Capital markets (debt) in Hong Kong

Allen & Overy

Led by the ‘exceptionalJohn Lee, Allen & Overy‘s ‘hardworking and responsive‘ four-partner team provides ‘smart and commercial advice‘ to issuers and underwriters across a range of debt capital markets products, including cross-border investment grade, panda bond issuances and medium term note programmes. Fluent in Mandarin and Cantonese, ‘extremely capable‘ UK and Hong Kong-qualified partner Agnes Tsang provides a ‘well-rounded‘ offering to Chinese banks and state-owned enterprises (SOEs) and has been at the vanguard of the increased popularity of environmental, social and corporate governance (ESG) bonds, as well as on some cutting-edge sovereign issues. Of the more junior partners, the ‘knowledgeable and very hardworkingJaclyn Yeap continues to impress as a result of her ‘in-depth expertise of almost every type of product‘, including ESG mandates and Regulation S bond issuances.

Practice head(s):

John Lee

Testimonials

‘The strong team provides smart and commercial advice.’

‘The team is very hardworking and responsive. The lawyers have a high standard of bonds knowledge and their document drafting is very good. Apart from the legal part, when they act as the issuer’s counsel, in the Offering Circular drafting, they read the company’s annual report and cross check with our roadshow presentation carefully.’

‘The lawyers are very responsive and diligent in dealing with clients’ requests.’

‘The team works hard to meet client needs and is highly responsive and willing to provide clear advice. I appreciate especially the partners’ personal oversight and control over transactions / more complex issues.’

‘The exceptional John Lee is solutions-driven, bright and experienced.’

‘The impressive Jaclyn Yeap is professional, knowledgeable, reliable and very hardworking. She has significant international bonds experience and therefore has in-depth expertise of almost every type of product and is very well connected with issuers/bankers/regulators/other third parties.’

Jaclyn Yeap, in particular, has been highly responsive and I appreciate her incisiveness and attention to detail even on procedural matters.’

‘Agnes Tsang is extremely capable and well-rounded in the industry.’

Key clients

Asian Development Bank

Bank of America Merrill Lynch

Bank of China

China Zheshang Bank

CK Hutchison

Goldman Sachs

Government of Hong Kong

ICBC

Morgan Stanley

Standard Chartered

Clifford Chance

Although its headcount at a senior level was slightly reduced following the recent relocations of Matthew Fairclough  to London and high yield specialist Alexander Lloyd  to Kirkland & Ellis LLP‘s Boston office, Clifford Chance still has the critical mass and depth of knowledge to be a very popular choice among issuers and underwriters across the gamut of debt capital market products. Led by Connie Heng, the team ‘possess the unique blend of experience, commercial savvy and high conviction‘, enabling it to gain a seat at the table on many off the market’s most significant and cutting-edge mandates. The team has particularly strong relationships with many Chinese SOEs and recently advised the underwriters to one of these – Agriculture Development Bank of China – on China’s first dim sum bond issuance to combat the coronavirus. David Tsai led on this deal and is recognised as ‘one of the most impressive capital markets practitioners‘ in the region. Mark Chan was also involved in the aforementioned mandate, and is recommended for his expertise across a wide range of debt and equity-linked capital markets products. Senior associate Nathan Wong is gaining increased market recognition as a result of his ‘well-grounded technical skills and problem-solving abilities’. 

Practice head(s):

Connie Heng

Testimonials

‘Lawyers in the team have solid technical and execution skills. In addition, they are always reachable which is really important from the clients’ perspective.’

The team possess the unique blend of experience, commercial savvy and high conviction.’

David Tsai remains one of the most impressive capital markets practitioners among the China/Hong Kong names and remains a go-to call for us on all relevant queries.’

 ‘I am extremely impressed by Nathan Wong’s coherent and logical organization, well-grounded technical skills, on-point and on-time execution and problem-solving ability. I am looking forward to seeing Nathan as a rising and shining star in the future.’  

 

Key clients

Bank of China

China International Capital Corporation (CICC)

HSBC

Guotai Junan Securities

Standard Chartered

J.P. Morgan

Citi

Beijing Capital Group Co., Ltd

AIA Group Limited

Haier Smart Home

China Ping An Insurance (Group) Company of China, Ltd

Work highlights

  • Advised on the restructuring of certain listed exchangeable bonds issued by a member of Haier Smart Home.
  • Advised J.P. Morgan Securities and UBS on New World Development (NWD) Company Limited’s issuance of $200m 3.75% Guaranteed Sustainability-Linked Notes due 2031.
  • Advised the underwriters in relation to Agriculture Development Bank of China’s dim sum bond offering, issued to combat the coronavirus outbreak.

