Capital markets (debt) in Hong Kong

Allen & Overy

Allen & Overy’s Hong Kong team offers English, Hong Kong, US, and Australian law advice, making it well-placed to handle international mandates. With integrated offices across Hong Kong, Beijing, and Shanghai, the firm is adept at handling China-focused matters. It advises both issuers and underwriters, and counts leading investment banks, Chinese state-owned enterprises (SOEs), private companies and multinationals amongst its client base. The firm boasts a prolific PRC real estate bond issuance practice, and also handles panda bonds, green bonds and sovereign bonds. Head of practice John Lee is sought after by leading banks in China and across Asia for his securities and transactional expertise. Agnes Tsang who is fluent in English, Cantonese and Mandarin, is an expert in panda bond issuances in China, where she acts for sovereigns, financial institutions, and corporates. Senior associate Julie Song is another name to note. Alex Tao left for Milbank.

Practice head(s):

John Lee

Testimonials

‘They are highly dedicated and professional’.

‘They are fully committed to serving their clients and working with other intermediaries effectively’.

‘Agnes Tsang has exceptional knowledge, experience and expertise in the debt capital markets business’.

‘They are always ready to go the extra mile to offer legal advice to their clients and partners’.

‘During project execution, they are able to advance the project smoothly and highly efficiently’.

Key clients

Bank of China

Bocom Leasing

Luye Pharma Group

CK Hutchison

Goldman Sachs

Greenland Group

Hong Kong Monetary Authority

Cassa Depositi e Prestiti

ICBC

UBS

Work highlights

  • Advised the joint lead managers and joint bookrunners on an issue by Bank of China of a small and medium enterprises-themed “Covid-19 Impact Alleviation” bonds.
  • Advised the joint global coordinators, joint bookrunners and lead managers on Xiaomi Corporation’s issuance of $600m senior notes due 2030, offered pursuant to Rule 144A and Regulation S.
  • Advised the joint lead managers in connection with the issuance of $960m equivalent multi-tranche and multi-currency bonds by Bank of China (Macau branch) under Bank of China’s $40bn medium term note programme.

Clifford Chance

Clifford Chance has an integrated team across Hong Kong, Beijing and Shanghai, which advises issuers and underwriters on a broad range of debt capital markets matters. Key areas of focus for the practice include international public bond issuances, Reg S/144A offerings, high yield bonds, hybrid securities, regulatory capital, MTN programmes, CD and CP programmes, and equity-linked products. It counts Chinese SOEs, privately owned enterprises, financial institutions and government financial vehicles amongst its clients. With a dedicated US securities practice, the firm handles international mandates with ease. Team head Connie Heng has over 20 years’ experience advising Chinese and international clients. Matthew Fairclough is recommended for liability management transactions and regulatory matters. Mark Chan handles in a wide range of debt and equity-linked capital markets products.

Practice head(s):

Connie Heng

Key clients

Bank of China

China International Capital Corporation (CICC)

ICBC International (ICBCI)

The Hongkong and Shanghai Banking Corporation Limited (HSBC)

Guotai Junan Securities

Standard Chartered

J.P. Morgan

Citi

Beijing Capital Group Co., Ltd

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

Work highlights

  • Advised the Underwriters on the Agricultural Development Bank of China (ADBC)’s RMB1.5bn 3.40% five-year bonds which have been consolidated into and form a single series with the RMB3bn 3.40% five-year bonds issued on 6 November 2019 by ADBC.
  • Advised the Joint Lead Arrangers on the issuance of $1bn 3.97% guaranteed perpetual securities by CRCC Chengan Limited unconditionally and irrevocably guaranteed by China Railway Construction Corporation Limited.
  • Advised Bank of China Limited on the issuance of $2.82bn 3.6% non-cumulative perpetual offshore preference shares.

