Clifford Chance

Clifford Chance advises the lead managers on three issues of hybrid subordinated perpetual bonds by Electricité de France amounting to a total of 2.5 billion euros and 1.25 billion pounds sterling

Clifford Chance Paris advised the lead managers (HSBC, Citibank, BNP Paribas and the other banks in the syndicate) on the issue by Electricité de France of 2.5 billion euros (in two tranches) and 1.25 billion pounds sterling of hybrid subordinated perpetual bonds.

These issues constitute a world record since this is the largest amount of hybrid bonds ever issued by a corporate.

The bond are listed on Euronext Paris as from 29 January 2013 and are intended to be accounted for as equity of the issuer under IFRS, and to benefit from 50 per cent. equity credit from the rating agencies.

The Clifford Chance team comprised Cédric Burford (partner), Gemma Doyle and Boris Kreiss.