Global Banking Brochure 2022
Global Banking Brochure 2022
Global Banking Brochure 2022
2022
allenovery.com
A leading Banking practice
Allen & Overy fields the market’s pre-eminent banking practice with over
1,000 lawyers worldwide. Few practices can match our top tier position
across the full range of financial products.
With such a deep team and global reach, international Our Banking practice covers the
and industry-leading ‘first-of-a-kind’ transactions are
our hallmark. We have been instrumental in nearly all the full range of Banking products
major developments in the modern financial markets.
Over 800 global corporate and financial institutions entrust
and is split into the following
us with the full range of their domestic and cross-border ten product lines
transactions and rely on the depth and breadth of our
expertise, intellectual rigour and proven track record of Asset finance
finding successful and commercially astute solutions.
Funds & Asset Management
Although the work of each group is distinct, the complex
and cross-border nature of many of the transactions we Financial services regulatory
act on means that there is also a great deal of collaboration
between groups. For example, we have developed
Corporate lending
cross-practice teams to advise on key issues for our clients Leveraged finance
such as IBOR transition and repapering projects, Brexit
and the increased importance of financial technology Projects, energy and infrastructure
(Fintech) companies in the market.
Real estate finance
Restructuring
Band 1
Banking & Finance
Chambers Global 2021
Key Statistics
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Market position
Project finance league tables
We consistently act as the leading adviser in terms of both deal value and the number of transactions
completed globally, as our performance in 2020 highlights below.
Source: Dealogic 2020 Press Release by number of deals dated 20 January 2021
Source: IJ Global 2020 Press Release by number of deals dated 20 January 2021
2020 EMEA Borrower Adviser (Full Year) 2020 EMEA Lender Adviser (Full Year)
Rank Adviser Proceeds USDm No of Deals Rank Adviser Proceeds USDm No of Deals
1 Allen & Overy LLP 34,672 36 1 Allen & Overy LLP 168,590 102
2020 EMEA Borrower Adviser (Full Year) 2020 EMEA Lender Adviser (Full Year)
Rank Adviser Proceeds EURm No of Deals Rank Adviser Proceeds EURm No of Deals
1 Allen & Overy LLP 49,967 52 1 Allen & Overy LLP 125,095 118
Across Europe, A&O was recognised once again as the leading adviser for leveraged finance.
In the U.S., the practice ranked in the top 10 across several categories according to Debtwire.
4 Our Banking practice | 2022
Awards and accolades
International Law Loan Team Band 1
Firm of the Year of the Year Islamic Finance
IFLR Europe Awards 2021 IFLR Europe Awards 2021 Chambers Asia Pacific
IFLR Asia – Pacific Awards 2021 Region 2021
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Asset finance
The asset finance team has extensive Our recent experience includes advising:
experience advising on transactions
AFIC INSURANCE GROUP YAMAL LNG
in all sectors of the asset finance
industry. Our client base includes On the French tax lease financing of
two Boeing 737 aircraft for Royal Air
On the LNG shipping aspects of
the project to transport LNG from
banks, financiers, funds, owners, Maroc (RAM). This was the first AFIC its plant in Sabetta on the Yamal
supported financing for RAM and the Peninsula in Arctic Russia (currently
airlines, lessors, manufacturers, first AFIC transaction involving KfW under construction) to Asia and
captive finance companies, operators, and Caixa Bank. Europe. In particular, advising on
the construction and chartering tender
borrowers, lessees, export credit A SIGNIFICANT process with shipyards and shipowners
agencies and governmental and OPERATING LESSOR
respectively, including drafting and
negotiation of shipbuilding contracts,
international organisations. On the acquisition and financing supplemental construction agreements
aspects of Avolon’s entire regional and long-term time charterparties, and
We advise on both domestic and cross-border aircraft fleet, totalling 49 aircraft. all ancillary documentation, for 15 LNG
ice-class (ARC 7) carriers, two ice-class
asset financings, including all types of (ARC 7) condensate tankers and six
debt, lease (both tax and non-tax-based) ONEWEB
conventional (ARC 4) LNG carriers.
