Offshore big-hitter Walkers Global has landed a lead role on the Cayman Islands government’s $312m (£187.05m) sovereign bond debt offering.
Head of finance and corporate Philip Paschalides led the Walkers team advising underwriter and bookrunner HSBC on the issuance of the 5.95 per cent notes, due in 2019.
The firm also advised HSBC on Cayman law on the bridge financing facilities provided to the government in October to allow the notes to be issued.
Global chair and structured finance expert Wayne Panton led the Walkers team on the deal to secure the bridging facility.
The bond issue, which is the first public offering by Cayman, is understood to have been four times over-subscribed, with subscriptions received totalling more than $1.25bn. The margins for the notes came in at slightly under the expected range of 6-6.125 per cent.
The proceeds raised will be used to repay the bridge financing and to fund capital expenditure.
Walkers also advised the initial purchase on Cayman law, while Simpson Thacher & Bartlett advised the same unnamed client on US Law.
Sidley Austin acted for the Cayman government on US law, while it received in-house advice on Cayman law in relation to the transaction.