Capital markets (debt) in Hong Kong

Allen & Overy

Allen & Overy's Hong Kong team is integrated with those in the Beijing and Shanghai offices. Illustrative of the depth of its experience in the bonds market, it has expertise in green bonds, panda bonds, sovereign bonds and real estate bonds. The firm has also recently had a notable increase in mandates relating to environmental responsibility, infrastructure development and housing; this has included matters connected with China’s Belt and Road initiative and the Hong Kong government’s promotion of green finance. Equally strong acting for both issuers and underwriters, the firm's clients include investment banks, Chinese companies, state-owned enterprises (SOEs) and multinational corporates. Team head John Lee has extensive experience advising on medium-term note programmess, Rule 144A and Reg S bonds, and corporate hybrid securities, among other matters. Agnes Tsang, who is fluent in English, Cantonese and Mandarin, is recommended for her expertise in advising sovereigns, foreign financial institutions and corporates in the panda bond market. Senior associate Julie Song is recommended. Amit Singh left the firm for Linklaters in Singapore.

Practice head(s):

John Lee

Other key lawyers:

Agnes Tsang; Julie Song; Stephen Miller; Liang Tao; Jaclyn Yeap; Kung-Wei Liu 

Testimonials

‘Agnes Tsang is very helpful with attending to our queries’.

 

Key clients

Bank of China

China Vanke

Cinda

China CITIC Bank International

BOCOM Leasing

HSBC

ICBC (Asia)

Sovereign governments (PRC, Hong Kong, Sri Lanka, Maldives, Mongolia)

United Overseas Bank

Zijin Mining

Work highlights

  • Advised the joint lead managers and bookrunners on a $3bn bond issue by the Ministry of Finance of the People’s Republic of China.
  • Advising the Hong Kong Monetary Authority, which acts as the representative of the Government of the Hong Kong Special Administrative Region of the People’s Republic of China (HKSAR), on its $1bn green bond issuance.
  • Advised the underwriters and bookrunners on the debut bond issue by China Huadian, a state-owned power generation company in China.
  • Advised the joint lead managers (comprising of more than 30 major financial institutions from different jurisdictions) on a landmark debt issue by Bank of China of $3.8bn bonds to fund China’s massive Belt and Road Initiative (BRI).
  • Advised the Hong Kong arm of Bank of Communications and HSBC on the establishment of the $3bn medium-term note programme of BOCOM Leasing Management.

Clifford Chance

Clifford Chance's heavyweight team distinguishes itself in a wide range of matters, including Reg S/144A bonds, high-yield bonds, hybrid securities, regulatory capital, medium-term note programmes, certificates of deposit and commercial paper programmes. It has advised on more than 320 international public bond issuances since 2016. Clients include Chinese state-owned enterprises (SOEs), privately-owned enterprises (POEs), financial institutions and government finance vehicles. Connie Heng, who has over 20 years of experience acting for Chinese and international clients, leads the team. Matthew Fairclough advises underwriters, corporates, financial institutions and sovereign issuers and trustees in Hong Kong, China and across the Asia-Pacific region. Recently promoted partner Mark Chan has expertise in convertible and exchangeable bonds, green and sustainable bonds, among other matters. Angela ChanDavid Tsai and Richard Lee are among other key figures.

Practice head(s):

Connie Heng

Other key lawyers:

Matthew Fairclough; Mark Chan; Richard Lee; Alexander Lloyd; Fang Liu; Angela Chan; David Tsai; Corey Zhang; James Booth

Testimonials

‘An international practice covering wide spectrum of specialisations’.

‘The firm is closely in touch with regulatory bodies in Asia’. 

‘Connie Heng, Mark Chan and Angie Yeung are all very knowledgeable and competent in their field’. 