and capital-markets-driven products, The Senior Lenders on the USD3bn
securitisations, Islamic financings, project financing of a constellation CHAPTER 11 PROCEEDINGS
of 882 satellites and associated
receivables financings, vendor programmes infrastructure and ground facilities A&O is representing various lessors
and retail finance. The team advises on the for OneWeb. and finance parties in Chapter 11
sale and purchase of leasing companies and cases for numerous airlines.
portfolios and the structuring of regional and OAKHILL AND VÄRDE
global leasing business networks. We also MSC CRUISES
On the acquisition of a USD1bn portfolio
advise on aircraft repossessions and airline of shipping loans from a global financial Advising the multiple lender
and ship restructurings and insolvencies. institution. The portfolio included over group and ECAs on the EUR1.7bn
40 loans secured against 70 vessels. SACE-backed pre and post-delivery
We cover all types of vessel and offshore The loan portfolio has underlying financing of four Lux class cruise
exposure to a diversified pool of vessels for MSC Cruises, to be
installations, including LNG carriers,
shipping sectors and borrowers. constructed by Fincantieri.
container ships, FPSOs, drill ships/drilling
rigs, tankers, VLCCs, cruise ships and luxury AFIC CATHAY PACIFIC
yachts. We advise on all types of aircraft
On the establishment of their pioneering The underwriters in Cathay Pacific’s
(including helicopter) financing: this includes new structure which uses private announced HKD11.7bn rights issue as
all types of pre- and post-delivery financings, insurance cover for the financing part of its HKD39bn recapitalisation plan.
ECA-backed financing, capital-markets- of aircraft in place of EXIM/ECA
backed financings, the sale and purchase guarantees. We advise AFIC on many CORAL FLNG
of their aviation transactions including
of new and used aircraft, and structured on the French tax lease financing of The ECAs (including KEXIM, K-sure,
financing, as well as on general aviation two 777-FF2 aircraft. This is the first SACE, China Exim, CDB) and lenders
matters such as regulatory and maintenance. French tax lease supported by the on the development and first-ever
AFIC group. project financing of a USD10bn
We also advise on all types of domestic floating LNG vessel (FLNG) to be
and cross-border asset financings, including moored in the Area 4 Coral South
IAFC Offshore Basin, Mozambique including
rail, power plants, satellites, wind farms, review of EPC contracts as part of
A syndicate of Islamic lenders across
transmission lines, water treatment facilities, five different syndicated financing lender side due diligence and advising
pipelines, vehicle fleets, bridges, tunnels, facilities for the Ijara financing of 30 on all maritime aspects.
office buildings, retail facilities, manufacturing A320 and 20 A330 aircraft to IAFC for
plants, mining equipment, films, satellites and lease to Saudia. This was Saudia’s
largest aircraft leasing transaction and
computer and other technology hardware the largest aviation deal to date to be
and software. secured by Islamic financing.
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Financial services regulatory
Allen & Overy offers a truly global Our recent experience includes advising:
financial services regulatory practice.
A CRYPTO-ASSET WORLDPAY
Regulatory changes are affecting
CIRCULATION NETWORK On its IPO on the London
all parts of the financial services Stock Exchange.
Concerning the registration trading
sector and regulatory compliance issues associated with the Company’s
is fundamentally important, but domestic and international operations AGRICULTURAL
pursuant to the U.S. Commodity BANK OF CHINA
navigating the relevant regulatory Exchange Act (CEA) & regulations.
On the establishment of a branch
regimes is a significant strategic in Luxembourg.
AN INTERNATIONAL
challenge for many. ENERGY COMPANY
BANCO SABADELL
On advice relating to the U.S.