Davis Polk & Wardwell LLP

With US, UK and domestic-qualified experts based out of the Hong Kong office, Davis Polk & Wardwell LLP‘s versatile debt capital markets offering is active for both issuers and underwriters throughout the product range, including on English-law investment grade, New York law-governed high yield and structured private placement matters. Hong Kong and New York-qualified team head Gerhard Radtke has excellent relationships with a raft of leading investment banks, as well as issuers (throughout the credit spectrum) and is consequently regularly at the forefront of the highest-profile investment grade and high yield issuances handled by the office. As well his work on new money issuances, Radtke also has considerable experience in the context of liability management, an area of particular importance of late, as the consequences of the coronavirus pandemic are felt by issuers in the region. Yang Chu handles investment grade and high yield debt work alongside a flourishing equity offering for HKEX-listed issuers and is a key member of the team that also includes counsel Bingqing Pan, whose versatile practice includes investment grade, high yield and liability management work.

Practice head(s):

Gerhard Radtke

Other key lawyers:

Bingqing Pan; Steve Wang; Yang Chu

Testimonials

The team is very professional and efficient. The lawyers are highly transaction-oriented and process strong capabilities in executing transactions and delivering results.’

Work highlights

    Linklaters

    Benefiting from ‘abundant resources‘ from Hong Kong, as well as mainland China (where as a result of its joint venture in the Shanghai Free Trade Zone it is able to advise on local law), Linklaters‘ 11-partner team, which is co-headed by William Liu and Hwang Hwa Sim, has ‘incomparable market and product knowledge‘, enabling it to provide ‘commercially-minded and focused‘ advice to issuers and underwriters across the full range of debt products. The firm is ‘very prompt to react to legal developments‘ and is at the leading-edge of the influx of innovative deals which have been increasingly prominent since the liberalisation of the Chinese capital markets. Michael Ng has been at the forefront of much of this cutting-edge work, particularly as it relates to green and sustainable bond offerings. Sherry Cui is ‘very experienced’ at handling PRC debt capital markets work and her ‘deep knowledge about different structures‘ ensure that she is able to provide ‘practical solutions agreeable by both issuers and banks’. Gloria Cheung is also recommended for her balanced issuer and underwriter practice which encompasses the full spectrum of debt and equity-linked capital markets transactions.

    Practice head(s):

    William Liu; Hwang Hwa Sim

    Testimonials

    ‘The firm has abundant resources which are very helpful when we need to handle tricky transactions. Linklaters is very prompt to react to legal developments, and with their leading market position, their work usually sets precedents for future transactions – this provides a lot of assurance to banks.’

    ‘They have the biggest team in APAC, incomparable market and product knowledge, and are very commercially-minded and focused.’

    They don’t only focus on their work, but also educate others and bring them up to speed on what’s happening in the market and the latest practices.’

    ‘Sherry Cui is very experienced in the PRC DCM market with deep knowledge about different DCM structures. She understands what issuers think and always manages to tip a balance between legal concerns and issuers’ commercial concerns and offers practical solutions agreeable by both issuers and banks. Sherry loosens the tension among counterparties and turns a transaction into a collaboration of all parties.’

     

    Key clients

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

    The People’s Bank of China (PBOC)

    Bank of China Limited

    Bank of Communications Co., Ltd

    Industrial and Commercial Bank of China Limited

    State Development & Investment Corp., Ltd

    The Airport Authority of Hong Kong

    Cathay Pacific Airways Limited

    Jardine Matheson Group

    New World Development Company Ltd

    Work highlights

    • Advised the MOF on its $6bn 144A/Reg S sovereign bonds offering and its €4bn multi-tranche senior bond offering.
    • Advised the joint lead managers on the HKSAR government’s successful offering of the Rule 144A/Regulation S $2.5bn triple-tranche green bonds offering.
    • Advised the PBOC on its series of issuance of RMB bills in Hong Kong SAR through the tendering platform CMU BID operated by the Hong Kong Monetary Authority.

