Firms To Watch: Capital markets (debt)

The arrival of the ‘commercially aware’ and ‘technically astute’ David Liao from Fangda Partners in February 2023 has provided Morgan, Lewis & Bockius with the potential to gain market share in light of his strong connections with Chinese issuers and underwriters as well as expertise acting as international counsel in bonds issuance under different currencies.

Capital markets (debt) in Hong Kong

Allen & Overy

Led from Hong Kong by John Lee and also able to leverage substantial wider pan-Asian resources, most notably from the firm’s Singapore and PRC offices, Allen & Overy is a popular choice for issuers (including sovereigns) and underwriters across a range of APAC-originated debt capital markets products, running the gamut from high yield and investment grade issuances, through to corporate hybrid securities and equity-linked transactions. Drawing upon excellent ties with regulators, the team is frequently at the vanguard of cutting-edge trends in the market, including in relation to digital assets and green/sustainable bond issuances. In this regard, Agnes Tsang recently combined both strengths to good effect for the Hong Kong government on its HK$800m tokenised green bond offering, which was notable for being the first tokenised green bond globally. Splitting her time between Singapore and Hong Kong, Jaclyn Yeap has also been a pivotal member of the team advising the Hong Kong government as issuer of green bonds, work which she combines with significant PRC-led deal flow, for issuers and underwriters, transactions she is well-placed to handle in part due to her Cantonese and Mandarin language fluency. Of counsel Nathan Wong has a particularly strong reputation advising underwriters across a wide variety of debt transactions, where he brings an excellent perspective on transactions in part due to a previous tenure on secondment at a major investment bank.

Practice head(s):

John Lee


Other key lawyers:

Agnes Tsang; Jaclyn Yeap; Nathan Wong; Regina Lui


Testimonials

Allen & Overy has over the years appeared on some headline and landmark deals. During the execution I can tell they are relatively good in terms of breadth since it is easy for them to relate to similar deals as precedents.’

Key clients

HKSAR government


Industrial and Commercial Bank of China


Bank of China


Bank of Communications


Hong Kong Airport Authority


PT GoTo Gojek Tokopedia Tbk


Clifford Chance

Drawing upon excellent product knowledge, geographical diversity (including a strong mainland presence) and local, as well as internationally-qualified lawyers, Clifford Chance is well-positioned to advise issuers and underwriters across a broad swathe of DCM work both locally, and in relation to global offerings. Combining her administrative roles as regional managing partner across APAC with a compelling transactional practice, team head Connie Heng leads from the front and continues to handle a range of international securities, including on Rule 144A/Reg S offerings, as well as significant recent experience in RMB capital markets products. Angela Chan has a strong and varied practice which includes a considerable amount of work for Chinese clients on offshore bond issuances, as well as international offerings, including her work for China Merchants Bank on its novel issuance of floating rate blue notes. Mark Chan is also very adept at handling ESG-related bond issuances, including social and green bonds, while vastly experienced US-qualified partner Alan Yeung excels at advising on debt offerings of securities into the US.

Practice head(s):

Connie Heng


Other key lawyers:

Angela Chan; Alan Yeung; David Tsai; Mark Chan; Fang Liu; James Booth; Torrance Shi


Testimonials

‘The team provides solutions-focused, high quality and pragmatic advice.’

The team is close to the market and is very well-versed in latest market and industry developments.’

One of the market leaders for legal advice on investment grade debt and high yield debt.’

Alan Yeung is very practical and commercial and provides solid legal advice. He is approachable and is willing to accept feedback given during execution of difficult transactions.’

Key clients

CICC


China Minsheng Bank


CLSA


Huijing Holdings Company Limited


ICBC International


J.P. Morgan


TF International Securities Group Limited


UBS AG


Yuexiu Property Company Limited


Bank of America


China Jinmao Holdings Group Limited


CMBI


Far East Horizon


Greatwall Asset Management


Credit Suisse


Bank of China (Hong Kong)


China Ping An Insurance Overseas (Holdings)


CITIC Pacific


PCCW Limited


Shangri-La Asia Limited


China Everbright International


Shanghai Commercial Bank


Credit Agricole


HSBC


Work highlights


  • Acted as international legal counsel to China Merchants Bank Co., Ltd. for its $5bn medium term note programme update, and to China Merchants Bank for its drawdown of blue notes ($400m Floating Rate Notes due 2026) under the programme. This issuance was the first issuance of floating rate blue notes in the world.
  • Advised The Hong Kong Mortgage Corporation Limited on the dual-tranche issuance of its inaugural social bonds, comprising a series of HK$8bn notes and a series of CNY3bn notes, issued under its $30bn MTN programme. This transaction is the world’s first dual-tranche social bond issuance denominated in Hong Kong dollar and offshore Renminbi.
  • Advised Haitong International Finance Limited on its RMB4bn 3.4% guaranteed China (Shanghai) Pilot Free-Trade Zone (Shanghai FTZ) bonds due 2026, unconditionally and irrevocably guaranteed by Haitong Securities Co. Ltd.

Davis Polk & Wardwell LLP

In spite of the relative dearth of work flowing from Davis Polk & Wardwell LLP's traditionally strong high yield offering (in light of well-publicized difficult market conditions), the firm’s well-hedged practice, which also includes expertise on investment grade offerings, equity-linked offerings, as well as a robust liability management offering, has ensured that the firm has maintained solid deal flow for both issuers and underwriters. Team head Gerhard Radtke has been pivotal to the firm’s traditional high-yield prowess, developed over many years’ experience advising issuers from a range of sectors, including real estate. This degree of market-leading expertise has led to him being sought out by issuers on the rarer recent examples of work in the space (including within the TMT space), work which he combines with a broader practice that includes advice on Regulation S credit enhanced bond offerings, green bond offerings and advice in the context of program offerings. ‘Proactive and responsive’ counsel Bingqing Pan regularly works alongside Radtke on deals and has developed a strong reputation among both issuers and underwriters across high-yield, investment-grade and convertible bond offerings. Although he is perhaps better known for his equity work, James Lin also handles a fairly sizeable volume of debt work, including high-yield bond issuances and convertible bond mandates.

