A&O Shearman

MOX just certified the first-ever Macau Sci-tech Innovation Themed Bond. Bank of China Macau’s issuance of RMB- and USD-denominated notes under Bank of China’s USD40 billion MTN Programme marks a significant step in financing innovation. The notes are listed on Chongwa (Macao) Financial Asset Exchange (MOX) and certified as Macau Science and Technology Innovation Bonds under the new Macau Science and Technology Innovation Bond Certification Standards (Pilot Phase). Why it matters: this is more than a market first. It’s a signal that capital markets in Macau are evolving to support the region’s innovation economy with regulatory frameworks and investor appetite aligning. We advised the joint global coordinators, lead managers and bookrunners on this landmark deal. The deal team was led by Partner Agnes Tsang, with support from Yu Jiayin, Jenny C. and Eunice Wong. Read more here: https://lnkd.in/gmU-NriY #AOShearman #CapitalMarkets #BondIssuance

We recently contributed to the development of the UK Government’s AI Growth Lab proposal, announced today at the Regional Investment Summit and Times Tech Summit. This initiative represents a significant step forward in supporting responsible AI innovation across the UK. It introduces a new legislative framework that enables regulators to temporarily adjust certain rules within controlled environments—known as regulatory sandboxes—to help businesses test and deploy AI technologies safely and effectively. Key features of the proposal include: • A joined-up approach to regulation, reducing complexity for businesses. • Targeted, temporary modifications to regulations to support innovation. • Strong safeguards to ensure AI systems are developed responsibly. • A focus on key sectors such as technology, life sciences, financial services, and real estate. “This call for evidence contemplates an agile approach to regulation, removing red-tape where it serves no purpose and breaking down silos between regulators. These steps will be crucial for UK businesses, investors and capital providers to stay globally competitive in the AI race,” said partner and head of Markets Innovation Group, David Wakeling. Our involvement reflects our deep expertise in AI policy, regulation, and adoption while maintaining the UK’s high standards for consumer protection, intellectual property, and fundamental rights. Read more about the announcement here: https://ow.ly/tW1850XfuMc #AOShearman #AI

We are delighted to welcome Sebastian Bruchwitz as a partner in our Funds and Asset Management practice in Frankfurt. With his arrival, we are strengthening our advisory capabilities in the areas of funds, asset management, and alternative investments. “Sebastian brings extensive experience in launching infrastructure and credit funds, in debt origination platforms, and in hybrid capital structures,” said Dorothee Atwell, LL.M., who leads the German Funds and Asset Management practice group. “Given the structural shifts in the market, particularly in alternative credit and infrastructure assets, this is of particular value to our domestic and global clients and will significantly support our continued growth.” Once again, a warm welcome, Sebastian! Learn more about our new partner here: https://ow.ly/Ao1B50XePXU #AOShearman #Funds #AssetManagement

This Diwali, we are supporting The Akshaya Patra Foundation —reaching 2.35 million children every school day through its mid-day meal programme, and helping children begin their day with the nourishment they need to learn across India for 25 years. Our contribution to Akshaya Patra’s newly launched Morning Nutrition Programme in India will help expand access to essential meals at the start of the day. Here’s to a Diwali filled with purpose, progress, and shared impact. Wishing you and your families a joyful and peaceful celebration. #AOShearman #Diwali2025

In our latest podcast on crypto-linked exchange-traded products (ETPs), counsel Philippe Noeltner is joined by partners Susan Gault-Brown and Nikki Johnstone, and senior associate Quentin Herry to analyze the regulatory landscape in the U.S., UK, France and the EU. They discuss the role of custodians, structuring challenges, investor protection and the practical implications for issuers, asset managers and investors—especially the need to balance innovation, proportionate regulation and market appetite. Listen here: https://ow.ly/EJw350Xcgx3 #AOShearman #Fintech

Intercontinental Exchange, Inc. (NYSE: ICE), the owner of the New York Stock Exchange and a leading global provider of technology and data, announced a strategic investment of up to USD2bn in Polymarket, a premier prediction market and information platform. The investment reflects an approximately USD8bn pre-investment valuation. Alongside its investment, ICE will become a global distributor of Polymarket’s event-driven data, providing customers with sentiment indicators on topics of market relevance, and bringing prediction markets into the financial mainstream. The team is led by partners Cody Wright and Rory O'Halloran, with support from partners Yian Huang, Noah Brumfield, Lorenz Haselberger, Jai Garg and JB Betker. Read more here: https://ow.ly/Ofj150Xb77E #AOShearman #MergersAndAcquisitions #TechnologyTransactions

I recently sat down with Lucie Cruz and Clementine Doyle at The Lawyer, together with Fuse OGs David Howorth Nnamdi Emelifeonwu Travis Leon Kimon Haralambous Clare M. Weaver MBA and Kene Ezeji-Okoye. Our original vision was simple: to bring lawyers, clients and founders together to co-create the future of legal and business innovation. Eight years later, we are now a global launchpad, tackling everything from document automation to digital assets. This article beautifully captures some of the spirit that we have worked so hard to create. Fuse is a space where collaboration is authentic, feedback is candid, and ideas are constantly tested, challenged, and refined. With 98.6% of our alumni still thriving and over USD1 billion raised, I am incredibly proud of the diverse, ambitious and successful people that we have had the privilege to work with. Read more here: https://lnkd.in/dqfyMaGu (You may need to subscribe to access)

European bond markets remain open and active for Australian corporate issuers. Scentre Group (Owner of Westfield destinations in Aus and NZ) successful EUR500 million fixed-rate note due 2033 marks its first European transaction since 2019, completed under its recently updated EUR10 billion EMTN Programme. This strategic milestone reflects continued investor confidence in Australian issuers from the European market. We advised Scentre Group on both the EMTN programme update and the issuance, drawing on deep capital markets and regulatory expertise across our global network. The transaction was led by International Debt Capital Markets partner, Minesh Patel, with support from senior associate Yin Lim and lawyer Edward Ren. Mark Leemen, Marnie Fels, Ka Sen Wong, Nick Koutsoukos, and Vivienne Davies also provided key support. “Scentre Group’s return to the European bond markets after six years sends another clear signal of offshore investor confidence in Australian corporate issuers,” said Minesh Patel. “The success of the transaction highlights Scentre Group’s strength and the continued appetite among European investors for high-quality Australian issuers. It marks a timely and strategic re-engagement for Scentre Group with its European investor base, and we were pleased to support Scentre Group through every stage of the process.” Read more here: https://lnkd.in/ggq-Gi3Z #AOShearman #CapitalMarkets #EuroBond