Global Finance Deals of the Year
The American Lawyer Global Finance Deals of the Year feature capital markets offerings and capital restructurings, as well as infrastructure projects that were conceived on a vast scale. The awards for 2012 have a heavy public flavor, with honors extended to Italy’s issuance of new bonds (led by Allen & Overy), Greece’s restructuring of old bonds (led by Cleary, Gottlieb, Steen & Hamilton), and the serial bailouts organized by the Euro Stability Mechanism (with strategic advice provided by Clifford Chance). A pair of $20 billion projects (Australia’s Ichthys and Saudi Arabia’s Sadara) benefited from both public and private funds worldwide—with no fewer than eight export agencies throwing Ichthys a line.
GRAND PRIZE WINNER
Global Finance Deal of the Year, Public Restructuring: Greece's Debt Restructuring
It's hard to exaggerate the crisis atmosphere surrounding the massive Greek debt problem in 2012. Resolving it required finding an approach that would prove acceptable, if not appetizing, to Greece's politicians and people, to international lenders, and to the 'troika' of the International Monetary Fund, the European Central Bank, and the European Commission.
Global Finance Deal of the Year, Equity Capital Markets: Santander Mexico IPO
Billed as Mexico's largest Initial Public Offering, the $4.1 billion IPO and dual listing of the Mexican arm of Banco Santander took place against a backdrop of global financial uncertainty. Its success in September 2012 offered immediate solace to investors struggling to find bright spots on the world markets.
Global Finance Deal of the Year, Debt Capital Markets: Italian Government Bonds
How does a government saddled with high levels of public debt leverage the prosperity of its citizens, while calming markets fearing default on its bonds? By aiming a product at the investing public.
Global Finance Deal of the Year, Private Restructuring: MF Global
MF Global started badly and ended worse. Within two years of its being spun out of the Man Group in 2007, regulators imposed large fines for risk supervision failures, the Commodity Futures Trading Commission levied a $10 million penalty, and analysts whispered about ongoing liquidity fears.
Global Finance Deal of the Year, Project Finance, Asia: Ichthys LNG Project
Energy resources such as gas typically share the characteristic of being located deep underground and far from where they're required. Getting them to their intended destination is a complex and expensive business. The Ichthys LNG Project was no exception to that rule.
Global Finance Deal of the Year, Project Finance, Middle East: Sadara Chemicals Project
They call this a "giga" project: a $20 billion chemicals complex in Saudi Arabia of unprecedented size and complexity that marks a major departure in the kingdom's industrial strategy.
Global Finance Deal of the Year, Strategic Advice: Eurozone Crisis Management
When a house of cards starts to wobble, it's time to build a stronger building. Or, if the shaking continues as it did across the Eurozone, two new structures to forestall a widespread economic collapse. Both times it was the capital markets team at Clifford Chance that offered its help.