Practice head(s):

Gerhard Radtke


Other key lawyers:

Bingqing Pan; James Lin; Yang Chu; Jennifer Liu


Testimonials

The firm is very solid and has very high standards. They will not cut corners because of other business counterparties that don’t look into it or just push the deals out.’

‘Bingqing Pan is proactive and responsive and is always willing to guide whenever she could.’

Linklaters

Leveraging the firm’s ‘strong know-how support and connections in multiple jurisdictions’, Linklaters ‘high-calibre’ team is well-positioned to advise issuers and underwriters across a range of standalone and program offerings covering an eclectic mix of products, including as it relates to equity-linked and convertible bond issuances throughout the region. Co-headed by the vastly experienced William Liu and Hwang Hwa Sim, the firm’s deep expertise and knowledge of “what is market” has ensured that it has been a valued adviser to clients as they seek to navigate turbulent economic challenges, both on new money deals, as well as in the context of liability management exercises.  As well as advising on corporate debt raisings, the firm has excellent traction within the sovereign space, with Liu leveraging particularly strong ties with PRC central and municipal government entities, as well as for policy banks, which he advises on offshore bond issuances. The firm has also been at the cutting-edge of ESG-related offerings, with Gloria Cheung recently advising the joint lead managers and the trustee in relation to the Hong Kong government’s high-profile and ground-breaking successful offering of HK$800m tokenised green bond. Able to call upon a wide-range of product expertise, including as it relates to investment grade, high yield and panda bonds, as well as being a safe pair of hands on DCM restructuring issues, native Mandarin speaker Sherry Cui is also a key member of the team.

Practice head(s):

William Liu; Hwang Hwa Sim


Other key lawyers:

Michael Ng; Terence Lau; Gloria Cheung; Sherry Cui; Hanwen Yu; Taiki Ki; Shan Jiang


Testimonials

The high-calibre team is very approachable and knowledgeable, and has strong know-how support and connections in multiple jurisdictions.’

‘The team provides a very efficient and professional service.’

Key clients

The Ministry of Finance of the People’s Republic of China (MOF)


The People’s Bank of China (PBOC)


Shenzhen Municipal Government


Department of Finance of Guangdong Province


Bank of China


China Construction Bank


Bank of Communications


Industrial and Commercial Bank of China (ICBC)


New World Development Company


Haitong Securities Company Limited


Work highlights


  • Advising the Ministry of Finance of the PRC on its RMB3bn sovereign bond offering in Macau.
  • Advising the Hainan Provincial Government on its RMB5bn offshore multi-series bond issuance on what was the first blue bond and the first sustainability bond issued by a local government in mainland China.
  • Advising the joint lead managers and the trustee on the Hong Kong SAR’s HK$800m tokenised green bond issuance; the world’s first tokenised green bond issued by a government entity.

King & Wood Mallesons

Drawing upon a deep bench of Hong Kong-based lawyers with local, English and US law DCM expertise in addition to a well-established mainland presence, King & Wood Mallesons has a compelling offering on behalf of Chinese SOEs and POEs issuers and international banks on cross-border debt offerings. The firm remains very active in relation to bond issuances within the Free Trade Zone (FTZ), and also continues to work with China Central Depository & Clearing to help further improve the infrastructure to facilitate better ease of deals. US and Hong Kong-qualified team head Hao Zhou has strong relationships with underwriters and PRC corporate issuers and is consequently regularly leading on investment grade and high-yield bond issuances. Song Yue is also very active on international DCM matters, regularly handling work on issuances across the credit spectrum, ranging from sovereign issuers through to high-yield private companies. Other key members of the team include Richard Mazzochi, who as well as regularly advising on liability management issues also has a strong grounding in trustee work, and Michael Lu, who has been particularly active of late advising on green bond issuances.

Practice head(s):

Hao Zhou


Other key lawyers:

Richard Mazzochi; Michael Lu; Song Yue


Testimonials

The debt team works closely with other practice areas in other jurisdictions, thereby enabling a one-stop-shop service on complicated cross-border matters.’

‘It is a very competitive firm with a high degree of proficiency in advising DCM clients. They are also very adaptive to changes and can provide customised solutions to meet clients’ special needs.’

‘Zhou Hao and Michael Lu are two very helpful lawyers who have provided great assistance to our team over the past year in many areas.’

Key clients

Lingang Wings Inc; Shanghai Lingang Economic Development (Group) Co., Ltd.


Suzhou Industrial Park State Capital Investment and Operation Holdings


CLP Power Hong Kong Limited and The Hongkong Electric Company, Limited


SAIC-GMAC Automotive Finance Company Limited


New Metro Global Limited


Seazen Group Limited


China Reform Holdings Corporation Ltd.


China Tourism Group Corporation Limited


Dr.Peng Holding Hongkong Limited; Dr.Peng Telecom&Media Group Co., Ltd.


AAC Technologies Holdings Inc.


HNA Aviation Group Co., Ltd.