Davis Polk & Wardwell LLP

Well-regarded for its expertise in the high-yield debt space, Davis Polk & Wardwell LLP continues to attract top-tier clients and has recently seen a strong deal flow from real estate issuers. The broad practice covers New York law high-yield, English-law investment grade, program offerings, equity-linked debt and related derivatives products, and complex liability management transactions. The team leverages mandates in many sectors, including TMT, financial services and government-related institutions. After the retirement of William Barron, the team is now headed by Gerhard Radtke, James Lin and junior partner Yang Chu . Radtke is recommended for high-yield and investment-grade work. Chu is sought out by bankers and in-house counsel across the region.

Practice head(s):

Gerhard Radtke; James Lin; Yang Chu

Other key lawyers:

Bingqing Pan

Testimonials

‘Davis Polk has always maintained its high-level of excellence as one of the top-tier capital markets law firms’.

‘It is particularly experienced in high yield issuances and complex liability management transactions’.

‘Bingqing Pan is our go-to person for China DCM deals and is quite impressive both in handling difficult cases and in working with first time issuers’.

Work highlights

  • Advised Tencent Holdings Limited as English and US law counsel in connection with the upsize and update of its $20bn global medium-term note program.
  • Advised Tianfeng Securities in connection with a debut Regulation S offering by Tianfeng Securities Co., Ltd. of $200m 4.3% unguaranteed notes due 2022.
  • Advised the initial purchasers in connection with the Regulation S offering of $300m principal amount of 7.45% senior notes due 2022 by Bright Scholar Education Holdings Limited.

Linklaters

Linklaters is noted for its wide-ranging practice, with particular expertise in equity-linked transactions, regulatory capital work, liability management and high yield offerings. With its global network of offices, the firm is well-placed to advise on matters Across Asian markets and further afield. It acts for underwriters and issuers on convertible/exchangeable bonds, MTN programmes, regulatory capital, straight debt issues, liability management transactions and increasingly, green bonds. Key clients include leading corporates, government entities and investment banks. Team head William Liu is experienced in debt and equity-linked transactions in the Greater China region. Hwang Hwa Sim handles cross-border bond issuances by major PRC companies. Gloria Cheung is recommended. Hanwen Yu and Lipton Li were both promoted to partner.

Practice head(s):

William Liu

Key clients

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

The People’s Bank of China (PBOC)

Agricultural Development Bank of China

Bank of China Limited

China Construction Bank Corporation

Bank of Communications Co., Ltd

Industrial and Commercial Bank of China Limited

State Development & Investment Corp., Ltd

CK Hutchison Holdings Limited

Malayan Banking Berhad

China International Capital Corporation Hong Kong Securities Limited

Work highlights

  • Advised the Ministry of Finance of the People’s Republic of China (“MOF”) on its €4bn of bonds in Paris.
  • Advised the People’s Bank of China (PBOC) for its series of issuance of RMB bills in Hong Kong SAR through the tendering platform CMU BID operated by the Hong Kong Monetary Authority.
  • Advised Crédit Agricole Corporate and other investment banks on the Government of the Hong Kong Special Administrative Region of the People’s Republic of China (the “HKSAR”)’s inaugural Green Bond issuance under its $1bn “Government Green Bond Programme”.

Latham & Watkins LLP

Latham & Watkins LLP  offers Hong Kong, US and English law advice to issuers and managers on innovative transactions. It is well-versed in including investment grade bonds, convertible bonds, high-yield, private placements, establishment of and updates to global medium term programs. The team leverages mandates in a plethora of industries, including financial institutions, fintech, education, technology, medical and healthcare, retail and consumer products, industrials and manufacturing, and public utilities. Practice head Ji Liu is a native Chinese speaker and is US-qualified, he advises both issuers and underwriters. Tracy Edmonson jointly heads the practice.

Practice head(s):

Ji Liu; Tracy Edmonson

Other key lawyers:

Allen Wang; Terris Tang; Benjamin Su

Key clients

China National Chemical Corporation Limited

Deutsche Bank AG, Singapore Branch,

The Hongkong and Shanghai Banking Corporation Limited

Goldman Sachs (Asia) L.L.C.

