DAVID HOWE is a capital markets and finance lawyer in the London office, where he co-heads the Capital Markets group and heads the English law capital markets team.
David has extensive experience of acting for arrangers, issuers and trustees on a wide range of transactions, including regulatory and hybrid capital instruments, equity-linked products, high-yield debt offerings, debt restructurings, tender and exchange offers, and other liability management transactions.
Recent examples of significant experience include advising:
- Membership Collective Group Inc., a London-based membership and hospitality company (and parent company of Soho House and related businesses), in connection with its initial public offering and listing on the New York Stock Exchange of thirty million shares of its common stock. The transaction included a novel simultaneous public offer to eligible members and employees in the United Kingdom.
- Bank of Cyprus Group in three significant English law capital-related transactions.
- Worley on the establishment of its US$2 billion Euro Medium Term Note Programme and its debut issue of EUR 500 million five-year sustainability-linked bond.
- Travelex on its financial and operational restructuring.
- GlaxoSmithKline plc on the refinancing of its core revolving credit facilities consisting of US$2.5 billion of 364-day facilities and £1.9 billion of multi-currency three-year facilities, which are the first large scale credit facilities executed globally to be linked from the commencement date to both SONIA and SOFR compounded in arrear.
- Citigroup Global Markets, Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC as representatives of the Initial Purchasers of QBE Insurance Group Limited’s recent issue of US$500,000,000 capital notes which were sold in the Rule 144A and Reg S markets and listed on the Singapore Stock Exchange.
- Worley Group in connection with the establishment of its Euro Commercial Paper Program for the purposes of accessing the Joint HM Treasury and Bank of England Covid Corporate Financing Facility.
- Bank of Cyprus Holdings Public Limited Company in connection with its December 2018 debut issue of €220 million Fixed Rate Reset Perpetual Additional Tier 1 Capital Securities.
- GlaxoSmithKline plc in connection with the issue by subsidiary GlaxoSmithKline Capital plc of its €750 million Floating Rate Notes due 2020, €1 billion 1.25%. Notes due 2026 and €750 million 1.750%. Notes due 2030, in each case guaranteed by GlaxoSmithKline plc and issued under the group’s Euro Medium Term Note Program.
- Advising Lucid Trustee Services Limited and affiliates in connection with the restructuring of Agrokor d.d. including in connection with the issue by successor entity Fortenova grupa d.d. of €1,131,024,112.00 2.5 per cent. (PIK) Convertible Bonds due 2029 and stapled depositary receipts.
- Merrill Lynch International and the other joint lead managers in connection with Westpac Banking Corporation’s debut Euromarket Climate Bond, an issue of €500 million 0.625%. Fixed Rate Instruments Due 2024.
- Mace Limited, the privately held UK construction company, in connection with its debut bond issue, a Channel Islands-listed, high-yield issuance of £100 million 8%. Notes Due 2022 by wholly owned subsidiary Frontier Finance PLC, sold to a group of credit funds.
- Citigroup Global Markets Singapore Pte Ltd., Goldman Sachs (Singapore) Pte. and Mizuho Securities (Singapore) Pte. Ltd. in their respective capacities as Arrangers in connection with the establishment by GLP Pte. Ltd. of its US$4 billion EMTN Program, and subsequent updates.
- Guangzhou R&F Properties Co. Ltd, a leading Chinese property developer in connection with multiple issues of senior secured notes by subsidiary Easy Tactic Limited.
- Bank of Cyprus PCL in connection with its January 2017 issue of €250 million Fixed Rate Reset Tier 2 Capital Notes Due 2027, the bank’s first wholesale debt issuance since the bail-in of depositors and other creditors in 2013 as part of the Cypriot banking crisis.
- CM Securities (Hongkong) Company Limited and Haitong International Securities Company Limited in their capacity as Arrangers in connection with the establishment by CMIG Capital Limited of its US$700 million EMTN program.
- Agile Group Holdings Limited in connection with its issue of US$500 million 6.875 per cent. Senior Perpetual Capital Securities.
- Deutsche Bank AG, Singapore Branch, Industrial and Commercial Bank of China (Asia) Limited, BOCI Asia Limited, Ping An of China Securities (Hong Kong) Company Limited, China Industrial Securities International Brokerage Limited and GF Securities (Hong Kong) Brokerage Limited in their respective capacities as joint lead managers in connection with the issue by Coastal Emerald Limited of US$400 million 3.9 per cent. Guaranteed Bonds due 2019.
David is ranked by Chambers UK and Chambers Global 2021 for Capital Markets: Debt, with clients commenting that he is an “excellent technical lawyer who understands the commercial imperatives of transactions.” He has also been recognized as a Leading Lawyer for Capital Markets in IFLR1000 2017, The Legal 500 UK 2017 (in which sources say he is ‘‘highly recommended from a leadership perspective and for his knowledge of the Eurobond market”) and Best Lawyers 2021.