22 June 2011
Clifford Chance advises EFSF on €8 billion bond placements to support Portugal
International law firm Clifford Chance advised the European Financial Stability Fund (EFSF) on the placement of €5 billion of 10-year bonds and €3bn of 5-year bonds as part of the financial assistance package to Portugal.
The issuance spread for the 10-year bonds was fixed at mid swap plus 17 basis points, while the 5-year bonds' spread was fixed at mid swap plus 6 basis points. Investor interest was well-diversified globally with strong demand, particularly from Asia with notable mandates from the Japanese Ministry of Finance.
The banks involved as lead managers on the 10-year bond are Barclays Capital, Deutsche Bank and HSBC, while those on the 5-year bond were BNP Paribas, Goldman Sachs International and RBS.
Clifford Chance has previously advised on the establishment of the EFSF, its inaugural bond issue in support of Ireland, and also advised on the original loan in support of Greece.
Contacts Jonathan Lewis (partner), Cedric Burford (partner), Gemma Doyle (associate) and Sophie Guilhem-Ducléon (associate).