Capital markets in Jersey

Bedell Cristin

Led by the 'highly knowledgeable and experiencedAlasdair Hunter, Bedell Cristin is active in the equity capital markets space, having recently advised numerous REITs on TISE listings. Louise Ridgway was a key associate in these transactions. The team also leads on debt capital markets transactions, including issuances of high-yield bonds, as well as securitisation and structured deals. Elsewhere, utilities and retail companies recently instructed the firm on debt restructurings involving loan note reductions. As a listing agent, the firm advised big-ticket names including Netflix on high-value bond issuances on TISE, and it also handled innovative green bond issuances for numerous corporates.

Practice head(s):

Alasdair Hunter

Other key lawyers:

Louise Ridgway

Testimonials

‘Alasdair Hunter is always available and very user-friendly.’

‘The individuals that we worked with at Bedell Cristin were approachable and responsive. They were engaged with the process and appreciated the timing on the matter. Louise Ridgway was knowledgeable on TISE practice as well as the legal requirements, providing helpful practical advice and guidance to assist in planning the reorganisation we were working on.’

‘They understand the requirements and pressures of big complex deals and work in the same way that we do. This is in my view unique in Jersey.’

‘Alastair Hunter is exceptional. He is highly knowledgeable and experienced.’

‘Very knowledgeable, proactive and great to work with.’

‘A friendly and highly efficient team all working in the same direction.’

‘Alasdair Hunter’s advice is based on the combination of exceptional Jersey and London-based experience.’

Key clients

Netflix Inc

First Quantum Minerals Ltd

Norfund

Morgan Stanley

JP Morgan Securities

Bank of America Merrill Lynch

Red Ventures Limited

Lloyds Bank plc

U.S International Development Finance Corporation

Barclays Bank Plc

Work highlights

  • Advised Norfund on the Jersey aspects of the receivable financing facility of Brighter Life Kenya 1 Limited which will improve energy access for rural Kenyan communities.
  • Acted for Netflix on its latest bond issue which raised €470m to fund content production.
  • Acted for First Quantum Minerals on the listing of $1.5bn senior notes on TISE.

Carey Olsen

Carey Olsen’s capital markets team is one of Jersey’s leading for high-yield TISE listings. Professionals include Kate Andrews, practice head Simon Marks, counsel Matthew Ecobichon and senior associate Ashley Morrison (who is 'running with deals like a partner and provides helpful and spot-on input'). The firm acts for a diverse client roster of global investment banks, private equity groups and issuers on all other debt transactions, including securitisations, structured transactions and investment-grade bonds. On the equity side, the team is handling a swathe of LSE listings via cash box structures for UK insurance and infrastructure companies.

Practice head(s):

Simon Marks

Other key lawyers:

Kate Andrews; Matthew Ecobichon; Ashley Morrison

Testimonials

‘Carey Olsen in Jersey has an excellent structured finance practice with a first-rate team. They are adept at both the practice of law as well and keeping transactions running smoothly and well.’

‘Simon Marks is professional, commercial and great to work with. He has a deep understanding of debt capital markets and securitisation and provides excellent, timely legal advice. Simon has a deep insight into the commercial workings of transactions and provides timely, well-reasoned advice.’

‘Counsel Matthew Ecobichon is a very knowledgeable lawyer and runs transactions very well. Matthew provides excellent service on structured finance transactions and inspires confidence both with his clients and other deal parties.’

‘A truly strong resource for high-yield issuances with Jersey companies in the structure (including in distressed situations) and for listings on TISE. The team provides hands-on advice and delivers on time and in exceptional quality.’

‘Ashley Morrison is running with deals like a partner and provides helpful and spot-on input – my go-to resource for deals with a Jersey aspect.

‘Simon Marks remains a great source of reference for bespoke questions.’

‘Simon Marks is a real leader and alongside Kate Andrews are two leading individuals in their field.’

