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Clifford Chance advises OSB Group on £150 million AT1 issuance and concurrent tender offer

Thu, 27 Nov 2025 09:51:00 GMT

This was an important transaction that bolsters the OSB Group's capital base and more broadly reflects the resilient performance of the OSB Group.

The Clifford Chance team was led by partner Matteo Sbraga with support from senior associate Gopal Bains and trainee Vivian Lee.

Clifford Chance advised on the issuance of PLN 831 million credit linked notes by mBank S.A.

Thu, 27 Nov 2025 09:08:00 GMT

The Clifford Chance team advising on this transaction included Timothy Cleary (Partner), Miłosz Gołąb (Partner), Grzegorz Namiotkiewicz (Of Counsel), Christopher Leonard (Senior Associate) and Krzysztof Burda (Associate).

Clifford Chance advises Brookfield on decarbonisation platform in Southeast Asia

Thu, 27 Nov 2025 03:00:00 GMT

Made through the Catalytic Transition Fund, Brookfield's primary vehicle for mobilising private capital in emerging markets to accelerate the transition to net zero, the Alba acquisition is a foundational part of Brookfield's buildout of a Southeast Asia decarbonisation platform.

Private equity partner Tom Lin, counsel Tom Capel, senior associate Hui Qi Lim and associate John Wu advised Brookfield.

Clifford Chance advises Prime Strategy on strategic alliance and public tender offer by GMO Internet Group

Thu, 27 Nov 2025 01:30:00 GMT

Valuing Prime Strategy at approximately JPY 6 billion, GMO Internet Group announced its public tender offer at JPY 1,600 per share, and is looking to acquire a minimum of 1,849,400 shares (50.01%) and up to 2,214,800 shares (60.00%).

Lead partner Michihiro Nishi said, "We are honoured to be advising Prime Strategy on this important transaction, reflecting the trust our clients place in us for strategic transactions. This public offer is part of a broader story of growth and transformation across Japan's digital economy."

Michihiro was supported by senior associates Tomohiro Terada and Hiromu Suemasa, and associates Ryokei Abe and Mikihiro Sato.

Prime Strategy is a technology company recognised for its expertise in cloud integration and web performance solutions. Tokyo-listed GMO Internet Group is a leading Japanese technology conglomerate, delivering a broad range of internet services including infrastructure, advertising and fintech, and continues to drive innovation through cloud, cybersecurity and emerging technologies such as blockchain.

Clifford Chance advises China Modern Dairy on its proposed takeover of China Shengmu

Thu, 27 Nov 2025 01:00:00 GMT

Partners Angela Chan, Tommy Tam and Julie Fu led the team which includes senior associates Anson Wong and Kenneth Ip, associate Winky Su and trainee solicitor Jonathan Chan.

The firm has advised on several recent landmark takeovers, including Dongfeng Motor on the take-private merger and listing of VOYAH, HSBC's privatisation of Hang Seng Bank and the privatisation of ENN Energy.

Clifford Chance has successfully advised Volkswagen Group on its CAD1 billion issuance

Wed, 26 Nov 2025 10:28:00 GMT

Clifford Chance was not only involved in the 2025 Canadian Dollar Bond issuance but has advised on various past bonds of the Volkswagen Group. The banking syndicate for this transaction comprised Scotia Capital Inc., CIBC World Markets Inc., RBC Dominion Securities Inc. and TD Securities Inc.

The Clifford Chance team was led by partner Cristina Freudenberger and comprised counsel Henrik Gildehaus and transaction lawyers Lilli Neubauer and Felicitas Fischer (all Capital Markets, Frankfurt).

Clifford Chance advises Peak Re on its capital issuance under new Hong Kong regime

Wed, 26 Nov 2025 00:00:00 GMT

This transaction marks a significant milestone for the Hong Kong insurance sector, representing the first public issuance of regulatory capital by Peak Re under the new Insurance (Valuation and Capital) Rules, following the introduction of updated Risk-based Capital (RBC) requirements for insurers on 1 July 2024. These new rules align Hong Kong with international standards and require (re)insurers to hold enough capital to match their risk profiles.

Lead partner Mark Chan said, "We are delighted to have worked closely with Peak Re and the joint lead managers to help bring this important deal to market. This highlights our expertise in the insurance sector advising Hong Kong (re)insurers under both the Insurance (Group Capital) Rules and the Insurance (Valuation and Capital) Rules, respectively."