Global banks: Deutsche Bank AG, Singapore Branch, Crédit Agricole Corporate and Investment Bank, UBS AG


PRC banks: Bank of China (Hong Kong) Limited, Industrial Bank Co., Ltd., ICBC International Securities Limited, China International Capital Corporation Hong Kong Securities Limited, CMB International Capital Limited


Asian banks: The Hongkong and Shanghai Banking Corporation Limited, Standard Chartered Bank, The Bank of East Asia, Limited, DBS Bank Ltd.


As Trustees: Bank of China Trustees, Bank of Communications Trustee, The Bank of New York Mellon, China Construction Bank (Asia), Citicorp, CMB Wing Lung Trustee, and HSBC


Credit Guarantee and Investment Facility


Work highlights


  • Advised Shanghai Lingang on its issuance of CNY1bn 2.98% guaranteed green bonds due 2025 and EUR50 million 3.00% guaranteed green bonds due 2023 in the China (Shanghai) Pilot FTZ.
  • Advised HSBC on the Hong Kong Government’s ground-breaking pilot issuance of HK$800m tokenised green bonds recorded in tokenised securities accounts on a distributed ledger technology-based platform provided by Goldman Sachs (Asia) L.L.C as an extension of the Central Moneymarkets Unit.
  • Advised leading telecom operator and internet service provider in China Mainland, Dr.Peng Telecom & Media Group Co., on the restructuring of $256m bonds.

Latham & Watkins LLP

US finance heavyweight Latham & Watkins LLP is able to draw upon the expertise of a strong bench of US and UK-qualified practitioners based out of Hong Kong who are adept at advising on deals throughout the credit spectrum (including for Chinese SOEs) originating in China and abroad. The team, which is led by the vastly experienced Ji Liu, is also very well-versed in handling underwriter mandates, and it is this balanced offering which ensures that clients benefit from a very well-rounded view of the market. As well as handling conventional bond issuances (both standalone and program offerings), the team is also very well-versed at handling equity-linked transactions, chiefly as a result of Posit Laohaphan's strong credentials both with regard to US-listed and non-US listed companies in the region. Noted for his TMT-focused IPO practice, Benjamin Su also handles some bond issuances for clients in the sector and is also adept at advising underwriters for convertible bond issuances.

Practice head(s):

Ji Liu


Other key lawyers:

Posit Laohaphan; Benjamin Su; Derek Chua; Tingfei Fan


Key clients

Sunny Optical Technology (Group) Company


CNCB Capital / CNCB (Hong Kong) Investment Limited


China CITIC Bank International


Huatai International Finance


Goldman Sachs


Bank of America


Shenwan Hongyuan Securities (H.K.) Limited


Shaoxing Shangyu State-owned Capital Operation Co. Ltd.


Guotai Junan Securities (Hong Kong) Limited


Shangyu Urban Construction Group


Yiwu State-owned Assets Operation Co. Ltd.


Changde Urban Construction Investment Group Co.


Lishui Economic and Technology Development District Industrial Development Co.


Bank of China, ICBC (Asia)


ABC International


China Securities International


CICC


Citigroup


Milbank

The ‘professional and efficient’ team at Milbank handles a range of DCM work for issuers and underwriters both in relation to Hong Kong and China, as well as across numerous other Southeast Asian capital markets regimes. Alex Tao has been pivotal to growing the amount of China-related work handled by the firm and since arriving in mid-2020 has effectively targeted real estate high yield issuers, as well as handling an increasing volume of investment grade mandates. James Grandolfo co-heads the team alongside Tao and continues to thrive on behalf of underwriting banks, in particular, on Philippines-related DCM work.

Practice head(s):

James Grandolfo; Alex Tao


Other key lawyers:

Paul Pery; York Wu


Testimonials

The team is professional and efficient.’

They provide us with the latest legal advice on the latest market conditions at any time.’

Alex Tao has deep industry knowledge and provides high-quality advice.’

Key clients

JPMorgan


Morgan Stanley


UBS


Deutsche Bank


Barclays


Goldman Sachs


HSBC


BPI Capital


CLSA


Credit Suisse


Citigroup


Bank of America Merrill Lynch


Mizuho Securities


SMBC Nikko


Standard Chartered Bank


BNP Paribas Securities (Asia) Limited


Australia and New Zealand Banking Group Limited


Haitong Securities


Yanlord Land (HK) Co., Limited


Limak İskenderun Uluslararası Liman İşletmeciliği A.Ş.


Glory Land Holdings


GCL New Energy Holdings Limited


Shandong Gold Group Co., Ltd


SMC Global Power Holdings Corp.


China Vanke


Work highlights


  • Represented BPI Capital and Credit Suisse with respect to an all cash tender offer for 5.125% guaranteed undated notes issued by Ayala Corporation up to a tender cap of $100m.
  • Representing Shandong Gold Financial Holdings Group (Hong Kong) Co., Limited on the proposed issuance of USD perpetual bonds by its wholly-owned SPV which will be guaranteed by Shandong Gold Group Co., Ltd.
  • Acted for Vanke Real Estate (Hong Kong) in the 2022 annual update and drawdown offerings under its $9.5bn medium term note programme.

Sidley Austin

Sidley Austin's involvement for Chinese real estate issuers in many of the highest-profile offshore high-yield offerings in recent years has subsequently led to a considerable amount of restructuring and liability management exercises as that sector has been impacted by a raft of economic headwinds. The ‘phenomenal’ Renee Xiong has been at the heart of much of this work, including acting alongside the firm’s acclaimed London restructuring team on a number of distressed situations. As well as also being involved in a number of real estate-related restructuring/liability management scenarios, Carrie Li has also handled new bond issuances in other sectors, including her work for the lead managers in relation to China Cinda Asset Management’s issuance of FTZ bonds. Singapore based Matthew Sheridan heads up the overarching Asia capital markets offering.