Regulatory uncertainty makes business On its GBP1.7bn offer for the entire
Commodity Exchange Act, and similar
planning challenging, and a clear-sighted rules and regulations associated with the issued and to be issued share capital
assessment of regulatory risk is fundamental trading of commodities and derivatives. of TSB Banking Group.
to success. Our international team works
MULTIPLE FINANCIAL SIFMA
with the world’s leading financial services
companies, guiding them through the SERVICES FIRMS On its response to the European
Banking Authority’s discussion paper
increasingly complex regulatory landscape On an ongoing basis on their overseas on a new prudential regime for
where national and international regulations sales/marketing activities, working investment firms.
interact or conflict. We help clients plan for closely with local counsel to advise these
clients on their regulatory exposure in
and navigate these complex developments, connection with the marketing/offering/ LCH
protecting them from regulatory risk and provision of certain financial products On the development of Swap Agent,
advising them on how to take advantage and services to residents in a new product for the delivery of
of emerging opportunities. We have an foreign jurisdictions. centralised infrastructure for uncleared
extensive and holistic understanding of the OTC derivatives business.
financial services sector with market leading MULTIPLE U.S. AND
INTERNATIONAL FINANCIAL ISDA
expertise in payments, e-money, banking,
anti-money laundering and financial crime INSTITUTIONS In supporting the working group
formulating and advocating policy
regulation, and frequently interact with On various rules surrounding U.S.
positions in relation to central
regulators on behalf of our clients. persons, including inbound cross-border
counterparty recovery and resolution.
restrictions for non-U.S. licensed offices
We have one of the broadest footprints of of global wealth management and
ASIAN AND
any legal practice. Our expanding network personal and corporate banking divisions.
EUROPEAN BANKS
of more than 40 offices in 30 countries
spans the globe, and our Global Experts and OLD MUTUAL WEALTH On their MiFID II compliance
programmes.
Markets programme means we are equipped On the planned managed separation
to work seamlessly with clients everywhere from the Old Mutual group of
companies including hiving off a part UK AND EUROPEAN BANKS
they are doing business.
of the Wealth business simultaneously. On a number of Brexit contingency
The transaction has involved complex planning mandates which span across
regulatory capital analysis of the various a wide spectrum of engagement and
WE CAN ADVISE ON THE transaction steps, strategic planning firms, from strategic planning to
FOLLOWING SPECIALISMS and interaction with other advisers implementation, including applications
Anti-money laundering (legal, financial, accounting). for licences, transfers of legacy books
and wholesale re-papering exercises.
Authorisation application A GLOBAL FINANCIAL
Bank reform and regulatory change INSTITUTION A LARGE
Brexit On requirements to ring-fence U.S. MONEY MANAGER
Contentious matters its retail banking operations. On the establishment of an
international shareholder disclosure
Consumer finance and retail
compliance programme.
Derivatives
M&A and corporate transactions
Payments and e-money A client reports: ‘The quality and thoroughness of
Regulatory consultations the advice and guidance has been exemplary and
Surveys has given me a great deal of confidence in acting
based on that advice and support.’”
Chambers UK 2021: Financial Services Regulatory
“They handle almost every area Syndicated Leveraged Loans Team of the Year
of debt financing – they are full & Acquisition Finance IFLR Europe Awards 2021
service and good across the board.” Law Firm of the Year
Chambers 2021: Banking & Finance APLMA 8th Asia Pacific Syndicated
Loan Market Awards, 2019
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Leveraged finance
Allen & Overy has a market-leading Our recent experience includes advising:
leveraged finance practice
COCA-COLA AMATIL LIMITED PHARMAZELL
(comprising an integrated high yield
The mandated lead arrangers on the Bridgepoint on the first lien financing
bonds and loans practice) which is term loan financing to be provided in of the acquisition of PharmaZell,
supported by pre-eminent Private connection with the proposed acquisition a leading independent manufacturer
by way of scheme of arrangement by of pharmaceutical ingredients from
Equity, Equity Capital Markets, Coca-Cola European Partners PLC of DPE Deutsche Private Equity and
Debt Capital Markets, Securitisation Coca-Cola Amatil Limited, one of the Maxburg Capital Partners.
largest bottlers and distributors of
and Restructuring teams. ready-to-drink beverages. BBI SOLUTIONS
AND DIARECT
This collective expertise combined with BITÉ LIETUVA
Exponent Private Equity on the
in-depth sector insights, makes us one of Bité Lietuva, and its indirect majority unitranche refinancing of BBI Solutions,
very few firms with the ability to advise on shareholder Providence Equity on a the world’s leading independent
complex cross-border leveraged finance EUR50m super senior revolving credit provider of immuno-diagnostic
facility and offering of EUR650m of high reagents and contract services and
transactions across the full spectrum of the
yield notes. upsize for the bolt-on acquisition of
capital structure, as well as on all types of
Diarect, a leading supplier of
“crossover” and emerging markets loan and VIRGIN MEDIA AND O2 UK autoimmune antigen products.
bond transactions.
