According to Allen & Overy (A&O), it beat off competition from Clifford Chance and Linklaters & Alliance when it advised the lead arrangers on Wind's first round of financing last year. The deal raised euro2.4bn (£1.45bn). It then advised the arrangers on Wind's euro3.2bn (£1.93bn) financing for the universal mobile telecommunications system licence. Now Wind is issuing bonds to raise euro5.5bn (£3.32bn) which will finance its business plan until 2010. And of course, A&O is advising the banks. The deal is unusual because it is the largest sub investment grade loan to be raised in Europe. It will raise euro1.86bn (£1.12bn) of new money and will refinance two existing loans. The past six months have seen a low level of bank lending to telecoms companies as banks reassess their lending strategies to the sector. But in this deal there is an aggressive pricing structure with low interest rates and high shareholder support. Wind was advised by Freshfields Bruckhaus Deringer with a team led by Mark Coker. Freshfields has a longstanding relationship with Omnitel, and when the management team moved to Wind, so did the relationship.