Mark was supported by counsel Torrance Shi, senior associate George Mok, associates Louis Yee and Christine Chan, and trainee solicitor Kristy Lam.

Clifford Chance advises Volkswagen on dual tranche RMB3 billion Panda bond issue under its DFI Programme

Tue, 25 Nov 2025 16:59:00 GMT

The bond, which was underwritten by Bank of China Limited, CITC Securities Company Limited, HSBC Bank (China) Company Limited and Industrial and Commercial Bank of China Limited, was sold to institutional investors. Tranche one amounted to RMB2 billion with a term of two years, while tranche two amounted to RMB1 billion and has a term of three years.

Clifford Chance frequently advises corporate and financial institution issuers and bank syndicates in connection with national and international capital market transactions in debt capital markets and has advised Volkswagen Group on both establishments of their DFI Programme as well as the first three Panda bond issuances.

The international Clifford Chance team was led by partner Cristina Freudenberger and comprised transaction lawyer Felicitas Fischer (both Capital Markets, Frankfurt), as well as partner Jurgen van der Meer, senior associate Marina Sarkisjan and associate Kris Soomers (all Capital Markets, Amsterdam), partner Angela Chan, counsel Torrance Shi and associate Michael Cheng (all Capital Markets, Hong Kong).

Fangda Partners advised Volkswagen on PRC law. The team was led by Helen Zhao and included Howie Jiang and Ariel Fan.

Clifford Chance advises on Clifford Capital's US$705.5 million infrastructure asset-backed securities issuance

Tue, 25 Nov 2025 10:39:00 GMT

This transaction is Clifford Capital's seventh and largest public IABS issuance to date, featuring a diversified portfolio of project and infrastructure loans and bonds spanning 46 individual project finance and infrastructure loans and bonds across 44 projects, 17 countries and 13 industry sub-sectors.

Bayfront VII incorporates a number of innovative features, including the inaugural issuance in Rule 144A/Reg S format, comprising multiple classes of USD-denominated Senior Secured Floating Rate Notes accessible to qualified institutional buyers and qualified purchasers (QIBs/QPs) in the United States (amongst others). It is also the first IABS transaction with notes that carry credit ratings from two rating agencies, Moody's and Fitch. Investors were offered five classes of Senior Notes, all listed on the Singapore Exchange, including the debut of the Class X Notes.

Partner Francis Edwards said, "This transaction marks an important step in the evolution of Asia’s infrastructure debt market. The innovative structure and broad investor participation, including access for US investors, reflect growing demand for diversified infrastructure assets and the increasing sophistication of the sector. We are pleased to have supported Clifford Capital on yet another milestone deal, which sets a benchmark for future issuances in the region."

The Clifford Chance team advised the joint global coordinators, joint bookrunners and joint lead managers of the transaction; BNP Paribas, MUFG Securities, JP Morgan, Société Générale and Standard Chartered Bank on aspects of English, US and Singapore law. The team included:

Deal advice: Partners Francis Edwards and Lena Ng, senior associate Nicholas Henneberry, consultant Lin Lu and associate Greg Chan;
Project & Infrastructure aspects: Partner Mel Chan and associate Didi Hu;
US law: Partners Robert Villani and Matt Lyons; and
US tax: Partner Avrohom Gelber and associate Kade Moural.

Partner Bruce Kahl and his team acted as trustee counsel, advising Citicorp International Limited. Associates Ivona Dimov and Thomas Koh also supported the transaction by assisting on matters related to ERISA.

Clifford Chance is a market leader advising on the full range of sustainable debt capital markets products. The firm advised on Clifford Capital's previous IABS issuances including its US$527 million issuance earlier this year, US$508.3 million issuance in 2024, US$410 million issuance in 2023, US$402.7 million issuance in 2022, and landmark US$401 million issuance in 2021.

Clifford Chance advises the consortium of investment banks in connection with the EUR 500 million AT1 bond issue launched by Banca Transilvania on international markets

Tue, 25 Nov 2025 09:16:07 GMT

The issue, which consists of additional Tier 1 fixed rate resettable capital securities with no fixed maturity date, will be listed on the Euronext Dublin stock exchange. The successful transaction strengthens Banca Transilvania's reputation as a leading Romanian issuer and attractive participant in the international capital markets.

The legal team was coordinated by Partners Kate Vyvyan, Matteo Sbraga, and Radu Ropotă, with support from Senior Associate Russell Harris and Associate Cosmin Mitrică.