The mandated lead arrangers on the
senior secured loan financings in CURIUM GROUP
Our leveraged finance practice provides
respect of the proposed merger of The mandated lead arrangers on the
clients, including major banks, financial
Virgin Media and O2 UK, both leading senior and second lien financing for the
sponsors and direct lending funds with a telecommunications companies. Curium Group in connection with the
full service offering for senior, second-lien, sales process between CapVest private
mezzanine and PIK debt, bridge-to-bond SUNRISE equity funds and related refinancing
financings, bank/bond financings, high yield COMMUNICATIONS AG and recapitalisation.
debt offerings, securitisation take-outs and The mandated lead arrangers on the
restructurings. As a result of our breadth of ADDO FOOD GROUP AND
senior secured loan financings in respect
expertise, we are well placed to advise our of the public to private bid for Sunrise WINTERBOTHAM DARBY
clients on the latest terms and structures in Communications AG, a Swiss PAI Partners SAS in connection
telecommunications provider. with the financing of its simultaneous
the marketplace.
acquisitions of the Addo Food Group,
Our high yield team, comprising more than FISHAWACK HEALTH the UK’s leading chilled savoury pastry
producer and Winterbotham Darby,
five partners and 25 associates, has led Bridgepoint on its unitranche financing one of the most innovative and
many of the deals that continue to influence for the acquisition of Fishawack Health, dynamic chilled food suppliers
the direction of the European high yield market. an independent global healthcare in the UK.
communication group from Lloyds
We also have the ability to execute New York Development Capital.
MEILLEURTAUX
law loan financings through both our London
and New York teams. CONFUSED.COM The mandated lead arrangers on the
acquisition financing by Silverlake
The mandated lead arrangers Partners of Meilleurtaux, a French retail
Our global sector teams bring real commercial on the financing for ZPG plc, financial services provider.
insight to clients across a range of sectors, a portfolio company of Silver Lake
including Retail, Financial Institutions, Private Partners, to finance the acquisition
of confused.com and other Penguin PHOTOBOX GROUP AND
Equity, Energy, Infrastructure, Life Sciences and MOONPIG GROUP
Portals businesses.
TMT. This allows us to bring sector expertise to
Exponent Private Equity on the
situations where this knowledge is vital for the SILAE demerger and refinancing of the
successful completion of the transaction. Photobox Group and Moonpig Group,
The mandated lead arrangers
on the acquisition financing by a leading online photo and greeting
Silverlake Partners of Silae, cards business and the subsequent
“A ‘class act; Allen & Overy benefits a payroll software provider. IPO of Moonpig.
from ‘deep market insight’ for financial
sponsors and lenders and is able to AUDIOTONIX
Ardian on the acquisition financing
provide ‘clever solutions to complex of Audiotonix, a global market leader in
problems’, utilising the full armoury the design, engineering and manufacture
of professional audio mixing consoles
of financial products throughout the and ancillary products, from Astorg
and its management.
capital structure.”
Legal 500 UK 2021
projects around the globe on both facilities made available to Ichthys LNG
Pty Ltd in connection with the project
the lender and sponsor sides.” financing of the integrated Ichthys LNG
Project in Australia.
Chambers Global 2020: Projects & Energy
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Real estate finance
Recognised in the market as a Our recent experience includes advising:
leading real estate finance practice.
FOUR GLOBAL FINANCIAL A GLOBAL FINANCIAL
Our lawyers advise the world’s
SERVICES GROUPS INSTITUTION
leading investment banks and,
On the acquisition financing to a global On a multi-jurisdictional warehouse
specialist real estate lenders and alternative investment firm to finance financing to a global asset
sponsors on their most crucial the “public to private” purchase
of a Canadian listed real estate
management group, in respect of an
original set of loans secured on real
and pioneering transactions. investment trust. estate assets located in England,
Germany, Spain, Scotland and Ireland.
