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Clifford Chance

David Dunnigan

David Dunnigan

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David Dunnigan

David Dunnigan advises sovereigns, major corporations and financial institutions at both international and national levels across a range of industries, in relation to all aspects of debt and equity.

David is regularly identified as a top practitioner in his field by legal directories such as Legal 500 and Chambers.

  • Albania: representing the managers in connection with the Republic of Albania's debut issue of EUR€300 million 7.50% Notes due 2015
  • Croatia: representing the Republic of Croatia in connection with their issue of USD$750 million 6.50% Notes due 2015 under Regulation S
  • Jordan: representing the managers in connection with The Hashemite Kingdom of Jordan's debut issue of USD$750 million 3.875% Notes due 2015
  • Latvia: representing the managers in connection with the Republic of Latvia's issue of EUR€400 million 5.50% Notes due 2018
  • Portugal: representing the arranger and dealers in connection with the establishment of the Republic of Portugal's Euro Medium Term Note Programme and issuances thereunder
  • Government of Ras Al Khaimah: representing the arranger and dealers on the establishment of the RAK Capital USD$2 billion Sukuk programme and their debut issue of US$400 million 8% Certificates due 2014 thereunder
  • Romania: representing the managers in connection with Romania's issues of EUR€750 million 6.50% Notes due 2018 and EUR€1 billion 5.00% Notes due 2015
  • Slovenia: representing the managers in connection with the Republic of Slovenia's issues of:
    • EUR€1 billion 4% Notes due 2018
    • EUR€1 billion 4.375% Notes due 2019
    • EUR€1.5 billion 4.375% Notes due 2014
    • EUR€1.5 billion 4.625% Notes due 2024
    • EUR€1.5 billion 4.125% Notes due 2020

Loan participation notes

  • Petrocommerce Bank, Russia: Representing the Managers in connection with the issue of:
    • USD$300 million 8.75% Loan Participation Notes due 2009 issued by Petrocommerce Finance S.A. on a limited recourse basis for the sole purpose of financing a loan to OJSC Bank Petrocommerce
    • USD$125 million 8.75% Loan Participation Notes due 2009 to be consolidated and form a single series with the USD$300 million 8.75% Loan Participation notes due 2009 issued by Petrocommerce Finance S.A. on a limited recourse basis for the sole purpose of financing a loan to OJSC Bank Petrocommerce
  • Sibacadembank / URSA Bank, Russia: representing the managers in connection with the issue of:
    • USD$90 million 12.00%. Loan Participation Notes due 2011 to be consolidated and form a single series with the UDS$40 million 12.00% Loan Participation Notes due 2011 issued on 30 June 2006 issued by Sibacademfinance plc on a limited recourse basis for the sole purpose of financing a subordinated loan to Joint Stock Company Sibacadembank
    • HUF4.5 billion 10.5% Loan Participation Notes due 2009 issued by Sibacademfinance plc on a limited recourse basis for the sole purpose of financing a senior loan to Joint Stock Company Sibacadembank
    • EUR€300 million 8.30% Loan Participation Notes due 2011 issued by Sibacademfinance plc on a limited recourse basis for the sole purpose of financing a senior loan to Joint Stock Company Sibacadembank
    • RUR5 billion 9.125% Loan Participation Notes due 2010 issued by Sibacademfinance plc on a limited recourse basis for the sole purpose of financing a senior loan to JSC URSA Bank
    • EUR€400 million 7.00% Loan Participation Notes due 2010 issued by Sibacademfinance plc on a limited recourse basis for the sole purpose of financing a senior loan to JSC URSA Bank

Programme establishments

  • Eastern and Southern African Trade and Development Bank, Kenya: representing the Eastern and Southern African Trade and Development Bank (PTA Bank) in connection with the establishment of their USD$1 billion Euro Medium Term Note Programme and their debut issue of US$300 million 6.875% Notes due 2016 thereunder
  • First Investment Bank, Bulgaria: representing First Investment Bank in connection with the establishment of the First Investment Finance B.V. EUR€500 million Euro Medium Term Note Programme guaranteed by First Investment Bank AD
  • Transnet Limited: advising the issuer on the establishment of their USD$2 billion Global Medium Term Note Programme
  • Petrocommerce Bank, Russia: representing the arranger and dealers in connection with the establishment of the Petrocommerce Invest S.A. USD$750 million Euro Medium Term Note Programme guaranteed by OJSC Bank Petrocommerce
  • Polkomtel, Poland: Representing the arranger and dealers in connection with the establishment of the Polkomtel Finance AB (publ) EUR€1 billion Euro Medium Term Note Programme guaranteed by Polkomtel S.A.
  • Renaissance Capital, Russia: representing Commercial Bank Renaissance Capital in connection with the establishment of the USD$1.5 billion Programme for the Issuance of Loan Participation Notes to be issued by, but with limited recourse to, Renaissance Consumer Funding Limited for the purpose of financing loans to Commercial Bank Renaissance Capital (Limited Liability Company).

