connection with a US$4.75 billion Rule 144A/Regulation S offering of notes by Syngenta Finance N.V. White & Case also advised the dealers on the update of the US$7.5 billion EMTN Programme of Syngenta Finance N.V. and Syngenta Finance AG, guaranteed by Syngenta AG.

IPO of PT Medikaloka Hermina Tbk
Represented the joint global coordinators in connection with PT Medikaloka Hermina Tbk's Rp $1.3 trillion IPO of common shares, and its listing on the IDX, which included an international offering in reliance on Regulation S.

Studio City Company Limited's US$1.2 billion high yield issuances
Represented the bookrunners in connection with the offering of high yield notes by Studio City Company Limited.

Caixa Econômica Federal's US$1.9 billion secondary global offering of Petrobras Shares, 2019
Represented the global coordinators and joint bookrunners in connection with Caixa Econômica Federal's US$1.9 billion secondary global offering of its 3.24% stake in Petróleo Brasileiro S.A. – Petrobras. Petrobras is one of the world's largest integrated oil & gas companies, engaging in a broad range of oil & gas activities, and is controlled by the Brazilian federal government.

Newmont Goldcorp corporate exchange offer
Represented Newmont Goldcorp Corporation, the world's leading gold company and a producer of copper, silver, zinc and lead, in connection with its US$2 billion exchange offer in connection with Newmont Goldcorp's business combination with Goldcorp Inc.

Jack in the Box whole business securitization
Represented of Jack in the Box Inc. in connection with the structuring of a whole business securitization by a special purpose vehicle subsidiary and the issuance and sale of US$575 million Series 2019-1, 3.982% fixed-rate senior secured notes, Class A-2-I, US$275 million Series 2019-1, 4.476% fixed-rate senior secured notes, Class A-2-II and US$450 million Series 2019-1, 4.970% fixed rate senior secured notes, Class A-2-III. In connection with the issuance of the Offered Notes, the issuer also entered into a revolving financing facility of series 2019-1 variable funding senior secured notes, Class A-1, which allows for the drawing of up to US$150 million under the variable funding notes, which include certain instruments, including a letter of credit facility. The offering reflects Jack in the Box's announced movement to an asset-like model.

SESAC whole business securitization
Represented the initial purchaser in connection with the structuring of a whole business securitization by special purpose vehicle subsidiaries of SESAC Holdings, Inc. and the issuance and sale of US$530 million Series 2019-1 Class A-2 Notes. In connection with the issuance of the Series 2019-1 Class A-2 Notes, the co-issuers also entered into a revolving financing facility of Series 2019-1 variable funding senior secured notes, Class A-1, which allows for the drawing of up to US$30 million under the variable funding notes.

Avangrid green bond offering
Represented Avangrid, Inc., a sustainable energy and utility company with approximately US$33 billion in assets and operations in 24 states and a subsidiary of Spain's Iberdrola S.A., a worldwide leader in the energy industry, as issuer, in connection with the filing of its universal shelf registration statement and registered green bond offering of US$750 million notes. The company expects to use the net proceeds from the offering to finance and/or refinance green projects in the United States, including (i) investment in the construction and development of onshore and offshore wind and photovoltaic and concentrated solar power, solar renewable electricity production units and (ii) investment in transmission and distribution networks projects having the purpose of connecting renewable energy sources or reducing greenhouse gas emissions through installation of equipment that will improve system efficiency or energy use management.

Banorte notes offering
Represented Banco Mercantil del Norte, S.A., Institucion de Banca Multiple, Grupo Financiero Banorte as issuer in connection with the offering of US$600 million 6.750% perpetual five-year callable subordinated non-preferred, non-cumulative Tier 1 capital notes and US$500 million 7.500% perpetual ten-year callable subordinated non-preferred, non-cumulative Tier 1 capital notes. Banorte is Mexico's largest bank in terms of total assets, deposits and stockholders' equity that is not controlled by or affiliated with a non-Mexican financial institution.