No other firm can match our
A GLOBAL
depth of experience and our FINANCIAL INSTITUTION THE LENDERS
unique understanding of every In relation to the senior/ mezzanine On a five year loan facility to various
aspect of real estate finance. refinancing of a pan-European subsidiaries of a leading investment and
advisory firm, to refinance a portfolio of
real estate portfolio of office and
commercial properties. seven resort parks located Belgium,
As financing techniques have evolved we have Germany and the Netherlands which
evolved with them, cementing our reputation THE LENDERS
operate under the “Centre Parcs” brand.
for leading developments in the market
On facilities to refinance seven THE LENDERS
and structuring the most complex pan-
major student residential sites
continental deals. Through this combination in central London. On the refinancing of the acquisition
of expert legal advice and the intelligent, of a flexible workspace provider with
operations in Finland, Sweden, Norway,
commercial approach of our lawyers, AN INVESTMENT FIRM
Denmark, Estonia and Lithuania.
we help our clients achieve their objectives. In connection with the mezzanine
financing for a mixed-use development A GLOBAL ALTERNATIVE
We provide a genuinely integrated international
in London. INVESTMENT FIRM
service, all our real estate finance partners
are supported by specialists across the A SPECIALIST DEVELOPER On the acquisition financing for a
different practices and in offices around portfolio of 32 French retail stores.
OF UK RETIREMENT
the globe. PROPERTIES
A GLOBAL FINANCIAL
On the refinancing and consolidation of SERVICES FIRM
its existing borrowing facilities to provide
“The team are incredibly savvy in capital to fund the development of 50 As mandated lead arranger and
sites in its portfolio and future growth. lender in relation to a facility in
terms of knowing what’s going on respect of properties in the
Netherlands, Spain and Italy.
in the market, very client-driven, A GLOBAL ALTERNATIVE
excellent technically and commercial.” INVESTMENT FIRM
THE SPONSOR
On the acquisition financing of a
Chambers UK 2021 (Real Estate Finance) In relation to the debt refinancing of
portfolio of pubs in the UK from the
the acquisition of 67prime logistics real
UK’s largest pub owner and operator.
estate assets located in key distribution
hubs in Poland, Germany, Hungary,
THE ARRANGER France, the Netherlands and Spain.
“The team provides excellent legal
On the loan facilities for a European
advice and a responsive service, logistics developer and manager THE SPONSOR
relating to the acquisition of a portfolio
with the breadth and depth to execute of logistics assets located in Germany,
In relation to the acquisition and capex
facilities provided by an international
complex deals in challenging timeframes France and England.
financial institution to finance a portfolio
with no compromise in service.” A GLOBAL
of residential and non-residential
properties in Portugal.
Legal 500 2021 (Property Finance) FINANCIAL INSTITUTION
On the senior/mezzanine financing A REAL ESTATE
provided to subsidiaries of a business INVESTMENT GROUP
and social philanthropic institution in
“They have in-depth knowledge of this relation to the acquisition of 17 hotels
In connection with the financing of
its acquisition of the company owning
located in the UK.
practice area. They are a huge institution a portfolio of 27 retail assets located
in France.
and have some real pedigree in real
estate finance and fund matters.”
Chambers Global 2019: Investment Funds (Real Estate)
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Trade, commodities and export finance
Allen & Overy’s trade and Our recent experience includes advising:
commodities finance team can
translate increasingly complex EDF & MAN STANDARD CHARTERED
AND SOCIÉTÉ GÉNÉRALE
finance documentation and security Acting for the lender, a global financial
institution as documentation agent, in As arrangers on the financing to
structures into practical and efficient connection with a USD250m borrowing support the acquisition of Fertilizers
solutions. We have an extensive base facility for ED&F Man. This follows
on from the previous USD1.1bn
and Inputs Holding by Helios
Investment Partners. Fertilizers and
knowledge of the sector and a track refinancing of a one year facility, three Inputs Holding carries out Louis
year facility and brokerage facility for
record in documenting the full the client.
