Thieffry's 'truly international' venture

Norton Rose's head of capital markets Gilles Thieffry (pictured right) advised the European Bank of Reconstruction and Development on three recent bond issues worth over #760m.

The main deal was the EBRD's first US dollar benchmark bond, which raised US$600m (#360m).

"This enabled the EBRD to be put alongside the World Bank and the European Investment Bank in the dollar market, which for the time being is the most liquid market," Thieffry said.

The EBRD's use of the dollar market comes at a time when the demand for emerging market currencies, which the EBRD has traditionally used, has fallen.

At the same time as the US dollar bond, the EBRD also issued #400m worth of sterling bonds as part of its medium term note programme.

Thieffry said that the money raised will not be used for any specific project, rather to back the EBRD's portfolio of loans in Eastern European countries.

As well as being a qualified solicitor, Thieffry is a member of the Paris and New York Bars and it is the cross-jurisdictional part of his work that particularly appeals to him. He described himself as a "truly international person".

The lead manager for the dollar issue was Merrill Lynch International, advised by Amanda Thomas of Allen & Overy.