Allen & Overy has advised the Vietnamese government on its recent raising of $1 billion via a rare issue of sovereign bonds, with Clifford Chance and YKVN advising the joint lead managers Deutsche Bank, HSBC and Standard Chartered.

The Clifford Chance team was led by Hong Kong-based partner Crawford Brickley.

Proceeds from the bonds, the country's first global issue in more than four years, will be used in part for swapping the government's sovereign debts issued in 2005 and 2010.

IFR reported most of the allocations were to U.S. investors, who accounted for 55 percent. Europe received 28 percent and the remainder went to Asian buyers. Fund managers accounted for 84 percent, with banks taking 12 percent and the rest going to insurance and pension funds.