    King & Wood Mallesons

    The ‘solutions-oriented‘ team at King & Wood Mallesons continues to gain market visibility and is increasingly well-equipped to handle a significant volume and variety of debt capital markets mandates as a result of some notable new hires. Song Yue ‘has an extraordinary understanding of capital markets matters’ and his arrival from Clifford Chance in January 2021 was a particularly notable new hire in light of his ability to seamlessly operate across the US and non-US space. US and Hong Kong-qualified team head Hao Zhou is well regarded by issuers and underwriters across a balanced mix of investment grade and high yield offerings. Michael Lu is another key member of the team and his knowledge of US, Hong Kong and mainland China regulatory regimes, ensure that he is able to provide a versatile service to SOE, private companies and many leading investment banks.

    Practice head(s):

    Hao Zhou

    Testimonials

    The lawyers are solutions-oriented.’

    The team has grown rapidly in the past few years and has established an excellent market reputation.’

    Song Yue has an extraordinary understanding of capital markets matters, and can help issuers in a very efficient manner.’

    Key clients

    Industrial Bank Co., Ltd.

    Standard Chartered Bank

    DBS Bank

    China International Capital Corporation Hong Kong Securities

    Chengdu Xingcheng Investment Group Co.

    BNP Paribas

    Concord New Energy Group

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

    Yango Group Co., Ltd.

    Guozhen International Trade Consulting Co.

    Latham & Watkins LLP

    Drawing upon strong institutional firmwide banking relationships and also deeply entrenched in the Greater China market for a plethora of major companies and financial institutions, Latham & Watkins LLP‘s four-partner team receives a steady pipeline of mandates across the gamut of debt products. Able to dispense Hong Kong, US and English law advice, strengths include advice on investment grade debt issuances, as well as equity-linked offerings, including convertible and exchangeable bonds. Although the team is industry agnostic, it has been particularly prolific of late in relation to capital raisings in the TMT sector, an area that Benjamin Su has been extremely active since his return to the firm in 2018. Native Chinese speaker Ji Liu combines local knowledge with an international perspective, enhanced by his US qualifications, and is frequently at the heart of the most significant investment grade and high yield mandates handled by the team. Tracy Edmonson co-heads the team alongside Liu.

    Practice head(s):

    Ji Liu ; Tracy Edmonson

     

    Key clients

    China National Chemical Corporation Limited

    Metallurgical Corporation of China Ltd.

    TencentHoldings Limited

    Tencent Music Entertainment Group

    Deutsche Bank AG, Singapore Branch,

    eHi Car Services Limited

    Goldman Sachs (Asia) L.L.C.

    Morgan Stanley & Co. International plc.

    Bank of China (Hong Kong) Limited

    Merrill Lynch (Asia Pacific) Limited

    SJM Holdings Limited

    Credit Suisse (Hong Kong) Limited

    Industrial and Commercial Bank of China (Asia) Limited

    Guangzhou Development District Finance Holdings Group Co., Ltd.

    Huatai Financial Holdings (Hong Kong) Limited

    Changde Urban Construction Investment Group Co. Ltd.

    Yiwu State-Owned Capital Operation Co., Ltd

    Huzhou City Investment Development Group Co., Ltd.

    Xuzhou Economic and Technology Development Zone State-owned Assets Management Co., Ltd.

    Work highlights

    • Advised the joint global co-ordinators and joint bookrunners on the $6bn and $4.15bn drawdown under the $20bn Global Medium Term Note Programme by Tencent Holdings.
    • Advised China National Chemical Corporate, as issuer, in relation to  its USD/EUR multiple-tranche bond.
    • Advised eHi Car Services on its $300m high yield bond offering.

    Milbank

    Leveraging the firm’s impressive institutional ties with many leading international investment banks, including UBS and Morgan Stanley, and also developing a growing roster of company-side mandates – particularly throughout Southeast Asia, Milbank provides a ‘commercial‘ service to underwriters and issuers across a range of debt capital market products. The arrival of the ‘very accessible’ Alex Tao from Allen & Overy in June 2020 strengthens the firm’s presence in the China market, as a result of his expertise in advising on New York law-governed high yield issuances for Chinese companies. Paul Pery has been pivotal to the firm’s success in Southeast Asia, particularly in relation to high-value transactions involving Philippines issuers. Team head James Grandolfo has vast experience across a range of Asian markets, including the Philippines and India.

    Practice head(s):

    James Grandolfo

    Other key lawyers:

    Paul Pery; Liang (Alex) Tao

    Testimonials

    The team displays a professional and rigorous attitude.’