Morgan Stanley & Co. International plc.

Bank of China (Hong Kong) Limited

Merrill Lynch (Asia Pacific) Limited

BNP Paribas

Credit Suisse (Hong Kong) Limited

Industrial and Commercial Bank of China (Asia) Limited

TencentHoldings Limited

Sichuan Railway Investment Group Co., Ltd.

Guangzhou Development District Finance Holdings Group Co., Ltd.

Zhejiang Provincial Energy Group Company Limited

Zhengzhou Real Estate Group Co., Ltd.

Metallurgical Corporation of China Ltd.

China Logistics Property Holdings Co., Ltd.

Zhengzhou Zhongrui Industrial Group Co., Ltd.

Xinjiang Guanghui Industry Investment (Group) Co., Ltd.

Work highlights

  • Advised on the $2.3bn Regulation S offering by China National Chemical Corporation Limited.
  • Advised the joint global coordinators and joint bookrunners on the drawdown under the $20bn Global Medium Term Note Programme, consisting of $1bn 1.810% Senior Notes due 2026, $2.25bn 2.390% Senior Notes due 2030, $2bn 3.240% Senior Notes due 2050 and $750m 3.290% Senior Notes due 2060 issued by Tencent Holdings Limited.
  • Represented initial purchasers on the $800m 1.25% convertible bond issuance due 2027 (Notes) by Bilibili Inc.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP boasts Hong Kong, English and US law capabilities, allowing it to provide international legal advice to corporations, underwriters/sponsors, and financial intermediaries and institutions across the world with ease. The team’s broad expertise includes high-yield notes offerings with a Rule 144A/Regulation S component, convertible bond offerings, and financings and finance work. Edward Lam is recommended for corporate finance and international finance transactions. Jonathan Stone is recommended for high-yield matters.

Key clients

Sinopec Group Overseas Development

iQiyi

Baidu, Inc

JD.com, Inc

Pinduoduo

JOYY Inc.

Weibo

Bilibili Inc

Nio Inc

E-House (China) Enterprise Holdings Limited

Yuzhou Properties Company Limited

21Vianet Group, Inc.

VCREDIT Holdings Limited

Honghua Group Limited

Sunshine 100 China Holdings Ld.

PT Medco Energi Internasional Tbk

PT Bumi Serpong Damai Tbk

Work highlights

  • Represented Sinopec Group Overseas Development (2018) Limited in its offering of notes in the aggregate value of $7bn.
  • Advised Baidu, Inc. in its $1bn offering of notes in two tranches: $600m of 3.075% notes due 2025 and $400m of 3.425 notes due 2030.
  • Advised JD.com, Inc. in its $1bn offering of notes in two tranches: $700m of 3.375% notes due 2030 and $300m of 4.125% notes due 2050.

Ashurst

Ashurst is well-regarded for its advice to issuers, underwriters, sponsors, lenders, trustees, agents and credit enhancement on a broad range of debt capital markets matters. The team has strong support from the finance department which provides expertise in banking, derivatives, regulatory, restructuring and structured finance. With Mandarin, Cantonese, English, Korean, Japanese in the team, it is well-positioned to handle matters across Asia-Pacific. The practice is headed by Sydney-based Jamie Ng and Beijing-based Patrick Phua . Key practitioner Jini Lee acts for corporate issuers on international mandates. Nigel Pridmore is recommended. Melody He-Chen joined as partner from DLA Piper.

Practice head(s):

Jamie Ng; Patrick Phua

Testimonials

‘They are highly professional and have been very helpful on our work’.

‘The team posses in-depth knowledge of the debt market and can thus provide constructive advice’.

‘Jini Lee and her team provide excellent services’.