Practice head(s):

Matthew Sheridan


Other key lawyers:

Carrie Li; Renee Xiong; Oliver Zhong


Testimonials

‘The team continues to be well known for its strength in the China property market.’

‘Renee Xiong is perhaps the best legal adviser on debt issues for China real estate.’

The team has rich experience in the real estate industry and provides practical advice on our deal dynamics.’

‘It is phenomenal that Renee Xiong is able to keep on top of all her transactions given the volume of deals she has. She really has her clients’ interests close to heart and no wonder her clients are very loyal.’

Key clients

ABC International


Bank of Communications


BOC International


China Construction Bank


Central China Real Estate Limited


China Fortune Land Development Co., Ltd


China Water Affairs Group Limited


Cinda International


Country Garden Holdings Company Limited


Goldman Sachs (Asia) L.L.C.


Guangdong – Hong Kong Greater Bay Area Holdings Limited


Guangzhou R&F Properties Co., Ltd.


KWG Group Holdings Limited


Logan Group Company Limited


Modern Land (China) Co., Limited


Powerlong Real Estate Holdings Limited


Redco Properties Group Limited


RiseSun Real Estate Development Co., Ltd.


Shanghai Fosun High Technology (Group) Co., Ltd


Shimao Services Holdings Limited


The Export-Import Bank of China


Xinchang County Transportation Investment Group Company Limited


Zhenro Properties Group Limited


Zhongliang Holdings Group Company Limited


Work highlights


  • Represented China Fortune Land Development Co. in the restructuring of its $4.96bn offshore debt by way of English scheme of arrangement.
  • Represented Modern Land (China) Co. in the restructuring of its $1.34bn offshore dollar-denominated notes.
  • Represented ABC International, Bank of Communications, BOC International, China Construction Bank, Cinda International as Joint Lead Managers in connection with China Cinda (2020) I Management Limited’s offering of CNY1.5bn 3.7% FTZ bonds due 2026 guaranteed by China Cinda (HK) Holdings Company Limited, pursuant to Regulation S.

Skadden, Arps, Slate, Meagher & Flom LLP

The ‘highly technical, client focused and professional' team at Skadden, Arps, Slate, Meagher & Flom LLP has strong overarching capital markets capabilities, ensuring that it is fairly active for issuers and underwriters on Greater China-related DCM matters. Edward Lam is at the forefront of much of this work, utilising his US qualifications to good effect in connection with SEC-registered and Rule 144A/Regulation S debt offerings. On the high yield front, although new money transactions have been impacted by wider market travails, Lam has also been active in relation to handling liability management exercises (including exchange offers) for real estate issuers. Corporate head Jonathon Stone also handles some high yield and investment grade offerings, including SEC-registered offerings and Rule 144A and Regulation S transactions.

Practice head(s):

Jonathan Stone; Edward Lam


Other key lawyers:

Vincent Sze


Testimonials

‘The team is highly technical, client focused and professional.’

Key clients

ZTO Express (Cayman) Inc.


Bilibili Inc.


Yuzhou Group Holdings Company Limited


Nufarm Limited


PT Medco Energi Internasional Tbk


Work highlights


  • Advised ZTO Express (Cayman) Inc. (China) in its $1bn Rule 144A offering of convertible senior notes.
  • Advised Bilibili Inc. in its equity underwriting and notes exchange agreement with Goldman Sachs (Asia) L.L.C. in relation to Bilibili’s issuance of 15,344,000 American depositary shares.
  • Advised Nufarm Limited in a $350m Rule 144A/Regulation S high-yield offering of senior notes in two tranches.

Ashurst

Ashurst’s wide-ranging DCM practice, across both product lines and clients (which include issuers, underwriters, trustees and credit enhancement providers), ensures that relevant stakeholders receive a ‘very comprehensive and knowledgeable service’, which is cognisant of both legal and commercial considerations. ‘Fantastic’ team head Jini Lee is emblematic of this diversified approach, being as comfortable handling bonds across all currencies and MTN and commercial paper programmes, as she is advising on liability management exercises (buybacks, tender offers and consent solicitations) and equity-linked transactions. ‘Seasoned veteran’ Jessica Li is also a very important part of the team, particularly in light of her skill at handling novel transactions, including as it relates to FTZ and Lotus bonds.

Practice head(s):

Jini Lee; Patrick Phua


Other key lawyers:

Jessica Li; Frank Bi; Melody He; Li Jiang; Janet Ouyang


Testimonials

The team provides a very comprehensive and knowledgeable service.’

The team has a lot of experience on public issuances in Hong Kong involving PRC issuers. They also have the requisite language skills to advise PRC clients on complex structures.’

Jini Lee is fantastic and very hands on.’

Key clients

CITIC Securities International Company Limited


Hong Kong Huafa Investment Holdings Limited


Bank of China Limited


China Industrial Securities International Brokerage Limited


China Construction Bank (Asia)


Bank of Communications Co., Ltd. Hong Kong Branch


Luso International Banking Limited


OCBC Wing Hang Bank Limited


Goldman Sachs


Credit Guarantee and Investment Facility


HSBC


Maybank Securities Pte. Ltd.


Kunming Traffic Investment Co., Ltd.


Xiamen ITG Holding Group Co., Ltd.


