DEBT Construction group Blue City's $925 million bond has
fused whole-business securitization and project finance
techniques in a public, rated bond issue. The deal exposes bond
investors to naked construction risk for the first time.
Shearman & Sterling acted for arranger Bear Stearns and the
other managers on the deal, while Clifford Chance, through lead
partner David Bickerton, advised the project sponsors and the
Blue City Group. Trowers & Hamlins and Al Alawi Mansoor
Jamal provided local law advice to the project sponsors and the
managers, respectively. Allen & Overy partner Simon Hill
acted for The Bank of New York as trustee, while Walkers and
Maples and Calder provided Cayman Islands law advice....