Key clients

Bank of China Limited, Macau Branch

The Macau Chinese Bank Limited

Luso International Banking Limited

Industrial and Commercial Bank of China (Macau) Limited

China Construction Bank Corporation Macau Branch

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., Ltd., Hong Kong Branch

CCB International Capital Limited

China Industrial Securities International Brokerage Limited

Work highlights

  • Advised a consortium of 14 banks on the first bonds to be listed and cleared in the Macau stock exchange and clearing house.
  • Advised Kunming Traffic Investment Co., Ltd on an offshore bond issuance with value of $2 bn.
  • Advised China Energy and Reserve Chemicals Group Ltd. on its $2bn offshore bonds restructuring.

Deacons

Deacons advise issuers and underwriters on big-ticket and first-of-their-kind bond issuances. It is noted for its experience acting for listed companies, financial institutions, and government entities on bond transactions, including direct issuance by PRC SOEs and issuance by offshore entities of PRC corporations. Practice head Kevin Tong has over 18 years’ experience in debt capital market transactions.

Practice head(s):

Kevin Tong

Other key lawyers:

Icarus Yuen; Christine Li

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.

Shandong Iron & Steel Group Co., Ltd.

The Bank of East Asia, Limited

The Wharf (Holdings) Limited

Wharf Real Estate Investment Company Limited

Wheelock and Company Limited

Xi’an Municipal Infrastructure Construction Investment Group Corporation, Ltd

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 (“PBoC”) in Hong Kong in February, May, June, August, September, November and December 2019 and February and March 2020 totalling RMB190bn.
  • Advised The Bank of East Asia, Limited on the update of its $6bn Medium Term Note Programme and the issuance of $650m Additional Tier 1 Undated Capital Securities.
  • Advised Wheelock and Company Limited on the update of its $5bn Medium Term Note Programme.

King & Wood Mallesons

With deep roots in China, King & Wood Mallesons is well-positioned to advise regional SOEs and private companies on debt offerings. Its broad range of expertise includes traditional debt and securities products, multi-currency bonds, perpetual securities, MTN programmes, investment grade and high-yield securities. Practice head Hao Zhou is US and Hong Kong-qualified and was recently elected to the firm’s China management committee. Head of banking and finance Richard Mazzochi is another key practitioner, alongside Michael Lu.

Practice head(s):

Hao Zhou

Testimonials

‘It has established itself as one of the go-to law firms for China DCM transactions, especially in the local SOE issuer space’.

‘Hao Zhou and Michael Lu are both very hands-on and excellent to work with’. 

Key clients

China General Nuclear Power Corporation

Zhejiang Geely Holding Group Company Limited

Jinjiang International Holdings Co, Ltd.

Jinke Property Group Co., Ltd.

Standard Chartered Bank

Morgan Stanley

Barclays

Bank of China

China International Capital Corporation

China CITIC Bank International

Work highlights

  • Represented China General Nuclear Power Corporation (CGN) on the establishment of its $2bn guaranteed medium term note programme and the drawdown thereunder, the issuance of $600m 2.75% guaranteed green bonds due 2024 by CNPC International Limited.
  • Advised Zhejiang Geely on the issuance of €400m zero coupon guaranteed exchangeable bonds due 2024 by Geely Sweden Financials Holding AB.
  • Represented ENN Ecological, as the Parent Guarantor, in its debut issuance of $250m 7.5% guaranteed senior notes due 2021 and a subsequent further issuance with a principal amount of $250m.

Mayer Brown

With offices in Hong Kong, London and New York, Mayer Brown has strong support in key financial centres to support its global capital markets practice. With its global platform and deep bench of US-qualified lawyers, the firm handles cross-border transactions for issuers and underwriters with ease. High-yield transactions are a key area of focus for the practice and its experience also encompasses hybrid capital-product structuring and execution. Practice head Jason Elder is recommended for global offerings of investment-grade, high-yield, hybrid and structured-debt products. Thomas Kollar handles Rule 144A/Regulation S DCM transactions.