Key clients

Atlantica Sustainable Infrastructure

Center Parcs

Breedon Group

Hiscox

Existing bondholders to Virgin Atlantic Airways

Thame and London (Parent to Travelodge Group)

Work highlights

  • Advised existing bondholders and the issuer in relation to Virgin Atlantic’s solvent restructuring and recapitalisation plan.
  • Instructed by Hiscox Ltd in relation to an equity issuance using a Jersey cash box structure.
  • Instructed by Atlantica Sustainable Infrastructure in relation to a green exchangeable senior notes issuance by way of a Jersey ERPS structure.

Mourant

Mourant’s capital markets, structured finance and securitisation team is retained by world-leading financial institutions in complex transactions. Impressive LSE-listed corporate clients draw on Robert Hickling's expertise in debt capital markets transactions for high-value senior note and bond issuances, while notable partners James Hill, Jon Woolrich and Paul Martin are leading the charge on innovative equity offerings involving cash box structures. In a market first, Hickling led on the first Australian Securities Exchange IPO of a Jersey-listed company. Amy Demetriou adds further strength on the debt side, particularly in relation to structured securities issuances. Practice head Gareth Rigby has a broader practice incorporating REIT listings.

Practice head(s):

Gareth Rigby

Other key lawyers:

Robert Hickling; James Hill; Jon Woolrich; Paul Martin

Testimonials

‘Excellent market knowledge and accessibility. Very user friendly and responsive service.’

‘We work regularly with the Mourant capital markets team on mandates for mutual clients. We deal principally with Jon Woolrich. He leads a team of experienced, pragmatic lawyers who deliver an expert client service.’

‘The stand-out individual for us is Jon Woolrich. Responsive, available, experienced, pragmatic- he has all the characteristics we look for in our Jersey counsel.’

Key clients

3i Infrastructure plc

Flutter Entertainment plc

Easyjet plc

Wisdom Tree

Informa plc

Morgan Stanley

Breedon Group plc

Shire Plc

Land Securities Plc

Ardian

London Stock Exchange Group Plc

Credit Suisse

JPMorgan

Merrill Lynch International

Serinus Energy plc

Wells Fargo Bank N.A.

Work highlights

  • Advised on the accelerated acquisition of Flutter Entertainment, the global sports betting and gaming group, in a multibillion-Euro deal. The deal is being implemented in part by way of a Jersey cash box structure.
  • Advised Jersey-based SRJ Technologies on a successful IPO on the Australian Securities Exchange (ASX). This was the first Australian listing of a Jersey company.
  • Advising Experian on the issuance by Experian Finance of $45m senior notes under its $4.5bn EMTN programme.

Ogier

Ogier fields an extensive bench of capital markets experts, including practice head Simon Felton, Raulin Amy, Bruce MacNeil and ‘very responsive and knowledgeable’ managing associate Alexander Curry. Of note is the team’s recent involvement in top-flight cash box structuring mandates. Felton, with assistance from associate James Whiteside, advised on The Calisen Group’s £1.3bn IPO on the LSE. Premier multinational banks frequently instruct the firm in high-value debt listings, including innovative green bond issuances. The firm is one of the primary sponsors of securities listings on TISE.

Practice head(s):

Simon Felton

Other key lawyers:

Raulin Amy; Bruce MacNeil; Alexander Curry; James Whiteside; Richard Daggett

Testimonials

‘Legal expertise, very good client service; good value, understand their role as Jersey counsel in the context of the wider transaction, easy to work with.’

‘The team is very responsive, knowledgeable and easy to deal with.’

‘Alexander Curry is very responsive and knowledgeable, delivers promptly within agreed timescales and is a pleasure to deal with.’

‘Client focused and tonnes of experience in this area.’

‘Richard Daggett is a pleasure to work with; super responsive and commercial.’