Clifford Chance advises on GL1's toolkit for the development of financial infrastructures for tokenised assets

Tue, 25 Nov 2025 06:52:00 GMT

GL1's Market Infrastructure Toolkit creates a foundation for consistent, standards-based adoption of distributed ledger technology (DLT) across global financial markets.

Partner Lena Ng said, "The GL1 initiative represents a collaborative effort between public and private sectors to develop shared ledger infrastructures that meet global regulatory expectations. These dialogues are essential to shaping frameworks that balance innovation with stability. Clifford Chance is proud to contribute from a global perspective on the legal and regulatory issues that underpin this transformative work.”

Partner Monica Sah added, “GL1 Market Infrastructure Toolkit is a core development in the digital asset ecosystem. It has been a privilege for our cross-border Financial Regulation team to work with GL1 on the complex issues raised.”

Lena and Monica were supported by Special Regulatory Advisor Madeleine Yates.

Learn more from GL1's announcement here.

GL1 is a multilateral initiative between global financial institutions and policymakers to foster an ecosystem of compatible financial infrastructures to enable seamless transactions of tokenised assets across borders. Participating financial institutions include Euroclear, HSBC, Kinexys by J.P. Morgan, MUFG Bank, Ltd., and Societe Generale-FORGE; supporting policymakers include Bank of England, Banque de France, European Central Bank, and the Monetary Authority of Singapore.

Clifford Chance advises EPM's Guatemalan subsidiaries EEGSA and TRELEC on private credit facility

Mon, 24 Nov 2025 17:19:00 GMT

The team advising on the transaction was led by partner Hugo Triaca with support from associate David Rondon and foreign lawyer Juan Andrés Bosch.

Clifford Chance advises on many transactions in Central America, including most recently on Energuate's A/B Bond Transaction and Mobiliare's debut notes issuance in the international capital markets.

Clifford Chance advises BGO on one of Spain’s largest flex-living acquisitions in Madrid

Mon, 24 Nov 2025 16:39:37 GMT

Additionally, Clifford Chance has advised BGO on the joint venture with Stoneweg for the creation of a joint platform aimed at developing flex-living projects in Spain, with a total investment planned by both entities of around 500 million euros.

The Clifford Chance team that advised on the transaction was led by partner Carlos Portocarrero and senior associate Andrés Berral, together with the rest of the team: senior associate Andrés Tirado and associate Begoña Martínez on real estate matters, as well as counsel Fernando Escribano and senior associate Andrea Rubio on tax matters. Additionally, partner Epifanio Pérez, together with senior associate Ignacio Magariños, junior associate Marco Martínez and trainee Asier Vivanco from the Global Financial Markets team, advised on the financing entered into by Bext Valdedebas to repay its existing debt.

This deal highlights Clifford Chance’s expertise in advising on complex real estate and financing transactions in Spain, supporting clients in strategic investments across the living sector.

Clifford Chance advises Bpifrance on its inaugural issue of European Defence Bonds in an aggregate amount of 1 billion euros

Mon, 24 Nov 2025 09:47:39 GMT

This issuance follows the publication in July 2025 of the Bpifrance European Defence Bond Framework. This new framework, which is innovative and pioneering in the bond market, forms part of Bpifrance's strengthened support for strategic French companies in the defence sector. The issue qualified for the Euronext European Defence Bond Label.

This transaction received strong support from investors, with a final order book exceeding € 3.8 billion euros.

Clifford Chance advised Bpifrance on this transaction with a team comprising in Paris Jonathan Lewis, partner, Sophie Guilhem-Ducléon, senior counsel, Jessica Hadid, senior associate, and Mathilde Drilleau, associate.

Clifford Chance advises ICG Strategic Equity as Lead on CapVest's GP-led recapitalisation of Curium

Mon, 24 Nov 2025 08:27:00 GMT

The recapitalisation will accelerate Curium’s strategy to deliver innovative diagnostic and therapeutic solutions for patients worldwide and strengthen its pipeline of next-generation radiopharmaceuticals. Curium operates a vertically integrated global supply chain and serves more than 14 million patients annually across 70 countries. Its portfolio includes diagnostic radiopharmaceuticals and late-stage Radioligand Therapies (RLTs) targeting neuroendocrine and prostate cancers, two of the largest indications in nuclear medicine.