    Despite them acting on the issuer side, they remain close to market and are able to provide advice that is commercial but without sacrificing the issuer’s interest.’

    Alex Tao is very accessible, provides very strong leadership and has extremely close relationship with issuers.’

    Key clients

    Morgan Stanley

    UBS

    Deutsche Bank

    Barclays

    Goldman Sachs

    HSBC

    BPI Capital

    CLSA

    Credit Suisse

    Citigroup

    Mizuho Securities

    SMBC Nikko

    Greenland Global Investment Limited

    Standard Chartered Bank

    BNP Paribas Securities (Asia) Limited

    Australia and New Zealand Banking Group Limited

    DBS

    First Metro Investment Corporation

    MUFG Securities

    Rizal Commercial Banking Corporation

    China Vanke

    JSW Hydro Energy Limited

    Globe Telecom Inc.

    Development Bank of the Philippines

    Country Garden Holdings Company

    Star Energy Geothermal Darajat II Limited and Star Energy Geothermal Salak Ltd.

    Manila Water Company, Inc.

    San Miguel Corporation

    Metropolitan Bank & Trust Company

    Shimao Group Holdings Limited.

    Times China Holdings

    Glory Land

    Hongqiao Group Holdings Limited

    Limak İskenderun Uluslararası Liman İşletmeciliği A.Ş.

    Work highlights

    • Advised Rizal Commercial Banking Corporation as issuer in connection with its Regulation S issuance of $300m 6.50% non-cumulative subordinated Additional Tier 1 capital securities.
    • Advised Limak İskenderun Uluslararası Liman İşletmeciliği A.Ş. in connection with its inaugural Rule 144A/Reg S project bond maturing in 2036, which was one of the first-ever project bonds issued out of Turkey.
    • Advised the underwriters in relation to Country Garden Holdings’ debut $1bn bond issuance following the issuer’s upgrade from high yield to the investment grade category.

    Skadden, Arps, Slate, Meagher & Flom LLP

    Leveraging the firm’s impressive roster of Chinese corporates from a range of industry sectors, including education, fintech and mining, Skadden, Arps, Slate, Meagher & Flom LLP excels in its role as issuer’s counsel across a range of debt products. While the firm does handle its fair share of investment grade offerings, to meet the business requirements of some of its blue-chip clients’ needs, it stands out, in particular, for its aptitude at handling more bespoke mandates including equity-linked products, as well as high-yield notes with a Rule 144A/Regulation S component. Hong Kong, UK and New York-qualified partner Edward Lamhas an absolutely commanding presence of the facts, the law and the markets’ and is a key member of the team that also includes very experienced high yield expert Jonathan Stone.

    Practice head(s):

    Edward Lam; Jonathan Stone

    Other key lawyers:

    Vincent Sze

    Testimonials

    The responsive Edward Lam is incredibly bright, precise with legal advice and has absolute command of legal issues, as well as market conditions and business issues that concern clients. He has an absolutely commanding presence of the facts, the law and the markets.’

    They are a rare team who are proficient in dual primary listing and secondary listing projects.’

    Their precise grasp of the US stock rules guarantees our company’s stable performance in the U.S. stock market.’

    Key clients

    Sinopec Group

    Meituan

    Baidu, Inc.

    Pinduoduo Inc.

    NIO Inc.

    Xiaomi Corporation

    Bilibili, Inc.

    iQIYI, Inc.

    Weibo Corporation

    Trip.com Group Limited

    Work highlights

    • Advised Meituan, China’s leading e-commerce platform for services, on its $2bn Rule 144A/Regulation S offering of senior notes in two tranches.
    • Advised Sinopec Group Overseas Development (2018) Limited, a wholly owned subsidiary of China Petrochemical Corporation, on its $3bn Rule 144A/Regulation S offering of US dollar-denominated senior notes in three tranches.
    • Advised Baidu, Inc. on its $1bn offering of notes in two tranches that were listed on the Singapore Stock Exchange.

    Ashurst

    Ashurst is able ‘to combine technical knowledge with business nous’, for both issuers and underwriters. The team, which can dispense New York, UK and Hong Kong law advice, is ‘good at thinking creatively and communicating effectively’, ensuring that it is well-positioned to advise on complex structures, from across the panoply of debt and equity-linked products. Jini Lee now co-heads the global finance, funds and restructuring group following Nigel Pridmore’s recent retirement, and is recognised as ‘one of the few top lawyers who is truly active in the region for investment grade issuances’. Anna-Marie Slot splits her time between Hong Kong and London and heads up the high yield offering. The team also hired Jessica Li who joined from Allen & Overy LLP in November 2021. Li is a native Mandarin speaker and as well as her extremely in-depth legal knowledge, also benefits from a deep understanding of Chinese culture, ensuring that she is a popular choice among highly rated corporate and financial institutions who are frequent participants in the debt capital markets of Greater China.

