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Clifford Chance

Clifford Chance
David Dunnigan

David Dunnigan


David Dunnigan

David Dunnigan is recognised as a leading debt capital markets practitioner. David advises financial institutions, sovereign governments, major corporations, municipalities and supranationals and has been involved in numerous debut issues and other high-profile transactions.

David has significant experience in the Nordic, CEE/Baltics and Emerging Markets, as well as in the sovereign and public sector.

David was Global Head of Capital Markets Practice from 2002 to 2014 and is consistently identified as a top practitioner in his field by all of the legal directories such as Legal 500 and Chambers & Partners.

ESG & Covid Response

David has been involved in numerous ground breaking ESG and Covid response financings, including advising:

  • LafargeHolcim on its €850 million sustainability-linked bonds, the first of its kind from the building industry. The bond commits LafargeHolcim to reach its target of 475 kg net CO2 per ton of cementitious material by 2030.
    European Corporate Bond of the year 2021 (The Banker)
  • Nordic Investment Bank on its €1 billion Covid-19 response bond, the first Covid-19 targeted bond to come to market. The proceeds will finance projects that alleviate the social and economic consequences of the Covid-19 pandemic in NIB’s member countries.
    Covid-19 Response Deal of the Year – Nordic Investment Bank (IFLR Europe Awards 2021)
  • Council of Europe Development Bank on its €1 billion Covid-19 response bonds due in April 2027 under their social inclusion framework.
  • Africa Finance Corporation’s CHF green bond. The proceeds will finance, refinance or be invested in Eligible Green Projects such as the Djibouti Wind Farm and Singrobo Hydro Dam in Cote d’Ivoire.
  • The joint bookrunners on the Industrial Development Bank of Turkey (TSKB)'s USD 350 million Rule 144A/Reg S 5.875% sustainable notes due 2026. TSKB operates its banking operations in line with globally recognized sustainability principles, with a mission to make a substantial contribution to the UN Sustainable Development Goals through the financing facilities it offers.
  • On EUROFIMA's green bond and debt issuance programme.

Sovereign, Multilateral and Supranational

David has acted on sovereign bond transactions for Denmark, Finland, The Government of Ras Al Khaimah, Guernsey, The Hashemite Kingdom of Jordan, Hungary, Jersey, The Kingdom of Sweden, Latvia, Lithuania, Romania, The Republic of Albania, The Republic of Croatia, The Republic of Ghana, The Republic of Latvia, The Republic of Namibia, The Republic of Portugal, The Republic of Seychelles, The Republic of Slovenia, The Republic of Zambia and the UK.

David has also acted on bond transactions for AFC, the Bank of England, Black Sea Trade and Development Bank, BNG, The Council of Europe Development Bank, The Eastern and Southern Africa Trade and Development Bank, EFSF, EUROFIMA, Finnvera, IIC, City of Moscow, MuniFinance, NIB, City of Prague, SEK, SID, City of St Petersburg and Zagreb City.

David has also advised:

  • On an update of the EUR 70 billion EMTN programme of the State Treasury of the Republic of Poland.
  • Africa Finance Corporation on its GMTN Programme and issuances thereunder.
  • The underwriters in relation to The Republic of Rwanda’s debut Eurobond.
  • Southern Gas Corridor on their USD 1 billion 6.875% Guaranteed Notes due 2026 guaranteed by the Republic of Azerbaijan.

Banks and Corporates

David regularly works with banks including ABN AMRO, Barclays Bank PLC, BNP Paribas, Bank of America, Citigroup, Crédit Agricole, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, NatWest Markets, Nomura, Nordea, RBC, Société Générale and Wells Fargo

David has also advised:

  • The underwriters on Luminor Bank’s Covered Bond Programme and previously advised the arranger in respect of the establishment of Luminor Bank's EMTN Programme in Estonia. This marks the first-ever issue of covered bonds in the Baltic region.
    CEE Legal Matters Estonia Deal of the Year 2020
  • Akelius Residential Property AB on their EMTN Programme.
  • Samhallsbyggnadsbolaget i Norden AB on their EMTN Programme.
  • Wizz Air Holdings PLC on their EMTN Programme and debut Eurobond.
  • Heimstaden AB on their EMTN Programme.
  • NEPI Rockcastle in respect of the recent establishment of the EMTN programme EUR 1 billion Guaranteed Euro Medium Term Note Programme with NE Property Coöperatief U.A. as issuer and NEPI Rockcastle plc as Guarantor, and the subsequent issue of notes thereunder.
  • The joint lead managers (Citigroup Global Markets Limited, Deutsche Bank and Société Générale) on a repeat Reg S Eurobond issue for České dráhy (Czech Railways), the main railway operator in the Czech Republic.
  • OCP on their debut Eurobond issuance.
  • The managers in respect of the Eurobond issues by Eesti Energia in Estonia of €100,000,000 4.250% Notes due 2018 and the €300,000,000 4.250 per cent. Notes due 2018
  • Elering in Estonia in respect of their Eurobond issue of €225,000,000 0.875 per cent. Notes due 2023 and €225,000,000 4.625 per cent. Notes due 2018
  • The underwriters on Eustream, a.s. €500 million bond issue at 1.625%, maturing in June 2027.
  • The underwriters on SPP – Distribúcia, a.s. €500 million bond issue at 1.000%, maturing in June 2031.
  • The underwriters on Czech Gas Networks €500 million bond issue at 0.875%, maturing in 2027.

News and client work

View all news and client work featuring David Dunnigan

Contact details

Career and qualifications

  • Nottingham University 1983
  • Articled Turner Kenneth Brown
  • Admitted as a solicitor in England & Wales 1986
  • Joined Clifford Chance 1987
  • Partner since 1992
  • Global Head of Capital Markets Practice 2002 - 2014

Awards and citations

  • Very enthusiastic, very commercial and massively experienced.
    Chambers and Partners UK
  • "He has a lot of experience and competence in the emerging markets and with debut issuers."
    Chambers and Partners 2021
  • "David Dunnigan is a leading DCM practitioner who is able to turn his hand to any transaction type."
    Chambers and Partners 2021
  • "Vastly experienced"
    Legal 500 2021
  • David Dunnigan is "an approachable, easy-going, conscientious lawyer with excellent technical skills, knowledge and background." He is an experienced DCM practitioner who advises on sovereign bonds, Eurobonds and other debt products. He has particular expertise in the CEE and African markets.
    Chambers and Partners UK 2018