Private equity partner Tom Lin, senior associate Victoria Ho and Tax partner Richard Kalaher led the Clifford Chance team, with a global multi-disciplinary team across Fund Solutions, Tax, Life Sciences and Antitrust/FDI, including Stephen Reese, Alex Walker, Angharad Lewis, Paul Seraganian, Richard Blewett, Karalyn Mildorf, Katharine Missenden, Violet Marcel, Wei Bin Tan, Holly Bauer, Sebastian Lehmann, Zong Han Low, Harry Christoforou, Lewis Barton, Rohit Duggal and John Wu.

The transaction is expected to close in Q1 2026 subject to customary regulatory approvals.

Clifford Chance advises Linde plc on €1.75 billion triple series bond issue

Mon, 24 Nov 2025 07:12:00 GMT

The issuance comprised three series of €600 million floating rate notes maturing in 2027, €650 million notes with a 3.125% coupon, maturing in 2032 and €500 million notes with a 3.750% coupon, maturing in 2038.

The syndicate for this transaction included HSBC Continental Europe, Société Générale, UniCredit Bank GmbH, Bank of China (Europe) S.A., Banco Bilbao Vizcaya Argentaria, S.A., Banco Santander, S.A., Standard Chartered Bank, Australia and New Zealand Banking Group Limited, Bayerische Landesbank, Landesbank Baden-Württemberg, Landesbank Hessen-Thüringen Girozentrale, Skandinaviska Enskilda Banken AB (publ) and BNY Mellon Capital Markets, LLC.

The Clifford Chance team was led by partner Cristina Freudenberger and further comprised counsel Henrik Gildehaus and transaction lawyers Lilli Neubauer and Felicitas Fischer (all Capital Markets, Frankfurt).

Clifford Chance advises Lao PDR on its US$300 million international bond issuance

Mon, 24 Nov 2025 06:48:00 GMT

The issuance of the bonds, offered to institutional investors under Rule 144A and Regulation S, marks a significant step in Lao PDR’s engagement with the international capital markets.

The transaction was supported by Clifford Chance cross-border global financial markets team in London, Singapore and New York, led by partners Matt Fairclough and Johannes Juette, together with senior associates Nigel Leong and Charlotte Tan and New York capital markets specialist Lewis Eldridge.

Clifford Chance advises Smile Invest on financing of majority stake acquisition in RB+ Fire Solutions

Mon, 24 Nov 2025 06:43:00 GMT

RB+ is a provider of passive fire protection and a full-service partner for complex structural fire safety projects. Read more about this transaction here.

The Clifford Chance team was led by Boudewijn Vermeer and Herman Steinvoort, and further comprised of Jorrit de Pree and Mark van Brest (Global Financial Markets), and Stern Flik and Robin Houtveen (Tax).

Clifford Chance advises Chuangxin Industries on its HK$5.5 billion listing in Hong Kong

Mon, 24 Nov 2025 03:30:00 GMT

Chair of China Practice and partner Tim Wang said, "We are delighted to have advised Chuangxin Industries on its successful IPO, reaffirming Hong Kong’s status as the preferred listing venue for Chinese industrial leaders seeking global capital. This milestone highlights strong demand in the aluminium sector driven by electric vehicles, renewable energy and lightweight manufacturing, and reflects our deep sector expertise and market-leading capital markets capability."

Tim co-led the deal with partners Jean Thio and Virginia Lee, with support from counsel Wei Liang and Erxin Lu, senior associate Luyi Jiao, associates Rita Cao, Bin Chen and Ke Shi, legal assistant Xiao Yu, trainee solicitors Zhongxiao Cong and Changle Xu.

Chuangxin Industries is a major producer of aluminium products in China, supplying high-quality materials used in electronics, automotive, green energy, transportation, industrial materials and construction. The company focuses on innovation and sustainability, helping manufacturers create lighter, more energy-efficient solutions for a greener future.

Clifford Chance has advised on the successful Hong Kong listings of several Chinese companies, such as Joyson Electronics, SANY Heavy Industry and SICC.

Clifford Chance advises underwriters in US$100 million senior notes offering

Thu, 20 Nov 2025 20:37:00 GMT

Partners Andrew Epstein and Om Pandya led the transaction along with associate Paul Lakkis. They were supported by associates Jed Tifft and Sarah Basilion on capital markets matters and partner Michael Seaton and associates Allison Kelly and Maggie Shi on tax matters.