Straight Debt

  • Citigroup on Compass Group PLC EMTN GBP£2 billion programme establishment 2010
  • The joint lead managers (Société Générale, J.P. Morgan and Deutsche Bank) on a syndicated drawdown by Fonterra Co-operative Group Limited under its EMTN programme
  • On the European Financial Stability Fund’s (EFSF) EUR€27 billion debt issuance programme, which was admitted to the Luxembourg Stock Exchange in mid-January 2011
  • Citigroup and others as joint lead managers in relation to the issue of USD$1.5 billion 2.50% Notes due 2016 by N.V. Bank Nederlandse Gemeenten
  • Credit Suisse Securities (Europe) Limited as lead manager on the issue of EUR€500 million Senior Unsecured Notes due 2016 by Pohjola Bank plc
  • HSBC Bank plc, J.P. Morgan Securities Ltd. and Standard Chartered Bank on the issue by Glencore Finance (Europe) S.A. of USD$350 million 7.50% Guaranteed Senior Callable Perpetual Notes guaranteed by Glencore International AG and Glencore AG
  • RBC and Deutsche Bank in connection with the issuance of GBP£200 million 2.375% Notes due 2015 by BNG
  • Statoil ASA on the update of its USD$8 billion Euro Medium Term Note Programme
  • The Toronto-Dominion Bank and eleven co-managers on the issuance by Commonwealth Bank of Australia of AUD125 million 5.75% Notes due 2013
  • Fujitsu EMEA plc as issuer on the USD$500 million Euro Medium Term Note Programme 2010 Update
  • Sampo, Finland: representing the arrangers and dealers in connection with the establishment of the Sampo plc EUR€2 billion Euro Medium Term Note Programme
  • TVO, Finland: representing the arranger and dealers in connection with the establishment of the Teollisuuden Voima OYJ EUR€2 billion Euro Medium Term Note Programme
  • Heineken, The Netherlands: representing the arranger and dealers in connection with the establishment of the Heineken NV EUR€3 billion Euro Medium Term Note Programme
  • Novartis, Switzerland: representing the arranger and dealers in connection with the establishment of the Novartis Capital Corporation, Novartis Finance S.A., and Novartis Securities Investment Ltd EUR€15 billion Euro Medium Term Note Programme guaranteed by Novartis AG
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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

  • David Dunnigan is global head of the firm's ECM and DCM practices. He represents both banks and issuers in debt-related work and is particularly active in the emerging markets sector, representing sovereign clients. He has represented institutions in Namibia's debut offering.
    Chambers UK 2013, Capital Markets: Debt (Band 1)
  • David Dunnigan heads the firm's global capital markets practice and has a notable focus on emerging markets.
    Chambers Russia 2013, Capital Markets (Experts Based Abroad) (Band 4)
  • David Dunnigan is global head of the firm's ECM and DCM practices. He represents both banks and issuers in debt-related work and is particularly active in the emerging markets sector, representing sovereign clients. He is noted for his expertise in CEE, Ukraine and Russia. Recent work highlights include advising the joint lead managers on Czech Rail's debut issue of EUR300 million 4.50% notes due 2016.
    Chambers UK 2013 Capital Markets: Debt (Foreign Experts) ( Spotlight Table )
  • David Dunnigan is global head of the equity and debt capital markets practices at Clifford Chance LLP. He represents both banks and issuers in debt-related work, and is particularly active in the emerging markets sector, representing sovereign clients.
    Chambers Central & Eastern Europe 2013
    Corporate/Commercial (Experts Based Abroad) ( Spotlight Table )
  • Emerging markets transactions are a focus for Clifford Chance’s David Dunnigan who advise sovereign issuers, corporates and financial institutions. Highlights included a £600m debut bond issue for the Greater London Authority, a $500m debt buy-back for Barclays Bank, and a $500m issue by the Republic of Namibia (advising the lead managers). The firm also handled deals for ONO and Nordea.
    Legal 500 UK 2013, Debt capital markets, Tier 1
  • David Dunnigan is global practice head, and “can deal with the most complex of issues, drawing on years of hands-on experience,” sources say. He is very strong on sovereign issuance in the emerging markets.
    Chambers 2011
  • David Dunnigan is the firm’s standout name, and is a favourite of emerging-markets-focused in-house counsel, with one describing him as “a very good relationships man”.
    IFLR 2010
  • "He’s brilliant - we’d definitely use him if we have a sovereign issue," says one client. "I think he’s done nearly all of them."
    IFLR 2009
  • "An excellent client manager, always available and approachable."
    Legal 500 2010