UK: supermarket sweep

Linklaters lawyers Richard Cumble and  Michael Honan have led a team advising UK supermarket chain Sainsbury’s on its acquisition of the remaining 50 per cent shareholding in Sainsbury’s Bank from Lloyds Banking Group for £248m.
In 2007, the magic circle firm advised Sainsbury’s on the arrangements for the existing 50:50 joint venture.
TMT partner Mr Cumbley, corporate managing associate Mr Honan and Mark Stamp - a former Linklaters partner and now a partner at Milbank Tweed, Hadley & McCloy – worked closely with Sainbury’s own legal team, led by Tim Fallowfield and Nick Grant.
 
Thailand: guaranteed bonds

Magic circle law firm Clifford Chance has advised Asia's largest diversified commodities trading company Noble Group Limited on the issuance of 3.55 per cent THB 2.85 billion (approx. US$100 million) guaranteed bonds due 2016.
This is the first ever bond issuance utilising the Credit Guarantee and Investment Facility (CGIF) established by the Asian Development Bank (ADB), the Association of Southeast Asian Nations (ASEAN) members, China, Japan and Korea (ASEAN+3).
Counsel Doungporn Prasertsomsuk was assisted by Bangkok associate Vipavee Kaosala on this transaction.

CIS: Eurovision

New York law firm White & Case has sealed a string of high-profile deals in Eastern Europe to underline its strength in the jurisdiction.
The firm closed transactions totalling $4 billion in the CIS, including the first Tier II subordinated bond issue by a Russian bank following the introduction of the Central Bank of Russia’s latest rules on subordinated capital adopting the Basel III requirements.
The firm also advised Barclays, BofA Merrill Lynch, Halyk Finance and Visor Capital as managers on a $3 billion dual tranche notes issue for KazMunayGas (KMG), the national oil and gas company of Kazakhstan.
The firm also acted for HSBC, Raiffeisen Bank International and The Royal Bank of Scotland, as lead managers, and for HSBC as sole structuring adviser, in connection with the issuance of $500 million 5.5 years subordinated Tier II Eurobonds for Credit Bank of Moscow (CBoM).  
White & Case also acted on a $180 million tender and $400 million new issue for Mriya Agro Holding, a leading Ukrainian agricultural company. The Firm advised Citigroup, Credit Suisse, Goldman Sachs and Sberbank as joint lead managers and Dragon Capital and UniCredit as co-managers.

Middle East: compliance

Global law firm Norton Rose has advised on the launch of Cobalt Underwriting, the first Shariah-compliant underwriting agency.
Based in the Lloyd’s building, Cobalt is backed by investment from Capita and the Bank of London and Middle East, the largest western Shariah-compliant financial institution.
The Norton Rose team advising on the launch was led by partner and head of the Islamic insurance team, Susan Dingwall and included Farmida Bi, Ffion Flockhart, Bob Haken, Sara Faraj and Martin Schneider.

China: going underground

Anglo-Australian law firm Herbert Smith Freehills has advised long-time client China National Offshore Oil Corporation (CNOOC) on the multi-billion dollar acquisition of additional interests in the Queensland Curtis LNG project, Australia (QCLNG) and new exploration acreage in the Bowen Basin and CNOOC on the purchase of increased volumes of Liquid Natural Gas (LNG).
Herbert Smith Freehills' oil and gas partner Anna Howell led the London-based team advising on the portfolio LNG SPA as well as arrangements relating to gas sales and transportation, the LNG plant and processing, and LNG sales and transportation.
Stuart Barrymore led the Australia-based team advising on the acquisition component as well as revised arrangements governing exploration and development of the gas fields
King & Wood Mallesons advised QGC.