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Capital markets

Contacts

Our team of knowledgeable securities lawyers covers the full range of equity and debt capital markets matters, from domestic and international equity offerings and multiple listings for large multinationals, to investment grade and high-yield debt transactions for sovereigns, banks, export credit agencies, multilaterals, institutional investors and international companies, as well as securitization and derivatives.

“Strength in debt and equity capital markets transactions. Possesses the ability to handle a wide variety of multi-jurisdictional deals across a broad range of industry sectors.” Legal 500 UK, 2016

We act for the world’s largest corporations as well as emerging companies, and our experience acting for both issuers and underwriters on a wide variety of offerings gives us an in-depth understanding of the key concerns for both parties.

Arrangers, issuers and trustees value our experience and innovative approach and we can advise on all forms of financing including project bonds, green/renewable bonds, liability management and restructurings.

Our global platform enables us to fully and seamlessly coordinate highly complex domestic, cross-border and multi-jurisdictional transactions.

Our areas of work include

  • 10b-5 opinions
  • Debt capital markets
  • Derivatives
  • Equity capital markets
  • Initial public offerings
  • International offerings
  • Private placements
  • Rule 144A and Regulation S offerings
  • Secondary offerings (including rights offerings)
  • Securities law and exchange compliance
  • Securities regulation and enforcement
  • Securitization

Our recent experience

  • 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.
  • Acting for Bombardier Inc. on its 2015 US$1.1bn equity financing and US$2.25bn senior notes financing.
  • Advised Tesoro Logistics LP, a NYSE-listed midstream master limited partnership, in its at-the-market offering of US$750m of common units.
  • Advised the Government of Papua New Guinea on its AU$1.2bn share placement of a 10 percent stake in the Australian Stock Exchange (ASX) listed PNG oil and gas producer Oil Search Limited.
  • Advised Royal Bank of Canada (RBC) on its offering of US$1.5bn principal amount covered bonds registered with the US Securities and Exchange Commission. Norton Rose Fulbright has been RBC’s lead external counsel on its global covered bond program since its inception.
  • Advising BOCI Asia Limited on Sky Light Holdings Limited’s HK$676m global offering and its initial public offering on the Main Board of the Hong Kong Stock Exchange. Sky Light is a leading digital imaging device and solution provider for the action camera industry globally and a principal manufacturer for the major camera brand “GoPro”.
  • Advising on the US$110m initial public offering in Egypt, and related international institutional offering, of Arabian Cement Company on the Egyptian Exchange in Cairo. The offering was the first major IPO on the Egyptian Exchange in three years, and included a Rule 144A offering to qualified institutional buyers in the US.
  • Advised the lender consortium on the Aberdeen Western Peripheral road project in Scotland. This £745m, 58km PFI project was the largest and most complex combined debt (both commercial and European Investment Bank) and bond financing taking place in the UK.