XMXYG Corporation


Guangzhou Development District Investment Group Co., Ltd


ABCI Capital Limited


BOCOM International Securities Limited


Central Wealth Securities Investment Limited


Essence International Securities (Hong Kong) Limited


TF International Securities Group Limited


Haitong International Securities Company Limited


Orient Securities (Hong Kong) Limited


Pulsar Capital Limited


Work highlights


  • Advising the Joint Lead Managers on the issuance of CNY500m bonds by HUAFA INVESTMENT HOLDING 2022 I COMPANY LIMITED unconditionally and irrevocably guaranteed by ZHUHAI HUAFA GROUP CO.
  • Advising the Joint Lead Managers in relation to the issuance of CNY2.4bn bonds by BOCOM LEASING MANAGEMENT HONG KONG COMPANY LIMITED with the benefit of a Keepwell and Asset Purchase Deedprovided by Bank of Communications Financial Leasing Co., Ltd.
  • Advising Goldman Sachs on the use of their new tokenisation platform, GS DAPTM, in respect of the first tokenised green bond issued by a government globally.

Deacons

Drawing upon strong local connections developed over many years’ existence in the local market and also able to leverage resources on the mainland, independent Hong Kong firm Deacons continues to pick up good market flow for domestic and PRC-based issuers and underwriters across a broad swathe of bond issuances. Team head Kevin Tong is pivotal to the firm’s success in the market, including as it relates to green/sustainable bonds and his work in relation to PRC Ministry of Finance’s offshore sovereign issuances in Hong Kong. Icarus Yuen regularly works alongside Tong on high-profile mandates, including on sovereign issuances, and also has strong traction among Chinese SOEs, which he regularly advises on their offshore bond issuances.

Practice head(s):

Kevin Tong


Other key lawyers:

Icarus Yuen


Key clients

AVIC International Leasing Co., Ltd.


Bank of China (Hong Kong) Limited


Bank of Communications Co., Ltd. Hong Kong Branch


Guangzhou Metro Group Co., Ltd.


The Bank of East Asia, Limited


The Wharf (Holdings) Limited


Wharf Real Estate Investment Company Limited


Wheelock and Company Limited


Zhejiang Provincial Energy Group Company Limited


Chongqing International Logistics Hub Park Construction Co., Ltd.


Tianjin Rail Transit Urban Development Co., Ltd. and Tianjin Rail Transit Group Co., Ltd.


Shandong Guohui Investment Holding Group Co., Ltd.


Xi’an Municipal Infrastructure Construction Investment Group Corporation, Ltd


Guangxi Communications Investment Group Corporation Ltd.


Yangzhou Economic and Technological Development Zone Development (Group) Co., Ltd


Zhuzhou City Construction Development Group Co., Ltd.


Weifang Urban Construction and Development Investment Group Co., Ltd.


Longkou Urban Rural Construction Investment Development Co., Ltd


Ningbo Beilun Modern Service Industry Development Co., Ltd.


Nanjing Jiangbei New Area Industrial Investment Group


China International Capital Corporation Hong Kong Securities Limited


Central Wealth Securities Investment Limited


Zhongtai International Securities Limited


Pulsar Capital Limited


China Construction Bank (Asia) Corporation Limited


Jinghe New City Development and Construction (Group) Co, Ltd of Xixian New Area, Shaanxi Province


Wuxi Hengting Industrial Co., Ltd.


Xinjiang Transportation Construction Investment Holding Co., Limited


Work highlights


  • Advised The Bank of East Asia, Limited on its issuance of $500m 6.75 per cent. Non-Preferred Loss Absorbing Notes due 2027.
  • Advised Bank of Communications Co., Ltd. Hong Kong Branch as the Issuing and Lodging Agent on the Sovereign Bond issuances by the Ministry of Finance of the People’s Republic of China in Hong Kong in 2022.
  • Advised Bank of China (Hong Kong) Limited as the Issuing and Lodging Agent on the RMB bill issuances by The People’s Bank of China in Hong Kong in 2022.

Mayer Brown

Deeply embedded into the local ecosystem, both from a regulatory, cultural and business view point, as a result of the legacy firm’s longstanding roots in Hong Kong, Mayer Brown effectively combines regional sensibilities with an international mindset to good effect for underwriters and issuers engaged in DCM transactions under New York, English and Hong Kong law. New York-law qualified partner Jason Elder has a strong reputation advising on global offerings of high yield and investment grade debt, as well as advising on mandates within developed economies, and is also well-versed at handling work within emerging and frontier market jurisdictions, including Mongolia and Indonesia. Thomas Kollar also excels at cross-border mandates (including Rule 144A/Regulation S) involving a breadth of DCM products, and has a similarly wide geographical reach as Elder, including work in relation to Indonesian, Mongolian and Vietnamese sovereign bond issuances. Guiping Lu has an excellent reputation advising banks as underwriters on debt raised by PRC companies, including his involvement on the first Shanghai FTZ bond offering involving an offshore trustee.

Practice head(s):

Jason Elder; Thomas Kollar


Other key lawyers:

Nishrin Hussain; Cindy Kao; Guiping Lu; Philip Hyde; April Liu


Testimonials

‘It is a relatively large and dedicated team, which is therefore able to provide a responsive service to issuers.’

