The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Linklaters land roles on 50-year inflation-linked bond" />Allen & Overy (A&O) and Linklaters have been awarded lead roles on the UK Government's landmark issue of a 50-year inflation-linked bond.
The bond issue is the world's first inflation-linked note, or 'linker', with a 50-year maturity. The linker is also the first time the Government's Debt Management Office (DMO) has mandated a bank syndicate to sell a UK gilt instead of using its normal auction process. The linker follows the sale of a 50-year conventional gilt issued by the DMO in July.
Four banks have been chosen as joint bookrunners, along with a further 10 banks acting as co-managers for the bond. Barclays Capital, Morgan Stanley, Royal Bank of Scotland and UBS have started the book building process and the bond priced last Thursday (22 September) with a nominal issue amount of £1.25bn.
The bank syndicate is being advised by Linklaters, led by capital markets partner Jane Brown.
The gilt carries a coupon of 1.25 per cent.
A&O has been instructed by the DMO to advise it on the 50-year linker. The magic circle firm has a longstanding relationship with the DMO, working as the office's sole outside counsel for gilts issues.
Geoff Fuller, who is leading the A&O team, said the bond incorporates a new methodology for recording inflation. For previous inflation-linked bonds from the DMO, the measurement of inflation was normally based on an eight-month lag. The 50-year linker will be the first measure of inflation based on just a three-month lag, with the aim of increasing the potential pool of investors.