Toxic debt: Magic circle firm Slaughter and May and US firm Sullivan & Cromwell advised Barclays on offloading £7.5bn of toxic debt to ­offshore hedge fund Protium Finance. Protium’s management company C12, composed of former Barclays bankers, will be paid £240m in fees over the next 10 years for managing the debt. US firm Skadden and Cayman Islands firm Maples & Calder advised C12, while magic circle firm Linklaters, US firm Cadwalader Wickersham & Taft and offshore firm Walkers advised Protium.

Drug deal: Magic circle firm Freshfields Bruckhaus Deringer advised Belgian pharmaceutical company Solvay on the €5.2bn (£4.8bn) sale of its pharmaceutical business to healthcare multinational Abbott Laboratories. City firm Baker & McKenzie advised Abbott.

Gilt offering: Magic circle firm Allen & Overy advised the United Kingdom Debt Management Office on launching a £5bn index-linked Treasury gilt. Up to eight syndicated gilt offerings are projected to raise £25bn, with an overall gilt sales target of £220bn.

Home goal: Birmingham firm Wragge & Co advised Arsenal Football Club on selling £41m worth of flats at its Highbury Square development to commercial property investment group London & Stamford, advised by US firm Jones Day.