Debt
BAA Funding has launched the first bond from its programme set up in August 2008 to provide financing for London's Heathrow and Stansted airports. Clifford Chance advised co-arrangers Citi and The Royal Bank of Scotland, as well as other members of the dealer group on the first £700 million ($1.1 billion) worth of bonds, and the dealer managers on a further issue of £235 million. A separate team from Clifford Chance assisted Deutsche Trustee Company as bond and borrower security trustee, and BAA was represented by Freshfields Bruckhaus Deringer.
Saudi Basic Industries (Sabic) has issued an SAR10 billion ($2.66 billion) corporate bond, the country's largest in 2009. The Public Investment Fund of Saudi Arabia (PIF) is the sole subscriber to the notes, which will be issued in a series of tranches, each with...