    Practice head(s):

    Jini Lee (Co-head, Global Finance Funds and Restructuring); Anna-Marie Slot (Head of High Yield)

    Other key lawyers:

    Melody He; Frank BiLynn Liu ; Jessica Li

    Testimonials

    ‘Ashurst has solid understanding of the Chinese market, as well as international market practices, which enables them to marry technical knowledge with business nous.’

    ‘Their advice is based not only on their strong understanding of Hong Kong law, but also on their deep understanding of underwriters’ business needs and compliance requirements, the position of Chinese issuers and the general business climate in the real world.’

    ‘Apart from being knowledgeable, they are also good at thinking creatively and communicating effectively (everyone in the team we have interacted with is multilingual), so we can trust them to handle complex structures and liaise with different counterparties effortlessly.’

    ‘Jini Lee is one of the few top lawyers who is truly active in the region for investment-grade issuances. She is very down-to-earth and energetic, is always able to see the big picture and guide us through the transaction with practical advice. She is very good at anticipating our needs and handling issues before they even arise.’

    Jini Lee has a deep understanding of the business culture and language of various places. Therefore, she can communicate and explain related legal issues very well to customers in different places.’

    Lynn Liu is very familiar with Chinese issuers. She is commercially aware and good at guiding different parties towards an agreed position on documents.’

    Key clients

    Bank of China

    The Macau Chinese Bank Limited

    Luso International Banking Limited

    Industrial and Commercial Bank of China (Macau) Limited

    China Construction Bank Corporation

    CEB International Capital Corporation Limited

    CNCB (Hong Kong) Capital Limited

    Huajin Securities (International) Limited

    ICBC International Securities Limited

    Ping An of China Securities (Hong Kong) Company Limited

    Shanghai Pudong Development Bank Co

    CCB International Capital Limited

    China Industrial Securities International Brokerage Limited

    Barclays Bank

    Citigroup Global Markets Inc.

    Deutsche Bank AG

    Emirates NBD Bank PJSC

    Investec Bank

    J.P. Morgan Securities

    Morgan Stanley & Co. International

    Standard Chartered Bank

    MIE Holdings Corporation

    NagaCorp Ltd.

    The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch

    DBS Bank Ltd.

    Work highlights

    • Advised the Joint Lead Managers on the issuance of $270m notes by Ji’an Chengtou Holding Group Co, listed on the Hong Kong Stock Exchange.
    • Advised HBIS Group Co and its subsidiary HBIS Group Hong Kong Co., Limited (the “Issuer”) in respect of the issuance of notes to be used for refinancing of existing indebtedness of the Issuer.
    • Acting for China Energy and Reserve Chemicals Group on the restructuring of its $2bn offshore bonds.

    Deacons

    The ‘outstanding‘ team at Deacons advises issuers and underwriters across a range of debt capital markets matters and is ‘very knowledgeable and experienced in helping Chinese clients raising offshore debts’. ‘Client-centric and experienced‘ team head Kevin Tong has been at the vanguard of the development of the offshore bond market and ‘is able to suggest practical solutions to resolve the complex legal and regulatory issues as well as to fulfill the regulatory requirements of the Hong Kong Monetary Authority (HKMA)’. 

    Practice head(s):

    Kevin Tong

    Other key lawyers:

    Icarus Yuen

    Testimonials

    We have been working with Deacons regarding various debt issues for many years and their professional services and knowledge including market practice are exceptional and at high quality at all times. Their team is outstanding and impressive in dealing with the specific requirements of the regulators’. 

    The team is very responsive and knowledgeable about DCM matters.’

    The team is very knowledgeable and experienced in helping Chinese clients raising offshore debts.’

    The team has strong professional skills, rich experience in the Chinese dollar bond market, and very good communication skills.’

    Kevin Tong is very efficient, client-oriented and is able to suggest practical solutions to resolve the complex legal and regulatory issues as well as to fulfill the regulatory requirements of the HKMA.’

    Kevin Tong is an experienced partner in the DCM space and has always been client-centric and approachable. He provides timely legal advice and ensures transactions are executed in accordance with the industry standards.’

