Cleary Gottlieb designs and implements the transaction structures that shape the world of sovereign finance. For more than 30 years, we have pioneered our sovereign governments practice in every part of the globe.
The firm has advised borrowers in sovereign debt restructurings, developing and refining the legal and financial techniques used to address these problems. Countries around the world have selected Cleary as their international legal counsel on a range of matters, including:
- Bank financings
- Commercial projects
- Deals with foreign investors and counterparties
- Development and international financing
- External debt matters
- Financial restructurings
- Infrastructure development
- Liability management
- Litigation and arbitration
- Offshore investments
- Promoting cross-border capital flows
- Securities offerings
- Trade initiatives
Countries for which we have performed significant legal work include: Argentina, Armenia, Belgium, Belize, Brazil, Cameroon, Chile, Colombia, Republic of the Congo, Democratic Republic of the Congo, Dominica, Ecuador, France, Greece, Grenada, Guatemala, Iceland, Indonesia, Iraq, Ivory Coast, Korea, Kuwait, Lebanon, Liberia, Malaysia, Mexico, Mozambique, Nicaragua, Nigeria, Peru, Philippines, Russia, Sierra Leone, Slovenia, South Africa, Sweden, Tanzania, United Arab Emirates, and Uruguay.
The Mexican Ministry of Communications and Transportation and Aeropuertos y Servicios Auxiliares, in the establishment of a $3 billion credit facility for the development and construction of the new Mexico City international airport.
The Republic of Argentina before the U.S. Court of Appeals for the Second Circuit panel in the successful reversal of claims brought by holders of defaulted Argentine bonds.
Germany’s Financial Market Stabilization Agency (FMSA) in the privatization and €1.16 billion IPO of Deutsche Pfandbriefbank, the largest IPO in Germany in 2015.
Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, Standard Chartered Bank and UBS as underwriters in a $2 billion SEC-registered senior unsecured notes offering by the Republic of the Philippines and concurrent accelerated tender offer to repurchase certain outstanding notes.
The Republic of Armenia in a $500 million Reg S/Rule 144A Eurobond offering and a simultaneous $700 million notes offering.
The Hellenic Republic in an ICSID arbitration, in the successful dismissal of claims brought by Slovak bank, Poštová banka, and its former Cypriot shareholder.
Credit Suisse, Deutsche Bank, Arif Habib and Elixir Securities Pakistan as U.S. and English law Counsel in a $1.02 billion Reg S/Rule 144A secondary offering of shares in Habib Bank by the Islamic Republic of Pakistan, representing Pakistan’s largest-ever equity offering.
The French State before the Paris Court of Appeals, in obtaining an annulment of a 2008 arbitral award of €403 million in damages to French businessman and former minister Bernard Tapie.
Credit Suisse, Deutsche Equities, DSP Merrill Lynch, Goldman Sachs, JM Financial Institutional Securities, Kotak Securities, and SBICap Securities, as brokers, in a $3.6 billion Reg S/Rule 144A offering of common shares in Coal India Ltd. by the Government of India, representing one of the largest ever equity deals in India.
The Republic of Côte d’Ivoire in a $1 billion Reg S/Rule 144A senior unsecured notes offering, representing the longest maturity for a sovereign issuance on primary markets in Sub-Saharan Africa excluding South Africa ever.