Our unqualified success as an investment-grade debt adviser reflects long-standing relationships with some of the most prolific debt issuers in the world. This includes being designated underwriters' counsel for companies such as IBM, General Mills, Honeywell and GE Capital Corporation. The size of our investment-grade debt practice involving novel and complex debt products has helped keep us on the field's leading edge.

Awards and Rankings

“Americas Debt and Equity-Linked Law Firm of the Year” – 2012 and 2013 IFLR Americas Awards
In Q1 2013, Davis Polk ranked:
- 1st as issuer’s and managers’ counsel in U.S. Investment-Grade Debt – Bloomberg
- 1st as managers’ counsel in U.S. Investment-Grade Corporate Debt – Thomson
- 1st among U.S. firms as managers’ counsel in:
  - Global Investment-Grade Corporate Debt – Thomson
  - All International Investment-Grade – Thomson

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Notable Matters

Roche Group ($16.5 billion). We advised the Roche Group on its Rule 144A/Regulation S issuance of senior fixed- and floating-rate notes. The offering is the largest corporate bond sale in history.
Comcast ($9.1 billion). We advised Comcast on the $5.1 billion Rule 144A/Regulation S offering of senior notes and the $4 billion Rule 144A/Regulation S senior notes offering by NBCUniversal. The issuance of the notes is part of the $9.1 billion of financing raised by NBCUniversal in connection with the joint venture between Comcast and General Electric Company.
SABMiller ($7 billion). We advised the joint bookrunners on a Rule 144A/ Regulation S offering of notes by SABMiller, one of the world’s largest brewers.
Bank Nederlandse Gemeenten ($6 billion). We advised Bank Nederlandse Gemeenten, a specialized financial institution for the Dutch public sector, on four Rule 144A/Regulation S notes offerings.
Intel ($5 billion). We advised the joint book-running managers on a $5 billion SEC-registered offering of notes by Intel, a leading designer, manufacturer and seller of integrated circuits for computing and communications industries worldwide.

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IBM ($4.5 billion). We advised the underwriters on a $2.5 billion, $1.5 billion and C$500 million offering of notes by International Business Machines (IBM), a provider of information technology and services worldwide.
CNOOC Limited ($4 billion). We advised CNOOC Limited, a Hong Kong-based upstream company specializing in the exploration, development and production of oil and natural gas, on the $2 billion Rule 144A/Regulation S offering of guaranteed notes by its wholly owned subsidiary, CNOOC Finance (2012). We also advised the initial purchasers on a $2 billion Rule 144A/ Regulation S offering of guaranteed notes by CNOOC Limited, which was named “Debt Deal of the Year” at the 2011 Asian Legal Business Hong Kong Law Awards.
Texas Instruments ($3.5 billion). We advised Texas Instruments, one of the world’s leading semiconductor designers and manufacturers, on its $3.5 billion SEC-registered offering of notes.
Sinopec ($3 billion). We advised the joint global coordinators on a Rule 144A/Regulation S offering of senior notes by Sinopec Group Overseas Development (2012), a subsidiary of China Petrochemical Corporation, the largest integrated petroleum and petrochemical company in China and one of the largest in the world in terms of operating revenue. The transaction is the first global debt offering by China Petrochemical Corporation and the largest cross-border debt offering by a PRC company to date.
ArcelorMittal ($3 billion). We advised the joint book-running managers on an SEC-registered offering of notes by ArcelorMittal, the world’s largest and most global steel producer. The transaction represents the third-largest steel bond offering across any market.
Freeport-McMoRan ($3 billion). We advised Freeport-McMoRan Copper & Gold on its SEC-registered offering of senior notes.
Sumitomo Mitsui Banking Corp. ($3 billion). We advised Sumitomo Mitsui Banking Corporation on a $1.5 billion Rule 144A/Regulation S offering of senior bonds and a $1.5 billion Regulation S offering of subordinated bonds.
Apache ($3 billion). We advised the underwriters on an SEC-registered offering of notes by Apache, an independent energy company that explores for, develops and produces natural gas, crude oil and natural gas liquids.
PepsiCo ($2.75 billion). We advised PepsiCo on an offering of senior notes. PepsiCo is a leading global food, snack and beverage company.
Pernod Ricard ($2.5 billion). We advised the lead managers on an offering of fixed-rate notes by Pernod Ricard, a French producer of distilled spirits.
Rio Tinto ($2.5 billion). We advised the joint bookrunners on an SEC-registered offering of notes by Rio Tinto Finance (USA) plc, a finance company of the Rio Tinto Group, which is a leader in finding, mining and processing the earth’s mineral resources.
The Hartford Financial Services Group ($2.15 billion). We advised the underwriters on a $1.55 billion offering of senior notes and a $600 million offering of junior subordinated debentures by Hartford Financial Services, a leading provider of insurance and wealth management services. Concurrent with the offerings, we also advised the solicitation agents in connection with The Hartford soliciting holders of a series of its senior notes for their consent to terminate a replacement capital covenant.
Vivendi ($2 billion). We advised the joint bookrunners on a Rule 144A/Regulation S offering of notes by Vivendi, a leader in communications and entertainment. We also advised the dealer managers on a cash tender offer by Vivendi to purchase any and all of Vivendi’s outstanding 5.75% notes due 2013.
Odebrecht Drilling Norbe VIII/IX Ltd. ($1.5 billion). We advised Odebrecht Drilling Norbe VIII/IX Ltd., a wholly owned project finance subsidiary of Odebrecht Óleo e Gás (OOG), on a Rule 144A/Regulation S offering of senior secured notes. The note proceeds will be used to pay for the construction of two deep-sea drillships, which will be chartered to Brazil’s state-owned oil company, Petróleo Brasileiro (Petrobras) and operated by OOG. This project bond offering was the largest debt offering in Brazil in 2010 and one of the largest project bond issuances ever in Latin America.
Syngenta ($750 million). We advised Syngenta Finance on a $750 million SEC-registered offering of notes. Syngenta Finance is a subsidiary of Syngenta AG and a finance company of the Syngenta Group, a world-leading agribusiness that is involved in the discovery, development, manufacture and marketing of a range of products designed to enhance crop yields and food quality.
Ford Motor ($157 million). We advised Ford Motor Company on its CNY1 billion Regulation S offering of notes.

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