Debt

Three firms have advised on the first ever shariah-compliant mandatory exchangeable sukuk issue. Linklaters advised the issuer Tabreed on the Dh1.7 billion ($463 million) sukuk, while Allen & Overy advised the arrangers Morgan Stanley, National Bank of Abu Dhabi and Standard Chartered Bank. Walkers advised the Cayman Islands special-purpose vehicle.

Cleary Gottlieb and Sidley Austin have acted on a $9 billion note offering by GlaxoSmithKline. Cleary Gottlieb advised the healthcare company on its four-tranche issue on the New York Stock Exchange under a shelf registration statement. Meanwhile Sidley Austin assisted the underwriters, including Citi, JP Morgan and Lehman Brothers.

Mayer Brown has advised the Hong Kong Mortgage Corporation on its acquisition of $700 million residential mortgage assets from a Korean commercial bank. This is the first bilateral cross-border RMBS securitisation out of Korea under the country's Asset-Backed Securities Act. Orrick Herrington & Sutcliffe represented the bank.

Ukrainian firm Magisters has...