The Lawyer’s new China Elite report contains the most detailed research available on the PRC legal market and contains unparalleled insight into the country's leading law firms. They vary in size, practice focus and geographic coverage, but they all share one common quality – ambition... 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.
Allen & Overy (A&O) has advised ING Barings and UBS Warburg on a g300m (£184.4m) eurobond for the City of Moscow.
The transaction is the first eurobond for a Russian entity since the 1998 Russian financial crisis. Historically, UBS has a stronger relationship with A&O but on this the firm is being instructed jointly. The deal's lead partner Daniel Shurman inherited it from Nigel Johnson. To avoid withholding tax, the transaction was structured as a loan to the City of Moscow from the German BHF-Bank using the German-Russian Double Taxation Treaty. The bank funded the loan through a g300m bond issue, with notes rated B, B2 and B by Standard & Poor's, Moody's and Fitch respectively. Shurman said the structure meant that the German bank was exempt from risk. A&O also advised Chase Manhattan Bank as trustee and Linklaters & Alliance advised the City of Moscow.