October 29, 2021

Milbank Caps off Q3 2021 With Nearly 200 Capital Markets Deals Valued Over $185B


Milbank LLP’s Global Capital Markets Group has advised on 190 capital markets deals from the start of 2021 through the third quarter. Its work on behalf of world-class and cutting-edge investment banks, issuers and investors has facilitated transactions totaling over US$185.1 billion.

Across Latin America and North America, the firm assisted with 98 transactions totaling US$112.8 billion. In Latin America, notable deals included multiple sustainability-linked offerings, the first post-election transaction out of Peru, one of the largest capital markets transactions ever out of Paraguay and a significant number of Brazilian IPOs and follow-on offerings. In North America, prominent deals included the Atotech IPO, $6.1 billion of capital raised by Air Canada through debt transactions, the largest LBO ever for approximately $7 billion for the acquisition of Medline Industries, $3.56 billion acquisition of Nortek Air Management Businesses by Madison IAQ LLC, and multiple transactions for Verizon, United Airlines and others.

“We maintain a strong presence throughout the Americas and are proud to assist with a number of the landmark offerings we’ve seen so far this year,” said Global Capital Markets Group chair Marcelo Mottesi, who also co-heads the Latin America Practice Group. “While the pandemic has no doubt added challenges to the ongoing economic recovery, markets throughout the region have proven resilient.”

“2021 has continued the explosion of capital markets transactions we saw in 2019 and 2020, led by very robust M&A and equity transactions, as well as innovative capital structures” said partner Rod Miller. “Our team stands ready to provide informed counsel and sound guidance even on roads less traveled.”

Milbank also advised on over 40 deals throughout Europe, including nine equity capital markets transactions and 31 standalone bonds. The total deal value was approximately €31.0 billion, or US$36.0 billion. Among other deals, the firm provided counsel for the Autostore IPO— Norway’s biggest IPO in 20 years—and Jaguar Land Rover’s US$1.1 billion senior notes offering. The firm also advised on a series of high yield bond offerings across several European countries, including for Philips Consumer Electronics, Sani/Ikos and Birkenstock, capital increases for companies such as Piraeus and Alpha Bank S.A. and public take over financings for Ahlstrom-Munksjö Oyj (by Bain Capital), IMA (by BC Partners) and Cerved (by the ION Group).

“In spite of volatility in European and global markets, the overall trend we’ve seen through 2021 has been one of frenetic activity, both on the debt and equity sides,” said Milbank partner Apostolos Gkoutzinis. “We are poised to offer steady counsel to companies as they realize untapped growth through markets.”

In Asia, Milbank advised on over 50 transactions totaling approximately US$38 billion across a wide number of jurisdictions, including China, India, Indonesia, Malaysia, Philippines and Vietnam. Notable representations include advising PT Bukalapak.com Tbk on its US$1.5 billion IPO and IDX listing, PT Bank Rakyat Indonesia Tbk on its US$6.73 billion rights issue, Yanlord Land (HK) Co., Limited on its US$500 million issuance of green senior notes, Monde Nissin’s US$1 billion IPO, JSW Hydro US$707 million green project bond and back-to-back landmark offerings for Ayala Group totaling US$800 million.

“It’s been a remarkably busy year thus far for equity capital markets in Asia. Our team has been consistently active on the IPO front and played a role in number of blockbuster issuances,” said partner and Hong Kong office leader James Grandolfo. “As we enter the fourth quarter, we’ve seen a significant pick up in debt capital markets and our seasoned and highly versatile Asia capital markets team is ready to help our clients bring these transactions to fruition.”

Milbank also redoubled its commitment to sustainable financing during the first three quarters, advising on over 21 green bonds and sustainability-linked bonds totaling approximately US$10.6 billion across Asia, the Americas and Europe.