Government-1400x285

Government  

  • Sovereign debt issuance

    • The Arab Republic of Egypt in the establishment of its US$20 billion global medium term note program and issuances thereunder in an aggregate principal amount of US$12.5 billion in U.S. dollar-denominated issuances and €2 billion in euro denominated issuances.
    • The Kingdom of Bahrain in bond and sukuk issuances in an aggregate principal amount of US$4 billion. Each sukuk was structured as a combined ijarah and murabaha transaction.
    • Banque Centrale de Tunisie on all of its Eurobond issuances, acting on behalf of the Republic of Tunisia, since 2012, in an aggregate principal amount of €850 million in Euro-denominated issuances and US$2.5 billion in U.S. dollar denominated issuances, as well as US$985 million in aggregate principal amount of U.S.-guaranteed bond issuances.
    • The Hashemite Kingdom of Jordan in its inaugural and all follow-on Eurobond issuances in an aggregate principal amount of US$2.75 billion, as well as US$3.25 billion in aggregate principal amount of U.S.-guaranteed bond issuances.
    • The Kingdom of Morocco in its inaugural and all follow-on Eurobond issuances in an aggregate principal amount of €2.5 billion in Euro-denominated issuances and US$2.25 billion in U.S. Dollar-denominated issuances.
    • The Lebanese Republic on all sovereign bond issuances since 1995, including issuances and exchange offers under the Lebanese Republic’s US$34 billion global medium-term note programme.

    International arbitration

    • The Czech Republic in its victory against a British investor in a PCA-UNCITRAL arbitration arising from the privatization process of a former Czech state company.
    • The Plurinational State of Bolivia on settling a treaty claim at The Hague brought by a German-Peruvian oil consortium for US$16 million – around half of what the claimants wanted.
    • The Republic of Colombia in its defense of a major UNCITRAL arbitration against a foreign mining company concerning a gold mine, the environment and indigenous communities. 
    • The Republic of Ecuador in the annulment phase of an ICSID arbitration by reducing the damages by 40%, in what became the biggest annulment of an ICSID award.
    • An Asian State as claimant in two successfully completed ICC commercial arbitrations against French defense companies.
    • A European State in an ICC arbitration concerning several Dispute Adjudication Board decisions, in connection with the construction of a bridge.
    • A Brazilian national oil company in an ICC arbitration against a Libyan State entity in an ICC arbitration arising out of alleged defects in artesian wells drilled as part of the Great Man-Made River project, one of the largest engineering projects ever undertaken.
    • A Central American State in two ICC commercial arbitration arising from the electricity sector. 

    Infrastructure development and project finance

    • Caspian Pipeline Consortium on a variety of matters for this consortium whose major shareholder include the Russian and Kazakhstan governments, including on government procurement rules, financing and various infrastructure issues.
    • European Bank for Reconstruction and Development on its proposed KZT1.2 billion loan to State Communal Enterprise "Heating Water Networks and Wastewater" to modernize district heating and hot water supply.
    • A European EPC contractor on EPC issues in relation to the F2 independent water and power plant in Fujairah (a project overseen by ADWEA of Abu Dhabi).
    • ICA Panama S. A., an affiliate of Mexico’s Empresa ICA, Mexico’s largest construction company, in a US$150 million refinancing of the Coredor Sur road concession in Panama involving an issuance by the Corredor Sur Trust.
    • International Finance Corporation on a RUB450 million partial credit guarantee by IFC on bond of RUB1 billion issued by the Republic of Chuvashia for road construction and water supply financing, an unusual deal in that IFC was guaranteeing a government bond issued for infrastructure projects.
    • A Korean municipality on drafting and negotiating a lump sum bespoke contract for consultancy services for the design of a tidal power plant in Korea for a Korean municipality.
    • Various quasi-governmental entities in the Emirate of Ras Al Khaimah in respect of power sector issues (including the disposal of generating assets and the development of greenfield IPPs/IWPPs).
    • The Republic of Lebanon on the restructuring of its power and water sectors.
    • A UAE quasi-governmental entity on a world-class, project-financed chemical sector infrastructure project in Uzbekistan.