Practice head(s):

Jason Elder

Other key lawyers:

Thomas Kollar

Key clients

Trade and Development Bank of Mongolia

Vietnam Prosperity Joint Stock Commercial Bank

PT Indika Energy Tbk

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

Work highlights

  • Advised the Joint Lead Managers on the issuance by the Democratic Socialist Republic of Sri Lanka of $1bn 6.85% Bonds due 2024 and $1.4 bin 7.85% Bonds due 2029.
  • Advised Jiayuan International Group Limited on the issuance of $225m 13.75% Senior Secured Notes due 2022.
  • Advised Vietnam Prosperity Joint Stock Commercial Bank (“VPBank”) as the Issuer on VPBank’s establishment of Euro Medium Term Note Programme (“EMTN Programme”) and its subsequent drawdown of $300m 6.25% notes due 2022.

Milbank

Milbank has a geographic focus on South East Asia and is particularly active in debt capital markets in the Philippines. Under the leadership of James Grandolfo, the practice handles equity capital markets and high-yield debt matters. The team was bolstered this year by the arrival of Alex Tao from Allen & Overy, he focuses on US dollar high-yield and investment-grade bond issuances and liability management transactions. Paul Pery was promoted to partner. David Kuo left for DLA Piper in Singapore.

Practice head(s):

James Grandolfo

Other key lawyers:

Paul Pery; Alex Tao

Key clients

JPMorgan

Morgan Stanley

UBS

Deutsche Bank

Goldman Sachs

HSBC

BPI Capital

CLSA

Credit Suisse

Citigroup

Bank of America Merrill Lynch

Mizuho Securities

Philippine National Bank

Metro Pacific Investments Corporation

GIC Private Limited

Son Kim Land Corporation

Standard Chartered Bank

BNP Paribas Securities (Asia) Limited

China International Capital Corporation

Kingsway Financial Services Group Limited

Australia and New Zealand Banking Group Limited

First Abu Dhabi Bank PJSC

SBICAP (Singapore) Limited

Work highlights

  • Advised Philippine National Bank as issuer with respect to its issuance of $750m senior notes from its recently updated and increased $2bn MTN programme.
  • Advised the Arrangers and Dealers in connection with the establishment of a $1bn medium term note programme by AC Energy Finance International Limited – the first Climate Bond Initiative certified U.S. dollar climate bonds in Southeast Asia to be listed on the Singapore Stock Exchange.
  • Advised the initial purchasers in connection with the issuance by Delhi International Airport Limited (DIAL) of $350m senior secured notes.

Norton Rose Fulbright

Norton Rose Fulbright offers a broad range of debt capital markets services, including high-yield securities, investment-grade bonds, liability management, and convertible and exchangeable bonds. Clients include bulge bracket investment banks, PRC securities houses and corporate issuers. Key practitioner Margie Chan is recommended for debt capital markets and credit transactions governed under New York, English and Hong Kong law. Psyche Tai heads the practice.

Practice head(s):

Psyche Tai

Other key lawyers:

Margie Chan; Harold Tin

Key clients

ABCI Capital Limited

AMTD Global Markets Limited

Barclays Bank PLC

BNP Paribas

BOCI Asia Limited

CCB International Capital Limited

CEB International Capital Corporation Limited

China CITIC Bank International Limited

China Everbright Bank Co., Ltd.

China Industrial Securities International Brokerage Limited

China International Capital Corporation Hong Kong Securities Limited

Chong Hing Bank Limited

Citigroup Global Markets Limited

CLSA Limited

CMBC Securities Company Limited

CMB International Capital Limited

Credit Suisse (Hong Kong) Limited

CRIC Securities Company Limited

DBS Bank Ltd.

Deutsche Bank AG

Fosun Hani Securities Limited

Golden Wheel Tiandi Holdings Company Limited

Goldman Sachs (Asia) L.L.C.

