2002 witnessed a record-breaking number of international borrowers tapping the private placement market. A combination of historically low interest rates, strong investor demand and public market volatility has made the private placement product the product of choice for many borrowers.
In December 2002, Clifford Chance, the world’s biggest law firm, tapped the private placement market for $150m, the largest private bond sale ever by a legal practice. The transaction was upsized from its original offered size of $100m and priced well inside of the original price guidance. Clifford Chance is using the proceeds of the bonds to repay existing indebtedness and for planned capital expenditure.
