Simmons wins Singer capital markets work

Simmons & Simmons has closed its first capital markets deal for niche bank Singer & Friedlander.

The banking subsidiary of the Singer & Friedlander Group issued £250m of floating rate guaranteed notes on the London eurobond market this month.

Singer & Friedlander has historically been advised by Slaughter and May on its own account work, but also gives some instructions to Macfarlanes and Farrer & Co. The bank has also previously instructed Field Fisher Waterhouse. Simmons managing partner-elect Mark Dawkins has also worked with Singer & Friedlander before on litigation.

The bank has also used Simmons for some corporate recovery matters, including Parmalat, but lost out on corporate recovery work to Latham & Watkins following the departure of former partner John Houghton to the US firm in late 2002.

However, this is the first time Simmons has had a capital markets instruction from the bank.

The deal was led by Simmons finance partner Charles Goodall, who has worked with the bank before, supported by tax partner Nick Cronkshaw.

The FTSE 250 bank, which is based in the Isle of Man and London, undertook a private placement of Luxembourg-listed subordinated debt in 2003 to lengthen its maturity profile and diversify its investor base.

The eurobond issue targeted institutional clients in Austria, Germany, the Iberian peninsula, Ireland and the UK. It was oversubscribed by £250m on a planned £150m issue, so Singer & Friedlander extended the issue to £250m.