Our London capital markets team provides advice on capital markets across the globe.
“The level of service we receive from Norton Rose Fulbright is excellent. They have been able to provide support in almost any jurisdiction we have needed advice in.” Chambers UK 2015
As a core part of our global capital markets group, we can draw on the experience of our teams throughout Europe, the United States, Canada, Latin America, Asia, Australia, Africa and the Middle East, to provide integrated advice on both domestic and cross-border issues.
We work for a number of prominent companies, investment houses, rating agencies, banks, insurance companies and other financial institutions throughout our key industry sectors: financial institutions; energy; infrastructure, mining and commodities; transport; technology and innovation; and life sciences and healthcare.
- Experience in advising on stand-alone debt issues, sovereign debt, sukuk, securitisations, covered bonds, convertible and exchangeable bonds, MTN/CP programmes, structured products and equity-linked issues.
- Experience in US corporate finance, including US legal advice on Rule 144A offerings, 10b-5 opinions, SEC-registered offerings, US private placements and Investment Company Act issues.
Our areas of work include
- corporate trustee
- debt capital markets
- equity capital markets
- securities regulation and enforcement
Our recent work
- Advised the Kingdom of Bahrain on its 12-year US$1bn Eurobond and 8-year US$1bn Sukuk issuances, offered under Rule 144A and Regulation S of the US Securities Act of 1933 to investors in the United States and internationally. The Eurobonds and Sukuk were listed on the Irish Stock Exchange’s regulated market.
- Advised the Republic of Angola on its US$1.5bn debut bond issue, the largest inaugural issuance by a non-investment grade sub-Saharan African sovereign to date. The bonds were listed on the Irish Stock Exchange’s regulated market.
- Advised the Hong Kong Special Administrative Region on its US$1bn Sukuk, which marked the world’s first US dollar-denominated Sukuk originated by an AAA-rated government.
- Advised the Islamic Republic of Pakistan on its US$1bn Sukuk issuance, offered within the US under Rule 144A and internationally under Regulation S. The Sukuk were listed on the Luxembourg Stock Exchange’s Euro MTF market. This marked the fourth international capital markets issue on which we have advised Pakistan since 2014.
- Advising on the £745m Aberdeen road project bond and bank financing. We advised Bank of Tokyo-Mitsubishi UFJ Ltd (BTMU) and Balfour Beatty Investments as funders in connection with the contract to design, build, finance and operate (DBFO) the A90 Aberdeen Western Peripheral Route Project in Scotland. The project was closed under a unique financing structure with £600 million of funding being sourced from a combination of senior secured fixed-rate bonds of Allianz, European Investment Bank debt, a tranche of senior commercial debt provided by BTMU and equity bridge facilities provided by Royal Bank of Canada and Barclays. The bonds amounted to £190 million and were listed on the Luxembourg Stock Exchange. By value this was the largest PPP ever closed in Scotland.
- Advising J&E Davy and J.P. Morgan Cazenove as joint UK sponsors and joint bookrunners on Green REIT’s €310 million IPO followed by Green REIT’s €300 million secondary offer. Green REIT, the first Irish REIT, is an Irish property investment company whose ordinary shares are admitted to listing on the premium segment of the Official List and it also has a primary listing on the Official List of the Irish Stock Exchange. Its shares are traded on the main market of the London Stock Exchange.
- Advising Sequa Petroleum N.V. on its issuance of up to US$300 million of convertible bonds by way of a private placement.
- Advising Greencoat UK Wind Plc, the first renewable infrastructure fund to list on the main market of the London Stock Exchange, on its IPO; secondary fund raising of £83 million; open offer and offer for subscription of ordinary shares; tap issue raising approximately £2 million by way of an institutional placing; and secondary fund raising of approximately £125 million by way of an institutional placing and offer for subscription.