CLEARY GOTTLIEB STEEN & HAMILTON

Comment: This firm recommended for debt issues has remained true to its profile, concentrating on select high-volume transactions. The best example is the firm’s role as an advisor to issuers on the billion-dollar Yankee bonds from Deutsche Telekom. Here, Cleary displayed not only its long-standing good relationship to the client, but also its extensive experience in issues according to Regulation S/Rule 144A. For both issues, the banks relied on Sullivan & Cromwell. In addition to this, German and European SEC-registered banks depend on the German and US legal competence of the respected lawyers. This can be seen in its work on several drawdowns under the $5bn MTN program of Nordic Investment Bank, which it advised at the side of the respective consortium banks. Long-time partner Hanno Sperlich left the firm (unknown destination).
Strengths: Equity-linked products (convertible and exchangeable bonds). In Frankfurt am Main, one of the leading names in US-German legal relations.
Recommended: Dr. Gabriele Apfelbacher, Dr. Ward Greenberg.
Practice: Convertible bonds and core capital products. Less advice on high-yield bonds, MTN and CP programs. (Entire banking and finance team: 2 partners, 1 counsel, 20 associates)
Clients: ?? Deutsche Telekom on $2.75bn and $3.5bn bonds; banks on drawdowns under $5bn MTN program from Nordic Investment Bank.
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