Guotai Junan Securities (Hong Kong) Limited

Haitong International Securities Company Limited

Heungkong Securities Limited

HSBC

Huatai Financial Holdings (Hong Kong) Limited

Industrial and Commercial Bank of China (Asia) Limited

Jinghui Capital Limited

Work highlights

  • Advised the Initial Purchasers on the issuance of €400m 4.35% Senior Notes due 2023 by Fosun International Limited. This transaction has won The 2019 Assets Triple A Sustainable Capital Markets Regional Award for ‘Best Bond in the Conglomerates’ category.
  • Advised Huatai Financial Holdings (Hong Kong) Limited and CRIC Securities Company Limited on the successful closing of a bank and bond deal with a PRC real estate development company. Our DCM and banking teams provided one-stop legal services in advising on both the notes and the loan.
  • Advised Golden Wheel Tiandi Holdings Company Limited on the issuance of $40m 7.00% Senior Notes due 2021 (to be consolidated and form a single class with the $360m 7.00% Senior Notes due 2021); and the issuance of $200m 12.95% Senior Notes due 2022 and tender offer of the outstanding $400m 7.00% Senior Notes due 2021.

Shearman & Sterling

Shearman & Sterling has a focus on bond offerings for Chinese real estate companies and also has a track record of high-yield transactions in the automotive, infrastructure, oil and gas, and metal and mining sectors. It advises issuers and underwriters on US, Hong Kong and English law with support from its global network of offices. Practice head Kyungwon Lee is recommended for public and private, international and US offerings of common and preferred stock, high-yield and investment grade bonds. Alan Yeung is experienced in the debt and high-yield markets in China, Indonesia and Mongolia. Matthew Bersani retired.

Practice head(s):

Kyungwon (Won) Lee

Other key lawyers:

Alan Yeung; Max Hua

Key clients

J.P. Morgan Securities plc

The Hongkong and Shanghai Banking Corporation Limited (HSBC)

Morgan Stanley

Credit Suisse (Hong Kong) Limited

China CITIC Bank International Limited

CMB International Capital Limited

Deutsche Bank AG

Guotai Junan Securities (Hong Kong) Limited

Haitong International Securities Company Limited

Bank of China

CLSA

CK Hutchison Holdings Limited

New Metro Global Limited & Seazen Holdings Co., Ltd.

China Petrochemical Corporation

WLB Asset II Pte. Ltd.

Work highlights

  • Advised its pro-bono client WLB Asset II Pte. Ltd., a wholly owned subsidiary of Impact Investment Exchange Pte. Ltd. (IIX), on the offering of $10.5m aggregate principal amount of its 4% Women’s Livelihood Bond 2 due 2024 (WLB2) and $1.5m subordinated debt from Rockefeller Foundation Zero Gap Investment Fund Co-Invest, LLC and Rockefeller Foundation Zero Gap Investment Fund, LP.
  • Acted for CK Hutchison International (20) Limited, as the issuer, and CK Hutchison Holdings Limited, as the guarantor, in connection with the issuance and Singapore Exchange listing of $750m 2.500% guaranteed notes due 2030 and $750m 3.375% guaranteed notes due 2050.
  • Acted for our clients as the initial purchasers in connection with the issuance of $500m 2.3% guaranteed notes due 2024 and $350m 3.2% guaranteed notes due 2049 by Three Gorges Finance I (Cayman Islands) Limited, unconditionally and irrevocably guaranteed by China Three Gorges Corporation.

White & Case

Through its regional network of offices, White & Case advises on Hong Kong, English, US, Singaporean, Japanese and Indonesian law. It handles international securities and finance matters, acting for issuers and investors on private placement transactions across Greater China and beyond. Head of team Jessica Zhou focuses on advising corporates, banks and other financial institutions on a wide range of debt transactions. Former head of team Catherine Tsang left for Travers Thorp Alberga.

Other key lawyers:

Eugene Man; Baldwin Cheng

Testimonials

‘Friendly, easy to communicate, knowledgeable, and willing to bring up different options’

‘Jessica Zhou is always available to assist even during holidays seasons’.

‘Patient and easy to communicate with’.

‘Very responsive, commercial and helpful’.

‘Always focused on the deal’.

‘Jessica Zhou is always available to assist’. 

