Debt Capital Markets
According to Chambers Bowmans offers a deep bench of experienced lawyers with an outstanding reputation in both debt and equity capital markets.
- Overview
- Significant Matters
Our debt capital markets (DCM) team is regarded as one of the strongest in the South African financial space. This is borne out by the impressive mandates that we secure both locally and internationally.
We are recognised for providing exceptional legal and transactional advice in this specialist area of law. Our expertise in stand-alone bond issues, domestic medium term note programmes, domestic issuances, inward listings, structured products, secured note programmes, secured note issuances and convertible bonds is particularly renowned.
We are differentiated in the South African market by our in-depth knowledge of the regulatory framework, which extends to exchange control; our relationships with the JSE, Strate and the South African Reserve Bank’s (SARB’s) Financial Surveillance Department; and for acting as South African counsel in respect of global/ euro medium term note programmes (regulation S and rule 144A issues). Members of our team sit on the JSE Listing Advisory Committee and on the Executive Committee of the South African Securitisation Forum.
Our practical and innovative approach to each transaction ensures that we deliver clear and concise solutions that enable our clients to conclude their transactions successfully.
We are active in several African jurisdictions in addition to those in which we are located, including Botswana, Ghana, Namibia, Nigeria and Zambia.
Our clients include banks, financial institutions, corporates, state-owned entities, municipalities and governments.
Our Specialist Services
- Standalone bond issues
- Domestic medium term note programmes and notes issuances
- Commercial paper programmes and commercial paper issuances
- Structured products
- Secured note programmes
- Inward listings
- Convertible bonds
- DCM regulatory advice
- We advised Woolworths Holdings (as issuer), Woolworths (as guarantor), Rand Merchant Bank (as manager), and The Standard Bank of South Africa acting through its Corporate and Investment Banking Division (as manager), on the issue of ZAR 750 million senior unsecured floating rate notes due 10 October 2020 under the issuer’s ZAR 10 billion DMTN programme.
- We advised GrowthPoint Properties (the issuer) on the issuances of ZAR 300 million senior unsecured floating rate notes due 9 March 2023 (GRT24G), ZAR 240 million senior unsecured floating rate notes due 9 March 2025 (GRT25G), and ZAR 560 million senior unsecured floating rate notes due 9 March 2028 (GRT26G), under its ZAR 20 billion domestic medium term note programme.
- Santam Limited (as Issuer) and Rand Merchant Bank, a division of FirstRand Bank Limited (as Arranger) in connection with the establishment by the Issuer of the Santam Limited ZAR 4 billion Unsecured Subordination Callable Note Programme.
- Advised J.P. Morgan Structured Products B.V. (as Issuer) and JPMorgan Chase Bank, N.A. (as Guarantor) on the establishment on an inward listed programme in respect of the issuance of South African Securities.
- Advising Hospitality Property Fund Limited (as Issuer), the various obligors and FirstRand Bank Limited (acting through its Rand Merchant Bank division) (as Manager) on the ZAR 600 million issuance of Senior Secured Floating Rate Notes due 31 March 2023.
- Hospitality Property Fund Limited (a company listed on the Main Board and Interest Rate Market of the JSE Limited) and a specialised Real Estate Investment Trust (“REIT”) investing solely in the hospitality and leisure sectors, and its property holding subsidiaries in relation to: (i) the amendment and restatement of the Hospitality Property Fund Limited Domestic Medium Term Note Programme by, inter alia, increasing the programme size from ZAR 2 billion to ZAR 5 billion and (ii) the restructure of the Hospitality group’s existing security structure.
- We advised on the issue of ZAR 22 million Senior Unsecured Fixed Rate Notes due 21 December 2017 by AECI Limited (as Issuer) under the Issuer’s ZAR 5 billion Domestic Medium Term Note Programme with Rand Merchant Bank, a division of FirstRand Bank Limited in the Republic of South Africa acting as Manager.
- AECI Limited (as Issuer) and Rand Merchant Bank, a division of FirstRand Bank Limited in the Republic of South Africa (as Arranger and Initial Dealer) in connection with the establishment by the Issuer of the AECI Limited ZAR 5 billion Domestic Medium Term Programme.
- We advised SSI SCF (RF) (as issuer), CreditInnovation (as arranger and dealer) and Rand Merchant Bank (as dealer) on the establishment of a ZAR 1 billion note programme by the issuer. This is a bespoke asset backed structure whereby the SPV issuer is able to leverage off the provision of a direct guarantee/ credit support from a third party guarantor. Notes issued under the programme will also benefit from certain underlying payment obligations acquired by the issuer with the issuance proceeds.
- We advised J.P. Morgan Structured Products B.V. (as issuer) and JP Morgan Chase Bank, N.A. (as guarantor), on the establishment of an inward listed programme in respect of the issuance of South African Securities on the Interest Rate Market of the Johannesburg Stock Exchange.
Key Contacts
Richard Harney
Senior Partner, Kenya
Paras Shah
Managing Partner, Kenya
Casper van Heerden
Partner
Mohammed Saib
Partner
African Legal Awards
Capital Markets Team of the Year, 2022 and 2021
Chambers
The team is involved in a variety of domestic and cross-border matters, and frequently assists major regional and international financial institutions and corporates with high-value note programmes and bond issuances.
The department is equally well versed in IPOs, inward listings, accelerated bookbuild share placements and black economic empowerment matters.
Bowmans regularly acts as counsel to bookrunners and underwriters as well as issuers, and provides counsel on regulatory developments concerning the JSE.
Legal500
Bowmans is frequently cited as a market leader in banking, finance and capital markets.
The firm has certainly set the pace in capital markets, fintech, structured trade and commodities finance, and project finance, though its extensive and rounded abilities should not be overlooked.
Related Insights
- 21 August 2024
South Africa: JSE Listings Requirements: Simplification Project – Section 8 (Financial Information)
23 July 2024South Africa: JSE Listings Requirements: Simplification Project – Section 13 (Property Entities)
27 June 2024