Key clients

Citigroup, Deutsche Bank, Mandiri Securities, Société Générale Corporate & Investment Banking, Standard Chartered Bank, PT BRI Danareksa Sekuritas and PT Trimegah Sekuritas Indonesia Tbk


Bank of America, Deutsche Bank, Credit Suisse, HSBC, J.P. Morgan, PT BRI Danareksa Sekuritas and PT Trimegah Sekuritas Indonesia Tbk


BOSC International Company Limited, Hung Sing Securities Limited, Southwest Securities (HK) Brokerage Limited, Industrial Bank Co., Ltd. Hong Kong Branch, CMB Wing Lung Bank Limited, Dingxin (Securities) Limited, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch and Huafu International Securities Limited


Haitong International Securities Company Limited, Shanghai Pudong|Development Bank Co., Ltd., Hong Kong Branch, CMB International Capital Limited, and China Industrial Securities International Brokerage Limited


JQ Securities (Hong Kong) Limited, China Industrial Securities International Brokerage Limited, Haitong International Securities Company Limited, Hung Sing Securities Limited, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch and Southwest Securities (HK) Brokerage Limited


HLP Finance Limited and Hang Lung Properties Limited


China Industrial Securities International Brokerage Limited, BOSC International Company Limited, Industrial Bank Co., Ltd. Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Central Wealth Securities Investment Limited, Guosen Securities (HK) Capital Company Limited, Sinolink Securities (Hong Kong) Company Limited and Fosun Hani Securities Limited


CLSA Limited, China Securities (International) Corporate Finance Company Limited, J.P. Morgan Securities Plc, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, China International Capital Corporation Hong Kong Securities Limited


Guosen Securities (HK) Capital Company Limited, Eddid Securities and Futures Limited, AMC Wanhai Securities Limited, JA Securities Limited, CMB International Capital Limited, China Industrial Securities International Brokerage Limited, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Cinda International Capital Limited and Oversea-Chinese Banking|Corporation Limited


China Zheshang Bank Co., Ltd. (Hong Kong Branch), Guotai Junan Securities (Hong Kong) Limited, China Minsheng Banking Corp., Ltd., Hong Kong Branch and ABCI Capital Limited


Huatai Financial Holdings (Hong Kong) Limited, China Securities (International) Corporate Finance Company Limited, China CITIC Bank International Limited, China International Capital Corporation Hong Kong Securities Limited, China Zheshang Bank Co., Ltd. (Hong Kong Branch), China Everbright Securities (HK) Limited, Shanxi Securities International Limited, Guotai Junan Securities (Hong Kong) Limited, Haitong International Securities Company Limited and CLSA Limited


Orient Securities (Hong Kong) Limited, BOSC International Company Limited, ABCI Capital Limited, Industrial Bank Co., Ltd. Hong Kong Branch, CLSA Limited, China Industrial Securities International Brokerage Limited, TradeMaster Securities (Hong Kong) Limited, CNCB (Hong Kong) Capital Limited, ICBC International Securities Limited, Haitong Bank, Macau Branch, China International Capital Corporation Hong Kong Securities Limited, Central Wealth Securities Investment Limited, Zhongtai International Securities Limited and Haitong International Securities Company Limited


Orient Securities (Hong Kong) Limited, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Dingxin (Securities) Limited and Sigma Capital Management Limited


Suzhou City Construction Investment Group (Holding) Co., Ltd(宿州市城市建设投资集团(控股)有限公司)


Zhongtai International Securities Limited


Orient Securities (Hong Kong) Limited, BOSC International Company Limited, China International Capital Corporation Hong Kong Securities Limited, Industrial Bank Co., Ltd. Hong Kong Branch, China Zheshang Bank Co., Ltd. (Hong Kong Branch), Bank of Communications Co., Ltd. Macau Branch, Hua Xia Bank Co., Limited Hong Kong Branch, CNCB (Hong Kong) Capital Limited, Regan International Securities Limited, JQ Securities (Hong Kong) Limited, Initial Capital Securities Limited, Guotai Junan Securities (Hong Kong) Limited, CEB International Capital Corporation Limited and Essence International Securities (Hong Kong) Limited


Hefei Gaoxin Development & Investment Group Company (合肥高新建设投资集团公司)


Orient Securities (Hong Kong) Limited, BOSC International Company Limited and China Industrial Securities International Brokerage Limited


GF Securities (Hong Kong) Brokerage Limited, China CITIC Bank International Limited, Industrial Bank Co., Ltd. Hong Kong Branch, Shenwan Hongyuan Securities (H.K.) Limited, Hua Xia Bank Co., Limited Hong Kong Branch, CMBC Securities Company Limited, Guotai Junan Securities (Hong Kong) Limited, China International Capital Corporation Hong Kong Securities Limited, China Industrial Securities International Brokerage Limited, Bank of China Limited, Haitong Bank, Macau Branch, Shanxi Securities International Limited, China Everbright Securities (HK) Limited and Haitong International Securities Company Limited


Work highlights


  • Advised the underwriters on the The Republic of Indonesia’s combined $1.75bn bond offering.
  • Advised the underwriters on Franshion Brilliant Limited’s issuance of $200m Guaranteed Senior Notes (guaranteed by China Jinmao Holdings Group Limited).
  • Advised the underwriters in relation to Zhejiang Changxing Financial Holdings Group’s issuance of RMB98m credit-enhanced green bonds due 2025 backed by an irrevocable standby letter of credit issued by Bank of Shanghai Co., Ltd., Hangzhou Branch.

White & Case

Led from Hong Kong by Jessica Zhou and able to call upon additional resources on mainland China and Singapore, in particular, White & Case provides a compelling offering to issuers and underwriters on international DCM mandates throughout the region. Among its recent highlights, the team advised issuers and investors in a number of private placement, liability management, and restructuring transactions.

Practice head(s):

Jessica Zhou


Other key lawyers:

Xuan Jin


Key clients

BOC International


China Merchants Securities (HK) Co., Limited


China Zheshang Bank Co., Ltd.


CLSA


CMB International Capital Limited


Credit Suisse


Deutsche Bank


Fosun Hani Securities Limited


Guotai Junan Securities (Hong Kong) Limited


Haitong International Securities


HSBC


Huatai Securities


Industrial Bank Co., Ltd.


Maxeon Solar Technologies, Ltd.


