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Clifford Chance

Clifford Chance
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Debt Capital Markets

Highly experienced in meeting the most complex funding requirements

We meet the most complex and diverse funding requirements across the whole spectrum of debt capital markets products.

Noted for the depth and breadth of our practice, we bring the necessary expertise to meet the continuously evolving and diverse funding requirements of the world's largest institutions.

We have extensive experience advising both issuers and underwriters across the whole spectrum of debt capital markets products including: investment grade bonds; regulatory capital and hybrid transactions; green, social and  sustainability linked bonds; liability management; Eurobonds and EMTN programmes; equity-linked products; sovereign issues and high yield bonds.

Our broad debt capital markets expertise

Eurobonds and EMTN programmes
 We consistently advise issuers and underwriters on some of the largest programmes and standalone issuances.

Liability management
 Tender offers, exchange offers, consent solicitations, restructurings and recapitalisations.

Equity-linked products
 Across a broad spectrum of issuers and underwriters

Regulatory capital transactions
 An industry focused practice advising across UK, European and global banks and insurers.

Corporate hybrids
 Advising on transactions to support corporate credit ratings, covenants and balance sheets.

High yield bonds
 We advise on some of the most high profile transactions and a number of “market firsts”

ESG and sustainability-linked bonds
 Award winning innovative deals across sectors and products.

Sovereign issuances and restructurings
 We advise on many issuances, in some of the most challenging emerging market jurisdictions as well as some of the most complex sovereign debt restructurings and reschedulings.

European Green Bond Regulation

At the end of May 2022, the Committee on Economic and Monetary Affairs (ECON) published its long-awaited report which inter alia includes proposals to increase disclosure requirements and to extend the scope of the EU GBS to all issuers of "bonds marketed as environmentally sustainable" in the EU.

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Recent client highlights

Clifford Chance advises the EIB on its first GBP-denominated digital bond

International law firm Clifford Chance has advised the European Investment Bank (EIB) on the issuance of its first GBP-denominated natively digital bond, which priced today. The transaction will be the EIB's first digital bond to be issued using a combination of private and public blockchains and its second digitally native bond issuance under Luxembourg law following the EUR100 million fixed rate bond issued on 29 November 2022.

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Clifford Chance advises on Lenovo's landmark inaugural green bond issuance, part of a dual tranche offering and liability management exercise

International law firm Clifford Chance has advised BNP Paribas, Citi, Credit Suisse, DBS, Goldman Sachs, HSBC, JPMorgan and Morgan Stanley as joint global co-ordinators, together with a syndicate of joint lead managers and joint bookrunners [1] on a US$1.25 billion dual tranche Rule 144A/Reg S bond offering for Lenovo Group Limited, and as dealer managers on a capped tender offer for US$750 million of existing 4.75% notes due 2023. The offering included a US$625 million green tranche due 2032.

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HM Treasury and the United Kingdom Debt Management Office £10 billion green gilt issuance

The £10 billion 0⅞% Green Gilt 2033 is the UK Government's first foray into the green bond market. The landmark sterling green transaction received strong investor support.

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Our insights

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Sustainability - recent ESG developments

Environmental, Social and Governance (ESG) factors have fast risen to the top of the board agenda across all sectors, with increasing awareness that a failure to address these matters can be detrimental both financially and reputationally. Investor pressure, internal governance and the proliferation of regulatory requirements and voluntary standards across the globe makes this a complex area to manage.

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Digital Developments in the Capital Markets

Blockchain and distributed ledger technology (DLT) have the potential to transform how securities are issued, traded and settled. However, the adoption of technology in the capital markets has not matched take-up in other areas of finance and trade and, so far, is used for enhancing existing elements of the process rather than replacing it with something new.

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