Aseet Dalvi’s practice focuses on a wide range of debt capital markets and other financing transactions, with a particular focus on high-yield debt.

Aseet’s transactional experience spans a wide range of debt capital markets transactions (including high-yield, equity-linked, hybrid bond and regulatory capital issuances), IPOs and other equity issuances (including complex capital raisings by alternative investment funds) and liability management and restructuring transactions, acting both for issuers and underwriters. He also regularly advises clients on other U.S. and English securities law matters.

Aseet joined the firm in 2011. Prior to joining the firm, he worked in the Toronto offices of a prominent Canadian law firm, where his practice focused primarily on tax, and in the New York and London offices of another prominent international law firm, where his practice focused primarily on project finance and capital markets transactions.

Notable Experience

  • High-yield:

    • Over €1.4 billion of issuances by RCS&RDS and Digi Communications (2020, 2019, 2016) (the only high yield issuances to date by a Romanian corporate group, including the highly complex 2020 issuance undertaken at the level of the Romanian operating company).
    • Over €1.5 billion-equivalent of issuances by La Financière ATALIAN (2018, 2017 and 2013) (including the innovative 2018 orphan SPV offering and related bridge facility that financed the acquisition of Servest UK).
    • €400 million issuance by Vallourec (2018).
    • Over $2.5 billion of issuances by Puma Energy (2018, 2017 and 2014).
    • €500 million issuance by Nyrstar (2017).
    • Over €2.4 billion-equivalent of issuances by Rexel (2015, 2013, 2012 and 2011) (including one of the first “HY lite” issuances in Europe).
    • $1.0 billion issuance by Pershing Square Holdings (2015) (among the few bond offerings by an alternative investment fund).
    • €185 million issuance by Yioula Glassworks / Glasstank (2014) (a novel refinancing of Greek parent debt by a portion of a corporate group ring-fenced against Greek risk).
    • €285 million issuance by Univeg (2013).
    • €275 million issuance by New World Resources (2013).

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  • Other debt (e.g., hybrid, equity-linked, senior, sovereign):

    • $207 million issuance of convertible bonds by Veoneer (2019) (as part of an SEC-registered concurrent offering of common stock and convertibles).
    • $2 billion issuance of hybrid bonds by Vodafone (2019) (a rare instance of an SEC-registered USD-denominated corporate hybrid).
    • €3 billion sovereign debt issuance by the Hellenic Republic (2017) (marking the Republic’s 2017 return to the capital markets after an extended absence).
    • SEK 2.75 billion issuance of floating rate callable subordinated notes by Sirius International Group (2017) (a novel instrument designed to meet Tier 2 insurance capital requirements in multiple jurisdictions).
    • $730 million issuance of convertible debt by Qiagen (2014) (a novel European-style convertible with a call spread issued under New York law documentation).
    • Varied senior unsecured debt issuances and establishments of debt issuance programs by Vodafone, Bank Muscat, Abbey, Prudential plc and others.

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  • Equity:

    • $420 million issuance of common stock by Veoneer (2019) (as part of an SEC-registered concurrent offering of common stock and convertibles).
    • $2.73 billion IPO of Pershing Square Holdings (2014) (the largest European IPO of 2014, and at the time the first notable hedge-fund permanent capital vehicle deal in many years).
    • $302 million IPO and spin-off of Borregaard (2012).
    • Wide-ranging advice to Samruk-Kazyna, Kazakhstan’s national wealth fund, on the design and implementation of a wide-ranging capital markets oriented privatization program (2011).

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  • Liability management / M&A-related capital markets advice / restructurings:

    • ArcelorMittal in its disposition of selected European assets to the GFG Alliance (2018-19).
    • Meda Aktiebolag in its acquisition by Mylan (2016).
    • Restructuring of Consolidated Minerals indebtedness (2016).
    • Restructuring of Brunswick Rail indebtedness (2015-16).
    • Restructuring of Yioula Glassworks indebtedness (2014).
    • Numerous other liability management transactions in connection with refinancing / restructuring transactions or on a standalone basis.

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Latest in European Leveraged Finance – Monthly Market Wrap 

FCA Reforms UK IPO Process - Significant Implications for Deal Timetables,” Cleary Gottlieb Alert Memo (November 2017)

Market Abuse Regulation: A Balanced Approach to the Market Sounding Regime’s Applicability in Capital Markets Transactions,” Cleary Gottlieb Alert Memo (June 2017) 

“Market Abuse Regulation: Impact on U.S. Public Companies - Parts I, II and III,” The Banking Law Journal (co-author), January-March 2017


AFME’s 2019 European High Yield Conference (moderator of panel discussing “Stressed/ Distressed Debt”) (October 14, 2019)

AFME’s 2018 European High Yield Conference (panelist on panel discussing “The Evolution of Covenants in Europe”) (October 16, 2018)