Clifford Chance

Clifford Chance has been named Finance Team of the Year at the Legal Business Awards 2020.

The judges cited the firm's advice on the first bond switch from Libor to Sonia as a major contributing factor, as it saw Associated British Ports (ABP) become the first sterling borrower to switch its floating rate bonds over to the new rate.

Clifford Chance were ideally placed to advise on this matter given its membership of the Bank of England's working group on risk-free rates as well as its work in the Euro legal working group on Libor reform, and have subsequently advised a number of other issuers and agents on the restructuring of Libor-linked bonds to reference Sonia.

Capital Markets partner Paul Deakins and associate Yurika Mikuriya acted for NatWest as the Solicitation Agent, while Capital Markets partner Bruce Kahl and associate Struan Murray advised Deutsche Trustee Company Limited as Note Trustee and Paying Agent.

Paul Deakins commented "We are delighted to receive this prestigious award which is testament to the outstanding work of our team over the past year". Bruce Kahl commented "We are very pleased with the recognition this award brings and which demonstrates our expertise in relation to IBOR transition".