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Arnold & Porter

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Eli Whitney Debevoise II

Arnold & Porter


London: Finance

Debt capital markets

Within: Leading individuals

Whitney Debevoise - Arnold & Porter

Within: Debt capital markets

Arnold & Porter has 'one of the most experienced practices for sovereign debt deals and has partners who have been in that market longer than most'. The firm acts predominantly for sovereign issuers in international debt transactions and its stellar list of clients includes the Hashemite Kingdom of Jordan, the Republic of Azerbaijan, the State of Israel, the Republic of Costa Rica and the Federative Republic of Brazil. Its recent work includes innovative and challenging deals such as the $300m debut offering of diaspora bonds by the Republic of Nigeria. The deal represented the first time a sovereign issued tradeable, registered bonds approved for distribution to retail investors, particularly the Nigerian diaspora, in the US and UK, and it was the first retail bond of its kind from any sovereign. For the Republic of Turkey, the practice in London worked on a $1.25 billion sukuk offering, which involved the issuance of lease certificates representing interests in Turkish government real estate assets that were transferred to the issuer and leased back to the government. Jeremy Willcocks led both deals and is the key partner in London. He works closely with former US Executive Director of the World Bank Whitney Debevoise, who splits his time between London and Washington DC.

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United States: Dispute resolution

International arbitration

Within: International arbitration

Arnold & Porter is commended for its track record of acting for sovereign states in investment arbitration. Eli Whitney Debevoise II is representing the Republic of the Philippines in an approximately $2.8bn investor-state treaty dispute brought by Shell Philippines Exploration. The practice group also acts for corporate clients, which recently included head of global international arbitration Paolo Di Rosa and San Francisco-based Maria Chedid representing Turkish energy company Karkey Karadeniz Elektrik Uretim in a $1.8bn ICSID arbitration against the Islamic Republic of Pakistan. The team also represented the Kingdom of Thailand in a $267m investment arbitration that involves a mining dispute between Australian mining companies Kingsgate Consolidated and Kingsgate Capital. Gaela Gehring Flores and Houston office team head Thad Dameris are additional contacts. Kabir Duggal joined as a senior associate from Baker McKenzie LLP. Individuals mentioned are based in Washington DC unless otherwise stated.

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United States: Finance

Capital markets: debt

Within: Capital markets: debt

Arnold & Porter has an increasingly broad debt practice following its 2017 merger with Kaye Scholer, but the firm’s high-profile work for sovereign issuers continues to stand as its strong suit. Among its recent highlights, Washington DC-based international finance specialist Whitney Debevoise advised the Republic of Panama on its $1.7bn global bond issuance, while New York-based capital markets co-head Christopher Peterson advised the Republic of Turkey on $4bn worth of notes offerings. The team is also routinely engaged by corporate issuers, an example of which included San Francisco-based Teresa Johnson advising Charles Schwab on three notes offerings totaling $1.9bn. New York’s Robert Azarow, who co-heads the capital markets group, is also recommended.

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Capital markets: global offerings

Within: Capital markets: global offerings

For corporate issuances, Arnold & Porter brings together regulatory expertise and a strong securities offering to specialize in life sciences and energy-related matters, particularly for Latin American issuers. In a recent example, Washington DC-based Neil Goodman advised Colombia’s Grupo Energía Bogotá on a $750m notes offering. The team's greatest strength, however, is perhaps in sovereign bond deals, where it recently racked up an impressive string of debt issuances for governments worldwide. International finance specialist Whitney Debevoise, also based in Washington DC, is a high-profile name for sovereign capital markets transactions and advised the Republic of Panama on its $1.2bn global bond offering; he also advised on the reopening of the bond, adding $550m to the long-term note, later in the year. The Republic of Turkey is another key client, which the firm has advised on global finance matters for over 20 years. Of late, New York-based Christopher Peterson advised the Turkish government on two notes offerings totaling $4bn.

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Structured finance: derivatives and structured products

Within: Structured finance: derivatives and structured products

Arnold & Porter's structured finance and derivatives group has handled cross-border swap transactions and covered bond offerings, and has also assisted international dealer clients with standalone trading documentation and structured credit matters in the context of debt restructurings. Lawton Camp has experience in  covered bond offerings and Washington DC-based Whitney Debevoise has considerable expertise in cross-border and especially Latin America-facing derivatives agreements. Skanthan Vivekananda joined Orrick, Herrington & Sutcliffe LLP's Los Angeles office in 2019.

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Legal Developments by:
Arnold & Porter

  • The role of arbitrators in EU antitrust law

    In May 2014, it will be ten years since Regulation No 1/2003 entered into force. When the legislator of the European Union adopted this Regulation on 16 December 2002, its main objective was to decentralise the enforcement of the two main provisions of EU antitrust law, Articles 81 and 82 of the Treaty establishing the European Community (now Articles 101 and 102 of the Treaty on the Functioning of the European Union (TFEU)). Where do the arbitrators fit in this picture?‚Ä©
    - Arnold & Porter (UK) LLP

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