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Clifford Chance

Clifford Chance

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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