Dreyfus Company’s Africa-based
fertilisers and inputs operations,
breadth of trade and commodities distributing fertilisers, crop protection
financings, and litigators’ experience NAYARA ENERGY LIMITED products, seeds and industrial
chemicals throughout Angola, Burkina
of advising on disputes, which allows Acting for a syndicate of lenders on
a USD750m financing to be utilised
Faso, Cameroon, Ivory Coast,
Madagascar, Mali and Senegal. The
us to identify and solve issues for advance payment for oil and oil financing combines a number of
products with Nayara Energy Limited.
upfront, providing clients with both This is the company’s first ever deal
leveraged finance and trade finance
techniques in order to provide
practical and commercial advice. of this structure, and the first of its acquisition financing as well as ongoing
kind for an Indian corporate. working capital financing for the
Energy Corporate Finance Deal of business. Commodity Acquisition
We are committed to supporting our clients the Year award – TXF Perfect 10 Finance Deal of the Year – TXF Perfect
across the full range of their business. Awards 2020 10 Awards 2018.
Our trade finance practice covers all aspects
of the sector from advice on vanilla trade TRAFIGURA NATIXIS
instruments and UCP rules, bilateral trade Advising a consortium of six Advising Natixis, Hong Kong, as
and receivables financings, pre-seller and banks on a USD470m commodity documentation agent fora limited
post-import facilities, through to innovative securitisation issued by Trafigura recourse facility agreement in relation to
Commodities Funding Pte Ltd (“TCF”),
domestic and global supply chain finance a landmark cash-for-metal prepayment
a non-recourse, stand-alone special deal between Duferco SA and JSW
programmes, trade risk distribution structures, purpose vehicle launched by Trafigura Steel. Asia Commodity Finance Deal of
structured commodity financings and the Pte Ltd (“Trafigura”). Commodity Trading the Year – TXF Perfect 10 Awards 2020
most complex trade financing restructurings Company Deal of the Year – TXF Perfect
10 Awards 2018 Best Trade Finance
seen in the market. NOBLE GROUP
Deal of the Year – GTR Trade Finance
Awards 2018 Acting for ING Bank N.V. as trade
finance provider and RCF lender to
Leader in Trade for Pandemic Support HELIOS INVESTMENT Noble Group. The innovative deal that
PARTNERS involved the debt restructuring of a
Global Trade Review Awards 2021 global commodities trader, ING and
Acting for Standard Chartered Bank provision of post restructuring facilities
and Société Générale as arrangers on to the restructured Noble Group.
the financing to support the acquisition Best Trade Finance Deal of the Year –
“Their practice is extremely strong and of Fertilizers and Inputs Holding Trade Finance Global Awards & GTR
by Helios Investment Partners.
they have great connections in the The financing combines a number
Trade Finance Awards 2019
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For more information, please contact:
London
Allen & Overy LLP
One Bishops Square
London
E1 6AD
United Kingdom
Tel +44 20 3088 0000
Fax +44 20 3088 0088
Global presence
Allen & Overy is an international legal practice with approximately 5,600 people, including some 580 partners, working in more than
40 offices worldwide. A current list of Allen & Overy offices is available at www.allenovery.com/global_coverage.
Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. Allen & Overy LLP is a limited liability partnership registered
in England and Wales with registered number OC306763. Allen & Overy (Holdings) Limited is a limited company registered in England
and Wales with registered number 07462870. Allen & Overy LLP and Allen & Overy (Holdings) Limited are authorised and regulated
by the Solicitors Regulation Authority of England and Wales.
The term partner is used to refer to a member of Allen & Overy LLP or a director of Allen & Overy (Holdings) Limited or, in either case,
an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP’s
affiliated undertakings. A list of the members of Allen & Overy LLP and of the non-members who are designated as partners, and a list of
the directors of Allen & Overy (Holdings) Limited, is open to inspection at our registered office at One Bishops Square, London E1 6AD.
GB
© Allen & Overy LLP 2022. This document is for general information purposes only and is not intended to provide legal or other professional advice.
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