Key clients

Greentown China Holdings Limited

Deutsche Bank AG

Bank of China Limited

Bank of Communications Co., Ltd

Industrial and Commercial Bank of China

Australia and New Zealand Banking Group Limited

BNP Paribas

Morgan Stanley & Co. LLC

Haitong International Securities Company Limited

Imagi International Holdings Limited

Work highlights

  • Advised the joint global coordinators and other initial purchasers in MGM China Holdings Limited’s $1.5bn debut 144A/Regulation S debt issuance of senior notes. The deal won the “Best Corporate Bond Deal of the Year” by The Asset Country Awards 2019.
  • Advised Greentown China Holdings Limited, a Chinese luxury real estate developer listed on the Hong Kong Stock Exchange, in its 364-day Regulation S high yield notes offering of $600m 4.55% Senior Notes due 2020.
  • Advised the initial purchasers in Melco Resorts Finance Limited’s Rule 144A/Regulation S offering of $900m 5.375% senior notes due 2029, $600m 5.625% senior notes due 2027, and $500m 5.250% senior notes due 2026.

Herbert Smith Freehills

Herbert Smith Freehills advises issuers, underwriters and trustees on public offerings and private placements of debt across a vast spectrum of industries globally. It is well-versed in acting for Chinese SOEs on offshore debt capital market transactions. Head of team William Ku is recommended for investment grade and high-yield bonds, medium term note programmes, hybrid securities and liability management exercises. Tom Chau and Zhong Wang jointly head the team from Beijing.

Other key lawyers:

George Wu

Key clients

The Hong Kong Monetary Authority

China Huaneng Group Co., Ltd.

Central Wealth Securities Investment Limited

Standard Chartered Bank

Huaneng Power International

Khazanah Nasional Berhad

Mianyang Investment Holding (Group) Co., Ltd.

Chengdu Airport Xingcheng Investment Group Co., Ltd.

Chongqing Hechuan City Construction Investment (Group) Co., Ltd

Yankuang Group Co., Ltd.

Citicorp International Limited

Chengdu Dongfangguangyi Investment Co. Ltd

Xinjiang Transportation Construction Investment Holding Co., Ltd

Haitong Bank S.A.

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

China National Bluestar (Group) Co., Ltd.

China Merchants Bank Co., Ltd.

Work highlights

  • Advised China Huaneng Group on its $1.5bn Regulation S offering of guaranteed fixed rate notes listed on the Hong Kong Stock Exchange.
  • 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$3bn Silver Bond Series retail bonds due 2022.
  • Acted for Central Wealth Securities Investment Limited, Bank of China Limited, Zhongtai International Securities Limited, China Minsheng Banking Corp., Ltd., Hong Kong Branch, Industrial Bank Co., Ltd. Hong Kong Branch, China CITIC Bank International Limited, BOCI Asia Limited, The Bank of East Asia, Limited, Silk Road International Capital Limited, Huatai Financial Holdings (Hong Kong) Limited, Haitong International Securities Company Limited, CMB International Capital Limited, China Everbright Securities (HK) Limited, ABCI Capital Limited, Shanghai Pudong Development Bank Co., Ltd., Hong Kong Branch, China Everbright Bank Co., Ltd., Hong Kong Branch and CMBC Securities Company Limited as joint lead managers on the issue of $300m 4.37 per cent. guaranteed bonds due 2022 by Hanhui International Limited and guaranteed by Shandong Guohui Investment Co., Ltd.

K&L Gates

After the arrival of practice head Guiping Lu from Haiwen & Partners in June 2019, K&L Gates’ Hong Kong debt capital markets team continues to go from strength to strength. It acts for investment banks, issuers and trustees on a range of debt securities, including high-yield and investment-grade bonds, convertible and exchangeable bonds and medium-term notes. Philip Hyde  jointly heads the team.

Practice head(s):

Guiping Lu; Philip Hyde

Testimonials

‘K&L Gates is an excellent American international law firm that can rely on its global resources to help’.

‘Guiping Lu always carries out projects with a professional and efficient spirit’.

