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Duncan Kellaway


Financing and capital markets

Draws praise for his expertise in regional transactions

Chambers Global 2016, Banking & Finance - Central & Eastern Europe

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About Duncan Kellaway

Duncan specialises in securities work, and acts for both underwriters and issuers, including sovereigns, banks and corporates.

Duncan acts for many clients on emerged or emerging markets debt issuances, advising both underwriters and issuers.  He is also a member of the firm's Africa group.

He has also performed a wide range of liability management exercises, for issuers including Annington, Arion Bank, Atlas Copco, Heathrow, Spirit Group and Westfield.

When it comes to sovereign and sub-sovereign issuance, he has acted on issues for the likes of Bulgaria, Hungary, Kenya, Latvia, Poland, Finnvera and the Bank of England.

Duncan leads the firm’s finance pro bono practice and is also involved in providing pro bono support on a number of social impact bonds.

Duncan's clients welcome his responsiveness and the ability to guide them through complex cross-border issues.


Recent work

  • Acting for the underwriters on a €950m issuance by the Republic of Bulgaria.
  • Advising the underwriters of an intermediated exchange offer by a quasi-sovereign.
  • Advising a French corporate issuer on a tender offer for several series of notes and convertible instruments.