Shearman & Sterling partners Mark Chorazak, Reena Agrawal Sahni, partner Patrick Clancy, and Bradley Ziff hosted a webinar discussion on current developments in the LIBOR Transition.

Abu Dhabi Global Market (ADGM) won the 2020 Global Arbitration Review (GAR) award for “the jurisdiction that has made great progress.” In 2019, the Arbitration Guidelines were published (October), the ADGM court issued its first two arbitration-related decisions (October) and the Litigation Funding Rules applying both court and arbitral proceedings were enacted (April).

Associate Kelli Sims has been accepted into the Leadership Class of the Institute for Energy Law.

In connection with the continued efforts of New York State to grapple with the COVID-19 pandemic, a recent order updated the emergency measures in place impacting pending and potential litigation in New York and possibly beyond.

The Federal Reserve Board (the Federal Reserve), the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (collectively, the Agencies) issued a final rule^[1] amending the “covered fund” provisions of the Volcker Rule (the Covered Fund Amendments). The Covered Fund Amendments are substantially similar to the changes that were proposed earlier this year^[2] and will be effective on October 1, 2020.

Shearman & Sterling advised Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and Itau BBA USA Securities, Inc., as dealer managers in connection with an offer to purchase for cash made by the Republic of Uruguay for its 4.250 percent Global UI Bonds due 2027, 4.375 percent Global UI Bonds due 2028 and 4.000 percent Global UI Bonds due 2030.

Partner Omar Samji and counsel Angela M. Heywood Bible published an article in Currents, the newsletter of the Corporate Counsel section of the State Bar of Texas. The article describes how midstream oil and gas companies can find provisions in their midstream contracts that may provide remedies and relief in light of the downturn the energy industry is experiencing.

Shearman & Sterling represented  the initial purchasers including China CITIC Bank International Limited, China Industrial Securities International Brokerage Limited, Credit Suisse (Hong Kong) Limited, Guotai Junan Securities (Hong Kong) Limited, The Hongkong and Shanghai Banking Corporation Limited, Morgan Stanley & Co. International plc and Nomura International (Hong Kong) Limited in connection with Sunac China Holdings Limited’s offering of $600 million 6.5% senior notes due 2023 and $400 million 7.0% senior notes due 2025. 

ArcelorMittal and Nippon Steel's joint venture, AM/NS India, won the Deal of the Year Award from the S&P Platts 2020 Global Metals Awards for completing the $5.7 billion acquisition of Essar Steel India Limited, a fully integrated steel producer in India that entered insolvency in 2017. The acquisition provides both ArcelorMittal and Nippon Steel a sizeable entry into the high-growth Indian steel market, where steel consumption is expected to grow on average around 6% annually over the next 10-15 years. Neither joint venture partner had any production capability in India before the acquisition.

Shearman & Sterling won 10 Proximo Deal of the Year Awards, demonstrating the firm’s expertise on advising clients on global, complex energy and infrastructure transactions.