Key clients

Calisen plc

Pizza Express (Jersey) Limited

WH Smith PLC

Jet2 Plc (previously known as Dart Group Plc)

JD Wetherspoon

Biffa plc

Johnson Service Group

Trifast plc

Novocure Limited

Atotech Limited

Boohoo Group plc

The Law Debenture Trust Corporation plc

Wren House Infrastructure Limited

Glencore plc

Angel Trains

MJ Hudson

Workspace Group plc

Centamin plc

Wizz Air Holdings

Barrick Gold (formerly Randgold Resources)

Heathrow Funding

Ackros Acquisition Limited

Seven Energy International Limited

IDB Trust Services

Islamic Development Bank

Kaisa Group Holdings Limited

Work highlights

  • Advised The Calisen Group on the £1.3bn IPO of Calisen Plc on the premium segment of the LSE.
  • Advised Pizza Express across all aspects of the restructuring plan of PizzaExpress Financing 2, spanning structuring, regulatory matters and the restructured financing arrangements, including TISE listing issues.
  • Advised Atotech Limited, a leading specialty chemicals technology company and a market leader in advanced electroplating solutions, on its $498m IPO on the NYSE.

Appleby

Appleby's recent capital markets highlight saw co-heads Andrew Weaver and James Gaudin act on a high volume of REIT listings on TISE, with Paul Worsnop providing support at senior associate level. London-listed funds clients also engage the team on a range of instructions, including green bond issuances. Also ongoing are debt securities listings on TISE for numerous retailers and pharmaceuticals companies. The team welcomed the highly rated Christophe Kalinauckas from WALKERS, further expanding the expertise in TISE work.

Practice head(s):

Andrew Weaver; James Gaudin

Other key lawyers:

Paul Worsnop; Christophe Kalinauckas

Testimonials

‘The Appleby team are responsive, commercial and solution driven.’

‘Their collaborative approach across offices in various jurisdictions (for example, Jersey, Guernsey and British Virgin Islands) means that they offer streamlined and efficient advice.’

‘Paul Worsnop is highly responsive, providing clear advice and acting as a central point for queries on complicated multi-jurisdictional transactions.’

‘Christophe Kalinauckas is great to work with on TISE listings. He is very knowledgeable, responsive and helpful.’

Key clients

Atrium European Real Estate Limited

Tritax Big Box REIT plc

Atlantic Leaf Properties Limited

Goldman Sachs

Petropavlovsk plc

Work highlights

  • Acted as Jersey counsel to Atrium European Real Estate Limited on its tap of €200m to be consolidated and form a single series with its existing €300m notes due 2025, the establishment of its €1.5m EMTN programme and its €300m Green Bond due 2027.
  • Acted as listing sponsor to Atlantic Leaf Properties Limited (a UK REIT with total assets under management of approximately £338m) for the listing of its shares on the official list of TISE.
  • Advised a main market-listed REIT Tritax Big Box on the issue of £250m of green bonds due 2033.

Maples Group

Typical engagements for Maples Group’s capital markets practice include CLO listings on behalf of global investment managers, often in collaboration with the firm’s Luxembourg and Ireland desks. Practice head Chris Byrne led on transactions for new clients (including Neuberger Berman) alongside new partner Mark Crichton, who joined from WALKERS. The team often advises on Eurobond and high-yield bond issuances. Simon Hopwood has specialist knowledge of Islamic bond (Sukuk) issuances.

Practice head(s):

Chris Byrne

Other key lawyers:

Mark Crichton; Simon Hopwood

Testimonials

‘Chris Byrne is very considered, easy to get hold of and responsive.’

Key clients

Arrow Global

Arabian Centres Sukuk Limited

Barclays Bank plc

Barclays Bank Ireland plc

Neuberger Berman Europe

Refinitiv US LLC

Global Infrastructure Partners

Ontario Teachers’ Pension Plan

Brookfield Asset Management

Citi Global Markets

KKR & Co. Inc.

Graphite Capital

Inflexion

MSD Capital

Newfoundland CLO I Limited

Willow No.2 (Ireland) plc

HPS Investment Partners

Premier Oil plc

Burgundy Technology

Work highlights

  • Acted as Jersey counsel to Neuberger Berman, a leading US investment manager on its use of a Jersey entity to act as a risk-retention vehicle, with the associated listing of profit participating notes (PPNs) on TISE.
  • Advised a six-strong consortium on the $4.5bn senior secured note issuance to partially refinance the $9bn acquisition facility for the consortium acquisition of 49% ADNOC gas pipelines.
  • Advised Barclays Bank Ireland on the establishment of an EIS-structured preference share (and note) issuance programme as part of Barclays’ Global Structured Securities Programme.