Key clients

Jiuding Group Finance Co., Ltd

SPDB International Capital Limited

Suzhou City Construction Investment Group (Holding) Co., Ltd

TongChuang Holdings Limited

Work highlights

  • Represented Suzhou City Construction Investment Group (Holding) Co., Ltd in connection with its offering of $300m 4.6 percent credit enhanced bonds under Regulation S backed by an irrevocable standby letter of credit issued by Huishang Bank, and the listing of such bonds on the Hong Kong Stock Exchange.
  • Represented Guoyuan Capital, Haitong International, Zhongtai International and Thor Asset Management as underwriters on the offering of the $150m 6.6 percent guaranteed bonds due 2021 issued by HK Onlink Technology Co., Limited and guaranteed by Zhenjiang State-Owned Investment Holding Group Co., Ltd.
  • Represented SPDB International Capital Limited as the solicitation agent in the consent solicitation to amend the terms of the bonds issued by Xinxing Industry Investment Company Limited in respect of the $300m 4.25 percent guaranteed bonds due 2020 which are unconditionally and irrevocably guaranteed by Hefei Industry Investment Holding (Group) Co., Ltd.

Paul Hastings LLP

Paul Hastings LLP acts for issuers and banks/underwriters on both high-yield and investment-grade debt issues. It enjoys close-knit relationships with PRC property developers, enabling it to conduct deals in the real estate sector with ease. The team is headed by Vivian Lam, James Ma and Raymond Li. Chaobo Fan joined as partner from Latham & Watkins LLP. Jason Kuo left for King & Wood Mallesons.

Practice head(s):

Raymond Li; Vivian Lam; James Ma

Other key lawyers:

May Lun

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

Work highlights

  • Represented Yuzhou Properties Company Limited on two transactions involving issuances of senior notes (combined valued $600m)
  • Represented Sino-Ocean Group Holding Limited as guarantor in relation to the issuance by its wholly-owned subsidiary, Sino-Ocean Land Treasure IV Limited, of $600m in 4.75% guaranteed notes due 2029.
  • Advised the joint lead managers and joint bookrunners including UBS, Barclays, China Construction Bank, and J.P. Morgan in the issuance by Shanghai Electric Group Global Investment Limited of the $500m of 2.65% guaranteed bonds due 2024.

Slaughter and May

Slaughter and May handles from bond issues for major corporate issuers, investment banks and sovereigns across Hong Kong, the PRC and the wider Asia-Pacific region. Head of practice Peter Brien is recommended for debt and equity capital markets, structured finance and general corporate matters.

Practice head(s):

Peter Brien

Key clients

Cathay Pacific Airways Limited (Cathay Pacific), Cathay Pacific MTN Financing (HK) Limited

MTR Corporation Limited (MTR) and MTR Corporation (C.I.) Limited

Singapore Airlines Limited (Singapore Airlines)

Standard Chartered Plc (Standard Chartered)

ST Engineering RHQ Ltd. (STE RHQ), ST Engineering Treasury Pte. Ltd. (STET) and Singapore Technologies Engineering Ltd (Singapore Technologies)

Swire Pacific Limited (Swire Pacific), Swire Pacific MTN Financing (HK) Limited

Westpac Banking Corporation (Westpac)

Wing Tai Properties Limited (Wing Tai Properties), Wing Tai Properties (Finance) Limited

Work highlights

  • Advised Swire Pacific on the annual update of its $5bn Medium Term Note Programme and on the issuance by its wholly-owned subsidiary, Swire Pacific MTN Financing (HK) Limited, of $500m 2.875% Guaranteed Notes (the Notes) under the programme.
  • Advised Cathay Pacific on the annual update of its $2bn Medium Term Note Programme and the issuance by its wholly-owned subsidiary, Cathay Pacific MTN Financing (HK) Limited, of S$175m 3.375% Guaranteed Notes due 2023 (the Notes) under the programme.
  • Advised Standard Chartered on its issuance of AT1 convertible securities, specifically S$750m fixed rate resetting perpetual subordinated contingent convertible securities.