Peng Ying International Development Company Limited


UBS


Valuable Capital Limited


Work highlights


  • Advised Maxeon Solar Technologies, Ltd. in its issuance and sale of $207m Convertible First Lien Senior Secured Notes.
  • Advised Haitong International Securities Group Limited on the issuance of its $200m subordinated perpetual securities, which represents the issuer’s first subordinated perpetual securities.
  • Advised UBS and Guotai Junan Securities (Hong Kong) Limited as the financial advisors in the exchange offer and consent solicitation and the subsequent reopened exchange offer by Zhongliang Holdings Group Company Limited of its two tranches of notes due 2022 with aggregate principal amount of $729.3m.

Fangda Partners

Combining its deep knowledge of the Mainland capital markets regulatory framework with an international outlook that includes US-qualified lawyers, Fangda Partners is a popular choice for Chinese issuers (including LGFVs) issuing offshore debt and for foreign issuers targeting domestic PRC investors through the issuance of Panda bonds. ‘Very experienced’ PRC and New York-qualified team head Christine Chen provides ‘solid advice’ to foreign issuers in mainland China, as well as to Chinese companies raising offshore debt, as well as in the context of Rule 144A and Regulation S debt offerings.

Practice head(s):

Christine Chen


Other key lawyers:

Annie Shen


Testimonials

‘The team is very experienced in the offshore debt capital market especially for LGFV’s issuers in the PRC.’

‘The team provides a consolidated packaged service representing both the underwriter side and trustee side, both comprising great and responsive talents.’

Christine Chen is very experienced and provides solid advice on our standard transactions as well as ad-hoc complex questions.’

Key clients

Asian Infrastructure Investment Bank


Deutsche Bank Aktiengesellschaft


Hungary (represented by Government Debt Management Agency Private Company Limited by Shares)


BMW China Capital B.V. and BMW AG


CSSC (Hong Kong) Shipping Company Limited


International Far Eastern Leasing Co., Ltd.


China Construction Bank (Asia) Corporation Limited


Xinjiang Zhongtai (Group) Co., Ltd.


China Industrial Securities International Brokerage Limited


Fosun International Securities Limited


Work highlights


  • Advised Deutsche Bank on its CNY1bn debut panda bond offering, the first panda bonds issued by a German bank.
  • Advised CSSC (Hong Kong) Shipping Company on its CNY1bn debut panda bond offering, the first sustainability-linked panda bond.
  • Advised Xinjiang Zhongtai (Group) Co., Ltd. on its CNY760m credit enhanced bonds offering, the first FTZ bonds subscribed by foreign investors.

Herbert Smith Freehills

Herbert Smith Freehills has a good reputation in the market advising across a range of high yield, investment grade, convertible and credit enhanced bonds for a varied mix of clients including Chinese SOEs, arrangers and trustees. As well as the traction he has with Chinese entities advising on offshore bond issuances, team head William Ku also continues to represent the Hong Kong government on its retail bond programmes, including its recent inaugural green bond.

Practice head(s):

William Ku


Other key lawyers:

Marcus Wong; Sarah Shen


Key clients

Hong Kong Monetary Authority


Standard Chartered Bank


Shenwan Hongyuan Securities (H.K.) Limited


China Construction Bank (Asia) Corporation Limited


Taizhou Urban Construction Investment Development Group Co., Ltd


DB Trustees (Hong Kong) Limited


Bank of China Limited, Macau Branch


Central Wealth Securities Investment Limited


Fosun Hani Securities Limited (now known as Fosun Wealth International Holdings Limited)


The Bank of New York Mellon


Jinan Industry Development Investment Group Co., Ltd


Kunming Public Rental Housing Development Construction Management Co., Ltd


Taizhou State-owned Assets Investment Group Co., Ltd.


Huatai International


Citicorp International Limited


Haitong Bank, S.A.


Jiangxi Zhengbang Technology Co., Ltd.


Zhuzhou Geckor Group Co., Ltd


CMB Wing Lung (Trustee) Limited


Bluestar Finance Holdings Limited


Yankuang Group (Cayman) Limited.


Beijing Gas Singapore Capital Limited


Work highlights


  • Acted for the Hong Kong Monetary Authority on The Government of the Hong Kong Special Administrative Region of the People’s Republic of China’s Government Green Bond Programme and the issuance of its inaugural HK$20bn retail green bonds.
  • Acted for the Hong Kong Monetary Authority on The Government of the Hong Kong Special Administrative Region of the People’s Republic of China’s retail bond programme and the issue of the HK$45bn Silver Bond Series retail bonds.
  • Acted for Central Wealth Securities Investment Limited, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, Pulsar Capital Limited and Dingxin (Securities) Limited on the issuance of CNY385m 4.3% credit enhanced bonds by Sichuan Liquor Group Co. backed by an irrevocable standby letter of credit to be issued by Bank of Tianjin Co., Ltd.

Paul Hastings LLP

Paul Hastings LLP’s ‘efficient and responsive’ Greater China capital markets group, which includes lawyers on the ground in Hong Kong and the mainland, provides ‘high-quality work’ to underwriters and issuers on high yield and investment grade bond issuances. James Ma is a key member of the team and has been particularly active of late advising Chinese SOEs on the issuance of credit enhanced bonds. The ‘approachable and hands on’ Vivian Lam has ‘substantive experience in bond issuances’, including for Chinese issuers.

Practice head(s):

Raymond Li; Vivian Lam; James Ma


Other key lawyers:

Jeff Lee; Hulka Lo


Testimonials

The efficient and responsive team provides high-quality work. Chinese language capability is one of their key strengths.’

Vivian Lam is approachable and hands on and has substantive experience in bond issuances. She is very experienced and always come up with sound ideas for the client.’ 

