Dechert LLP has been ranked by Cbonds among the top law firms globally to have acted as legal advisor for issuers and arrangers for emerging market international bonds in their league table covering deals from the first half of 2018 (1H 2018).
The table recognizes leading firms who have advised issuers and arrangers in connection with international and local law in the primary emerging market Eurobond market, taking into account emerging market plain vanilla Eurobond issues placed since January 2018.
Since January 2018, Dechert has advised on 11 emerging market international bonds with a total deal value of US$11.17 billion, as counsel to issuers and arrangers, as recognized by Cbonds (10 deals as counsel to issuers and one deal as counsel to arrangers).
Dechert’s leading emerging markets capital markets practice has a 30-year track record advising on transactions in emerging markets, highlighted by pioneering sovereign and quasi-sovereign debt transactions. Since the mid-1990s, we have advised parties in connection with more than 100 sovereign debt issuances and, over the last five years, our International Capital Markets team has worked on sovereign debt issuances in excess of U.S.$55 billion.
Selected highlight representative debt capital markets deals on which Dechert advised in 1H 2018 include:
- Arab Republic of Egypt in connection with a US$4 billion multi-tranche sovereign bond issuance consisting of US$1.25 billion 5.577% Notes due 2023, US$1.25 billion 6.588% Notes due 2028 and US$1.5 billion 7.903% Notes due 2048, issued under its US$20 billion Global Medium Term Note Programme. The Notes were listed on the London Stock Exchange. Citi, First Abu Dhabi Bank, HSBC, J.P. Morgan and Morgan Stanley acted as Dealers and Joint Lead Managers.
- Arab Republic of Egypt in connection with a €2 billion dual-tranche sovereign bond issuance consisting of €1 billion 4.750% Notes due 2026 and €1 billion 5.625% Notes due 2030 issued under its U.S.$20 billion Global Medium Term Note Programme. The Notes were listed on the London Stock Exchange. Banca Imi S.P.A., BNP Paribas, Deutsche Bank and Standard Chartered Bank acted as Joint Lead Managers and Banque Misr and National Bank of Egypt acted as Co-Managers.
- BLOM Bank s.a.l. in connection with the issuance of US$300 million 7.50% deposit certificates due 2023, which are listed on the Luxembourg Stock Exchange. Citi and Deutsche Bank acted as Joint Lead Managers and BLOMInvest acted as Selling Agent in Lebanon.
- JSC Development Bank of Kazakhstan in connection with the issuance of its KZT 100 billion 8.95% Notes due 2023 under its US$3 billion Medium Term Note Programme. Kazkommerts Securities, MUFG, Société Générale and VTB Capital acted as joint lead managers and the Notes were listed on the London Stock Exchange and the Kazakhstan Stock Exchange. The Notes were denominated in Kazakhstan Tenge and payable in U.S. Dollars.
- KazMunaiGaz Finance Sub B.V. (KMG Finance) and JSC NC “KazMunayGas” (KMG) in connection with (a) the update of the US$10.5 billion Global Medium Term Note Programme established by KMG Finance and KMG and (b) the issuances by KMG of (i) US$500 million 4.750% Notes due 2025 (Series 12); (ii) US$1.25 billion 5.375% Notes due 2030 (Series 13); and (iii) US$1.5 billion 6.375% Notes due 2048 (Series 14); and (iii) the completion of a simultaneous tender offer and consent solicitation in respect of four series of outstanding Notes, including the inclusion of a mandatory early redemption provision.
- Kingdom of Bahrain in connection with the issuance of its US$1 billion Trust Certificates due 5 October 2025 (through CBB International Sukuk Company 7 S.P.C.). BNP Paribas, Citigroup Global Markets Limited, Gulf International Bank B.S.C., National Bank of Bahrain and Standard Chartered Bank acted as Joint Lead Managers and the Certificates were listed on the Irish Stock Exchange.
- Sindicatum Renewable Energy Company Pte Ltd in connection with the INR 951 million 8.60% guaranteed green bonds due 2023 and the INR 1.6 billion 9.35% guaranteed green bonds due 2025, each payable in U.S. Dollars and unconditionally and irrevocably guaranteed by GuarantCo Ltd. (owned by the governments of the United Kingdom, Switzerland, Sweden, the Netherlands and Australia). This transaction represented the first ever Indian rupee (INR) green bond issuance in South East Asia, which was denominated in INR but payable in U.S. Dollars.
About Dechert
Dechert is a leading global law firm with 27 offices around the world. We advise on matters and transactions of the greatest complexity, bringing energy, creativity and efficient management of legal issues to deliver commercial and practical advice for all clients.
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