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Clifford Chance advises Republic of Fiji on US$200 million sovereign bond issuance

6 October 2015

Clifford Chance advises Republic of Fiji on US$200 million sovereign bond issuance

Leading international law firm Clifford Chance has advised the Republic of Fiji on its issuance of US$200 million 6.625% bonds due 2020. The sole lead manager was ANZ. The issuance was done in conjunction with a cash tender offer for Fiji's existing bonds due 2016, managed by ANZ. This is the country's first sovereign capital raising since 2011, on which the Firm also advised.

Partner Matt Fairclough led on the deal and said, "We were delighted to advise the Republic of Fiji once again on its sovereign capital raising. Not only does this deal showcase our leading sovereign debt track record, but it also demonstrates our liability management credentials across a range of debt products. Sovereigns, as well as many corporates, are currently looking to take out old debt and replace with newer, longer maturity and cheaper debt or make other changes to their debt and balance sheet profiles, and we remain at the forefront in advising on these transactions."

Matt was supported by consultant James Booth, senior associate Michael Weaver and associate Nathan Wong.

Clifford Chance maintains a leading position advising on sovereign debt and liability management in Asia Pacific. Recent deals include Vietnam's US$1 billion issuance and sovereign switch, Thailand's first sovereign bond switch and Malaysia's US$1.5 billion global sukuk issuance. For further information, please refer to the team's recent report on Liability Management.