Key clients

COSCO Shipping


Haitong International Securities Group Limited


Contemporary Amperex Technology


Guotai Junan Securities


ICBC International


CLSA Limited


China Merchants Securities


Sino-Ocean


PingAn Trust


Hwabao Trust


Zhongyuan Bank


Sheng Yuan Securities


Zhongtai International


Wuxi Nengda Thermoelectricity


Wanhai Securities


Redsun Properties


Techtronic Industries


Haier Financial Services


Work highlights


  • Advised Mapletree Pan Asia Commercial Trust, which includes Mapletree North Asia Commercial Treasury Company (HKSAR) Limited, MPACT Treasury Company Pte. Ltd. and Mapletree North Asia Commercial Trust Treasury Company (S) Pte. Ltd, in the establishment of $5bn Euro Medium Term Securities Programme.
  • Advised Wuxi Chengkai Industrial Development Group Co. on its €160m 2.25% credit enhanced bonds backed by an irrevocable standby letter of credit issued by Bank of Ningbo.
  • Advised Wuxi Nengda Thermoelectricity Co., Ltd., a state-owned enterprise in Wuxi City, PRC, as the guarantor in the issuance of RMB750m 4.2% credit enhanced guaranteed bonds.

Reed Smith Richards Butler LLP

Able to mobilise local expertise, including that of the ‘innovative and commercial’ Vivian Ji following her arrival in February 2023 from Jeffrey Mak Law Firm, as well as international resources by dint of its global network, Reed Smith Richards Butler LLP is well positioned to advise issuers and underwriters across a variety of domestic and cross-border capital-raising transactions. As part of his broad corporate offering, team head Gregory Wang is adept at advising Chinese issuers raising debt in Hong Kong, including for companies within the real estate sector.

Practice head(s):

Gregory Wang


Other key lawyers:

Vivian Ji; Delpha Ho; Anthony Woo


Testimonials

‘The team is able to mobilise the expertise not only locally but via its network worldwide. This does provide us solutions in new matters we did encounter before.’

‘Vivian Ji impresses with her innovative and commercial approach to legal issues.’

‘Vivian Ji is willing to explore and advise clients on various solutions in the most efficient way.’

Shearman & Sterling

Working on its own, as well as frequently in collaboration with the Singapore office, Shearman & Sterling's Hong Kong team advises issuers and underwriters engaged in a variety of cross-border DCM offerings, including debt program establishments, trades and updates, private placements, investment grade and high-yield issuances. Team head Kyungwon Lee leads from the front, regularly advising clients on high yield, investment grade and convertible bond issuances within the tech, healthcare, energy and telecoms sectors.

Practice head(s):

Kyungwon Lee


Other key lawyers:

Wanda Woo; Hae-Ran Song; Leo Wong


Key clients

BNI Securities Pte. Ltd


CIMB Investment Bank Berhad


CK Hutchison


Deutsche Bank


Merrill Lynch


HSBC


Barclays


Citigroup


MUFG Securities Americas Inc.


Morgan Stanley


Mandiri Securities Pte. Ltd.


Standard Chartered Bank


Greenko Energy Holdings


Work highlights


  • Represented CK Hutchison International Limited, as issuer, and CK Hutchison Holdings Limited, as Guarantor, in connection with the issuance of $1.25bn 4.750% Guaranteed Notes due 2028 and $1.25 bn 4.875% Guaranteed Notes due 2033.
  • Represented BNI Securities Pte. Ltd., CIMB Investment Bank Berhad and Deutsche Bank AG, Singapore Branch, as dealer managers, in connection with tender offers by Theta Capital Pte. Ltd. for its outstanding 8.125% Senior Notes due 2025 and 6.750% Senior Notes due 2026.
  • Represented the initial purchasers in connection with the offering of $1.5bn in aggregate principal amount of 2.875% senior notes due 2032, $1.75bn in aggregate principal amount of 3.625% senior notes due 2052 and $750m in aggregate principal amount of 3.750% senior notes due 2062 by Reliance Industries Limited.

Slaughter and May

Reflective of the firm’s impressive corporate client base, the majority of Slaughter and May's DCM work is on the issuer side, including on deals in highly regulated sectors that require a deep understanding of the capital markets regulatory landscape. Lisa Chung regularly advises Hong Kong-listed companies on bond matters, including on the establishment and updating of MTN programmes. Clara Choi is also a key member of the team and regularly advises financial services clients seeking to raise money on the debt capital markets. Benita Yu heads up the overarching corporate team which houses the capital markets offering.

Practice head(s):

Benita Yu


Other key lawyers:

Jason Webber; Lisa Chung; John Moore; Clara Choi


Testimonials

‘The firm displays an exceptional level of professionalism and dedication, ensuring that all legal aspects were well handled.’

‘Lisa Chung has a deep understanding of our company’s needs and her ability to provide professional, tailored advice made the entire process seamless and successful.’

Key clients

Cathay Pacific Airways


MTR Corporation Limited


MTR Corporation (C.I.) Limited


Prudential plc


Sands China Ltd


Standard Chartered Plc


Swire Pacific


Swire Properties


Westpac Banking Corporation


Work highlights


  • Advised Sands China on its 2022 exchange offer by way of issuance of US SEC registered notes in exchange of its $1.95bn unregistered notes issued in 2021.
  • Acted as Hong Kong and English legal adviser to MTR on its issuance of CNY260m 3.25% Fixed Rate Notes due 2025 under its $7bn Debt Issuance Programme.
  • Advised Standard Chartered Plc on the redemption and delisting from the Hong Kong Stock Exchange of its existing 7.5% Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities and its issue of new Fixed Rate Resetting Perpetual Subordinated Contingent Convertible Securities.