    Key clients

    AVIC International Leasing Co., Ltd.

    Bank of China (Hong Kong) Limited

    Bank of Communications Co.

    Guangzhou Metro Group Co.

    Shandong Iron & Steel Group Co.

    The Bank of East Asia The Wharf (Holdings) Limited

    Wharf Real Estate Investment Company Limited

    Wheelock and Company Limited

    Xi’an Municipal Infrastructure Construction Investment Group Corporation

    Work highlights

    • Advised Bank of China (Hong Kong) Limited as the issuing and lodging agent as to Hong Kong law on the RMB bill issuances by The People’s Bank of China in Hong Kong from February to December 2020, totalling RMB155bn.
    • Advised Bank of Communications Co. as the issuing and lodging agent on the Sovereign Bonds issuances by the Ministry of Finance of the PRC in Hong Kong in July, September and November 2020, totalling RMB15bn.
    • Advised The Wharf (Holdings) Limited as issuer on the annual update of the $7bn Medium Term Note Programme.

    Mayer Brown

    Acting on its own, as well as frequently alongside New York and London-based practitioners, Mayer Brown has a strong track record advising on cross-border transactions. As well as work emanating out of Greater China, the team has developed a strong reputation for issuers and underwriters in high growth markets throughout central and south Asia. Team head Jason Elder excels at handling global offerings of investment grade and high yield debt offerings and has developed a particular niche practice advising on debt issuances for sovereigns and companies based out of Mongolia and Indonesia. Thomas Kollar is also recommended and handles Rule 144A/Regulation S transactions.

    Practice head(s):

    Jason Elder

    Other key lawyers:

    Thomas Kollar; Nishrin Hussain

    Key clients

    Republic of Indonesia

    Saigon – Hanoi Commercial Bank

    Trade and Development Bank of Mongolia

    Vietnam Prosperity Joint Stock Commercial Bank

    Mongolian Mortgage Corporation HFC LLC, MIK Holding JSC

    PTT Public Company Limited

    China Taiping Insurance (HK) Company Limited

    Beijing Properties (Holdings) Limited

    Emperor International Holdings Limited

    Guotai Junan Securities (Hong Kong) Limited

    The Bank of East Asia

    Haitong International

    Agricultural Bank of China International

    HeungKong Securities Limited

    China Minsheng Banking Corp., Ltd., Hong Kong Branch

    CM Financial

    China Everbright Bank Co., Ltd., Hong Kong Branch

    Development Bank of Mongolia

    DBS Bank Limited

    SinoChem Offshore Capital Company Limited

    Hang Lung Properties Limited

    Nomura

    Shearman & Sterling

    Benefiting from a ‘deep understanding of the legal and commercial concerns of the client, as well as the prevailing market practice’, Shearman & Sterling is a popular choice among issuers and underwriters across a range of cross-border transactions throughout Greater China and Asia Pacific. The firm’s strong bench of bilingual, New York-qualified practitioners ensures that the ‘highly professional and efficient‘ team is particularly effective at advising on high yield deals, including a large volume of mandates within the real estate sector. Kyungwon Lee heads up the Asia capital markets team that includes the ‘friendly and knowledgeableAlan Yeung, who stands out for his ability to provide ‘practical advice and solutions‘ to issuers and underwriters engaged in Chinese-related offerings of securities into the US market.

    Practice head(s):

    Kyungwon Lee

    Other key lawyers:

    Alan Yeung ; Leo Wong

    Testimonials

    The team is highly professional and efficient.’

    The team has substantial experience in the high yield and real estate space and offers great advice to their clients.’

    They demonstrate their deep understanding of the legal and commercial concerns of the client as well as the prevailing market practice.’

    The friendly and knowledgeable Alan Yeung provides an excellent service.’

    Alan Yeung is very experienced and hands on, understands the needs of his clients and offers practical advice and solutions.’

