Debt Capital Markets

Simmons & Simmons’ debt capital markets team has extensive experience advising financial institutions and corporates on international securities transactions.

Specialist Expertise

They understand the commercial impact of their advice on our business and the commercial rationale behind your questions” (Chambers UK)

Simmons & Simmons’ debt capital markets team advises issuers, investment banks and institutional investors on a wide range of financings including:

  • convertible and exchangeable bonds
  • ECP programmes
  • EMTN programmes
  • Islamic financing (including Sukuk) 
  • liability management and bond restructurings 
  • regulatory capital and corporate hybrids
  • straight debt 
  • strategic equity solutions
  • structured debt and high yield bonds.

Some of the deals that the team in London has worked on recently can be found under the “Experience” tab.

Why Simmons & Simmons?

Equivalent to Magic Circle firms but with more pragmatism” (Legal 500)

We think the quote above sums up what we do best. Here are some of the other things we offer:

  • we are fully immersed in capital markets work and “know the market” – for this reason, major financial institutions such as JPMorgan entrust us with their own EMTN Programmes
  • three of the core members of our London team worked together for a number of years at one of the magic circle law firms prior to joining Simmons & Simmons – the quality of our work and our experience is unquestioned.
  • a core member of our London team worked for 2 ½ years in a major UK bank advising its Treasury function on all aspects of its capital and funding plan and has experience gained from his time there that no one at any other firm can offer
  • uniquely among our peers, we have a dedicated Listing Team which handles all aspects of the listing application for capital markets transactions (for example, in 2014, the Listing Team handled 170 listings). The team is in daily contact with the UKLA and other regulators and so can ensure a smooth process for any listing application
  • we have a highly experienced corporate trustee team, as well as full US securities law capability; and
  • we pride ourselves on providing outstanding service with full partner involvement and a focus on timely delivery and value for money – partners involve themselves fully in the work, which we believe is reflected in the consistently high quality of our work.

Experience

Convertible and Exchangeable Bonds
  • advising the bookrunners on the £450m issue of Convertible Bonds by J Sainsbury plc
  • advising the lead manager and sole bookrunner on a US$60m issue of Secured Exchangeable Bonds by Gold Exchangeable Limited
  • advising GS Engineering & Construction Corp. on its issuance of US$100m Convertible Bonds due 2019
  • advising the joint dealer managers on a tender offer in respect of China Overseas Holdings Limited US$500m Guaranteed Exchangeable Bonds due 2014 and the joint bookrunners on the new issue by China Overseas Holding Limited of its US$750m Guaranteed Exchangeable Bonds due 2021
ECP and CD Programmes
  • advising the arranger on the establishment of J.P. Morgan Securities plc’s €20bn Certificate of Deposit Programme
  • advising the arranger on the establishment of The Weir Group plc’s US$1 billion Euro Commercial Paper Programme
  • advising the arranger on the update of Kommunalbanken A/S’ €5bn Euro Commercial Paper Programme 
  • advising the arranger on the update of KBC Bank Ireland plc’s €1bn Global Euro Commercial Paper and Certificate of Deposit Programme 
  • advising BASF SE on its US$12.5bn Global Commercial Paper Programme
EMTN Programmes
  • advising the arranger on the update of and issuances under JPMorgan Chase & Co.’s US$65bn EMTN Programme
  • advising the arranger on the update of and issuances under Centrica plc’s US$10bn EMTN Programme
  • advising The British Land Company plc on the update of its £1bn EMTN Programme 
  • advising the arranger on the update of Hitachi Capital’s US$4bn EMTN Programme
  • advising Rentokil Initial plc on the update of and issuances under its €2.5bn EMTN Programme
  • advising the arranger on the update of and issuances under Banco Espírito Santo de Investimento, S.A.’s €2.5bn EMTN Programme
  • advising dealers on issuances under Commonwealth Bank of Australia’s US$70bn EMTN Programme
Liability Management
  • advising New South Wales Treasury Corporation on a tender offer in respect of its £250m 5% Notes due 2039
  • advising DONG Energy A/S on a tender offer and exchange offer in respect of its €700m Callable Subordinated Capital Securities due 3010
  • advising investors on the restructuring of various convertible bond issuances
Regulatory Capital and Corporate Hybrids
  • advising DONG Energy A/S on its issuance of €600m Callable Subordinated Capital Securities due 3015
  • advising the joint dealer managers on a tender offer in respect of Royal London’s £400m Upper Tier 2 Notes and the joint lead managers on Royal London’s £400m new issue of Solvency II-compliant Tier 2 Notes
  • advising the sole investor on an issue of Additional Tier 1 capital by a UK asset manager (the first of such issuance by a UK asset manager)
Straight Debt
  • advising Iron Mountain Europe plc on its £400m 6.125% Guaranteed Senior Notes due 2022
  • advising the lead manager and sole bookrunner on the issuance of €62.7m 5.55% Senior Unsecured Notes due 2024 by Acciona S.A.
Structured Debt and High Yield
  • advising Ayr Issuer S.A. on its c. £107.25m Secured Floating Rate Notes due 2024 to refinance the acquisition and operation of student accommodation
  • advising Marlin Financial on its £150m Regulation S/144A high yield senior secured bonds