Clifford Chance, White & Case face off on Ukrainian and Nigerian bond duo

Clifford Chance and White & Case have both fielded London teams to advise opposite each other on two emerging-market bond issues.

Kiev, Ukraine
Kiev, Ukraine

The pair have won roles advising on the Ministry of Finance of Ukraine’s $2bn (£1.3bn) international bond offering.

The magic circle firm acted for the joint lead managers, Morgan Stanley, JP Morgan, VTB Capital and Troika Dialog, while the London office of White & Case advised the Ministry of Finance.

White & Case’s team was led by London banking partner Ian Clark, who was supported by associates Michael Bark-Jones and Philip Baldwin, with local firm Lavrynovych & Partners advising the government department on Ukrainian law.

London-based US securities partner Robert Trefny led the Clifford Chance team.

The 9.25 per cent notes due in 2017 are the first international bond offering by the eastern European country since June last year, according to White & Case, with proceeds designated for general budgetary purposes.

Clark said: “Against the backdrop of continuing instability in the European sovereign bond markets, it was gratifying to be able to complete this important capital markets financing for Ukraine. We have advised Ukraine on many significant matters since the late 1990s.”

Meanwhile, the City office of White & Case also advised joint managers Citigroup Global Markets and Goldman Sachs in connection with Nigerian bank Access Finance’s $350m (£223m) issue of 7.25 per cent guaranteed notes due in 2017. The proceeds will be used in part to support the Nigerian oil, gas and power sectors.

Clifford Chance again acted alongside White & Case, with the magic circle firm advising the issuer. Clifford Chance worked alongside Nigerian firm Aluko & Oyebode on the mandate. Another local firm, Banwo & Ighodalo, acted for the managers jointly with the US firm.

The team at White & Case was led by banking partners Stuart Matty and Melissa Butler.