Cleary Gottlieb won “High-Yield Deal of the Year” at the IFLR Asia-Pacific Awards for advising the government of Mongolia on a $600 million liability management transaction.
The deal marked an important shift for sovereign borrower documentation by incorporating a new model of collection action clauses (CACs) into the new bond indenture. The new CACs contain protections to defend against holdout creditors seeking to upset a mainly consensual debt restructuring.
Cleary associate Angela Park, based in the firm’s Seoul office, was also named a Rising Star.
For more information about IFLR Asia-Pacific Awards, click here.