Global law firm White & Case LLP has advised the Republic of Rwanda in connection with its debut offering of a US$400 million 10 year bond. BNP Paribas and Citibank acted as joint lead managers. The deal was well received in the market and was heavily oversubscribed as investors continue to show interest in high quality sub-Saharan sovereign debt.
"We are proud to continue our market leading track record in the sovereign debt market in sub-Saharan Africa, having acted on over 80% of the debut issues in the region in the last few years. Issuers continue to come to us to support their debt offerings demonstrates that in volatile markets there is no substitute for experience in documenting this type of transaction," said White & Case partner, Melissa Butler.
White & Case has a leading practice advising on sovereign mandates, particularly in Africa. As the appetite for risk of this sort has grown, seven sub-Saharan African sovereigns have come to the public Eurobond market with debut offerings, with White & Case advising on six – Gabon, Namibia, Nigeria, Rwanda, Senegal and Zambia.
The White & Case team was led by London partners Stuart Matty and Melissa Butler, supported by associate Michal Amir and trainee Melody Chang, all London based.
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