    Key clients

    China CITIC Bank International Limited

    Citigroup Global Markets Limited

    CK Hutchison Holdings Limited

    CMB International Capital Limited

    CMBC Securities Company Limited

    Credit Suisse (Hong Kong) Limited

    DBS Bank Ltd

    Deutsche Bank

    Goldman Sachs

    Guotai Junan International

    Haitong International Securities Company Limited

    JP Morgan Securities plc

    Morgan Stanley

    New Metro Global Limited & Seazen Group Limited

    Standard Chartered Bank

    The Bank of East Asia, Limited (BEA)

    HSBC

    UBS

    Work highlights

    • Advised CK Hutchison International (21) Limited, as issuer, and CK Hutchison Holdings Limited, as guarantor, in connection with the issuer’s $2.1bn guaranteed notes offering.
    • Advised BIM Land Joint Stock Company, as issuer, on its $200m high yield bond offering.
    • Advised the joint lead managers in connection with CNPC Global Capital Limited’s $2bn bond offering.

    White & Case

    Led by the US and Hong Kong-qualified partner Jessica Zhou, White & Case provides ‘very commercial’ advice to a balanced mix of underwriters, issuers and investors across a range of debt capital markets mandates. In light of its US law credentials, the team is particularly well-suited to advise on New York law governed high yield issuances, including on deals in the Macau gaming sector. The arrival of Margie Chan from Norton Rose Fulbright in August 2021 was a major boost for the firm and provides further firepower with which to resource its growing pipeline of work.

    Practice head(s):

    Jessica Zhou

    Other key lawyers:

    Margie Chan

    Testimonials

    Very commercial and a safe pair of hands. They focus on getting the deal done, and not on irrelevant negotiations.’ 

    The very responsive Jessica Zhou is an excellent capital markets lawyer, who takes the initiative and makes sure the deal gets done.’

    Key clients

    Bank of China Limited

    Bank of Communications Co., Ltd.

    BNP Paribas

    BofA Securities, Inc.

    DBS Bank Ltd

    Deutsche Bank

    Greentown China Holdings Limited

    Industrial and Commercial Bank of China

    J.P. Morgan Securities

    Morgan Stanley

    Work highlights

    • Advised Greentown China on its global Regulation S offering of $300m senior notes due 2025 and tender offer for up to $150m of its $600m senior notes due 2020, as well as its global Regulation S offering of $300m senior notes due 2025.  
    • Advised initial purchasers in MGM China’s $750m senior notes offering in March 2021, and its $500m senior notes offering in June 2020.  
    • Advised the initial purchasers in Wynn Macau’s $750m, $600m and $750m senior notes offerings in June 2020, August 2020 and December 2020 respectively.  

    Herbert Smith Freehills

    Led from Hong Kong by William Ku and aided by a strong presence in other key markets, including Singapore and mainland China, Herbert Smith Freehills has strong coverage for issuers and underwriters across high yield, investment grade and convertible issuances, throughout Asia Pacific. Ku is particularly adept at handling PRC issuer side mandates across a range of industry sectors, including financial services, infrastructure, energy and real estate. In addition, the Hong Kong team regularly picks up trustee work, both directly from clients, as well as in a referral capacity.

    Practice head(s):

    William Ku

    Key clients

    Central Wealth Securities Investment Limited

    Haitong Bank, S.A.

    Citicorp International Limited

    Nanjing Luhe Economic and Technological Development Corporation

    Guangdong Hengjian Investment Holding Co., Ltd.

    Zhongtai International Securities Limited

    Yunnan Provincial Energy Investment Group Co., Ltd

    Bank of Communications Trustee Limited

    Standard Chartered Bank

    MGM

    DB (Trustees) Hong Kong Limited

    The Bank of New York Mellon

    Taizhou Urban Construction and Investment Development Group Co., Ltd

    Shenwan Hongyuan Securities HK

    BOCOM International Securities Limited

    China Industrial Securities International Brokerage Limited

    China Huaneng Group

    Hong Kong Monetary Authority

    Norton Rose Fulbright

    Although it was considerably weakened by the departure of former team head Margie Chan to White & Case in August 2021, Norton Rose Fulbright maintains strong credentials among a raft of domestic and international banks across the spectrum of debt products. US and Hong Kong-qualified corporate partner Harold Tin is now the main contact and is proficient on the issuer and underwriter side across both equity and debt issuances, including high yield and investment grade matters.

    Practice head(s):

    Harold Tin

    Key clients

    ABCI Capital

    Barclays Bank

    BNP Paribas

    BOCI Asia

    CCB International Capital

    China CITIC Bank International

    China Everbright Bank

    China International Capital Corporation

    Hong Kong Securities

    China Minsheng Banking Corp.

    Citigroup Global Markets

    CLSA

    CMBC Securities Company

    CMB International Capital

    Credit Agricole Corporate and Investment Bank

    Credit Suisse (Hong Kong)

    CRIC Securities Company

    DBS Bank

    Deutsche Bank

    Golden Wheel Tiandi Holdings Company

    Goldman Sachs (Asia)

    Guotai Junan Securities (Hong Kong)

    Haitong International Securities Company

    HSBC ICBC International Securities

    J.P. Morgan Securities (Asia Pacific)

    Merrill Lynch (Asia Pacific)

    Morgan Stanley

    Standard Chartered Bank

    UBS

    Valuable Capital

    Work highlights

    • Advised various initial purchasers on numerous senior notes offerings by companies including 361 Degrees, Agile Group and China Aoyuan Group.
    • Advised China Overseas Grand Oceans Finance IV (Cayman) Limited on the issuance of $512m 2.45% Guaranteed Notes due 2026 unconditionally and irrevocably guaranteed by China Overseas Grand Oceans Group Limited.
    • Advised the arranger on a $200m bond and loan deal for a BVI subsidiary of a PRC property developer.

    Paul Hastings LLP

    Although it is beginning to pick up more bank side mandates, the ‘experienced and responsive‘ team at Paul Hastings LLP is best-known for its work on behalf of PRC-based issuers. In this regard, the firm is particularly active within the real estate space and picks up a significant volume of work for PRC-based property companies on their high yield debt issuances. The ‘very experienced and hands-on’ Vivian Lam  co-heads the team alongside Raymond Li  and James Ma.

    Practice head(s):

    Raymond Li; Vivian Lam; James Ma

     

    Other key lawyers:

    Jeff Lee ; Hulka Lo

    Testimonials

    The team is experienced and responsive.’

    They understand the client’s needs.’

    Vivian Lam is a very experienced and hands-on partner.’

    Jeff Lee is an experienced and reliable lawyer.’

    Key clients

    Yuzhou Properties

    Haitong International Securities Group Limited

    Goldman Sachs

    Deutsche Bank

    J.P. Morgan

    Barclays

    Guotai Junan Securities

    ICBC International

    Credit Suisse

    UBS

    CLSA Limited

    China Merchants Securities

    CDH Investments

    Sino-Ocean Land

    Merrill Lynch International

    Macquarie

    DBS Bank

    Mapletree Treasury Services Limited

    Shanghai Electric

    Mei Nian Investment Limited

    Redsun Properties

    Contemporary Amperex Technology

    Work highlights

    • Advised Contemporary Ruiding Development Limited, an indirect wholly-owned subsidiary of Contemporary Amperex Technology Co., a leading electric vehicles battery brand based in China, on its issuance of $1.5bn debut offshore bond.
    • Assisted China Everbright Limited, a Chinese leading cross-border asset management and investment company, with its issuance of $300m senior perpetual capital securities.
    • Advised Yuzhou Group Holdings Company Limited on the debut issuance of $300m green senior notes.

    Slaughter and May

    While it does handle some underwriter mandates, Magic Circle corporate powerhouse Slaughter and May is best-known for its issuer work for a varied array of blue-chip Hong Kong, PRC and international corporates. The firm is adept at handling a broad swathe of debt issuances, including high yield and investment grade bonds, green bonds, commercial paper, convertibles, warrants and other securities. Lisa Chung is a key member of the team and regularly advises major Hong Kong-listed corporates, including Cathay Pacific and MTR Corporation, on their debt capital market raising activity.

    Testimonials

    ‘Outstanding and resourceful team overall.’

    ‘Experienced and hardworking.’

    Key clients

    Union Medical Healthcare Limited

    MTR Corporation Limited

    Swire Pacific Limited

    Cathay Pacific

    Standard Chartered

    Sands China Ltd.

    Swire Properties Limited

    Singapore Technologies Engineering Ltd

    ST Engineering Treasury Pte. Ltd.

    Baring Private Equity Asia

    Cathay Pacific Airways

    Work highlights

    • Advising Union Medical Healthcare on numerous bond issuances, including its 2.5% convertible bonds due 2025 of HK$234m and warrants with face value of HK$273m to Goldman Sachs and two employee funds of The Goldman Sachs.
    • Advised MTR Corporation Limited on its issuance of RMB1.15bn 2.9% Fixed Rate Green Notes due 2022 under its $7bn Debt Issuance Programme.
    • Advised MTR on its issuance of RMB200m 2.83% Fixed Rate Notes due 2023 under its $7bn Debt Issuance Programme. The Notes are listed on the HKEx.