Key clients

Bank of China

China International Capital Corporation

ICBC International

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 Bank of China Hong Kong on the issuance of $3bn AT1 capital securities under its recently updated US$15bn medium-term note programme.
  • Advised JP Morgan as the sole lead manager and The Bank of New York Mellon as the trustee on Zhongsheng Group’s issuance of HK$4.7bn zero coupon convertible bonds.
  • Advised the joint lead managers on the English law aspects of China Construction Bank’s issuance of $1bn floating rate green bonds.
  • Advised the underwriters – Standard Chartered Bank, ICBC (Asia), Haitong International, HSBC, CNCB HK Capital, GF Securities, BOC international, BOCOM International, CCB International, Orient Securities (Hong Kong), China CITIC Bank International – on Wuhan Metro Group’s $400m issuance of senior non-call three green perpetual securities.
  • Advised the joint lead managers – Bank of America Merrill Lynch, China CITIC Bank International, Citigroup, CMB International, CMB Wing Lung Bank Limited, Bank of China (Hong Kong), CCB International, Haitong International, ICBC (Asia), Silk Road International, Zhongtai International – on CMB Wing Lung Bank Limited’s $400m issuance of 6.5% undated non-cumulative subordinated additional tier 1 capital securities under the $2bn Euro Medium-Term Note Programme.

Davis Polk & Wardwell LLP

Davis Polk & Wardwell LLP is a well-known name in the high-yield debt space, where it attracts a strong flow of high-end work from clients in the real estate, gaming and chemicals sectors, among others. Gerhard Radtke has a particularly standout reputation in high-yield deals. The group also operates at the premium end of the market in relation to equity-linked and hybrid securities. In addition, the team also advises on investment grade debt and liability management, and has recently handled mandates from Chinese SOEs, financial institutions and technology firms. Radtke, James Lin and William Barron jointly lead the group, which includes recently promoted partner Yang Chu. Counsels Stephenie Fung and Bingqing Pan are also recommended. Paul Chow departed the firm to become an in-house counsel at Cathay Pacific, while Margie Chan moved to Norton Rose Fulbright.

Practice head(s):

William Barron; Gerhard Radtke; James Lin

Other key lawyers:

Yang Chu; Stephenie Fung; Bingqing Pan

Work highlights

  • Acted as English and US law counsel to Tencent Holdings Limited on the upsize and update of its $20bn global medium-term note programme.
  • Advised the managers on JunFa Group’s $100m high-yield notes offering.
  • Advised the initial purchasers on ENN Clean Energy International Investment Limited’s $250m high-yield notes offering.
  • Advised the initial purchasers on China Evergrande’s $3bn high-yield notes offering.
  • Advised the underwriters on iQIYI’s $750m convertible senior notes offering.

Linklaters

Linklaters advises underwriters and issuers on high-yield debt, medium-term note programmes, regulatory capital, straight debt issues and liability management transactions, among a multitude of other highly complex matters. It is also increasingly sought out to advise on green bonds issuances in China and elsewhere in Asia. Clients include international investment banks, government entities and corporates. William Liu leads the team, which includes Hwang Hwa Sim, whose wide-ranging expertise includes convertible bonds and exchangeable bonds, as well as panda bonds. Gloria Cheung is another name to note in the group, which also includes recently promoted partner Sherry (Ji Wei) Cui.

Practice head(s):

William Liu

Other key lawyers:

Hwang Hwa Sim; Gloria Cheung; Patrick Sheil; Michael Ng; Terence Lau;  

Testimonials

‘Regardless of how busy the market (or the firm) is, Linklaters has consistently delivered quality service and products in a timely manner’.

‘The senior practitioners are always aware of deal progress (even tiny details) and will be supervising the entire transaction’.

‘Linklaters is one of our top preferred law firms to work with because they are very eager to help when needed’.

‘The partners and seniors are very accessible and friendly’.

‘They are very experienced and knowledgeable about the debt capital markets’.

‘They know exactly what banks and their respective in-house counsels are concerned about on transactions and will provide commercially viable solutions swiftly’.

‘Their jurisdictional coverage is impressive, with hubs in Hong Kong and Singapore, and a strong team in Korea’.

Key clients

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

The People’s Bank of China (PBOC)

Bank of China (Hong Kong)

Hong Kong Airport Authority

Bank of China Limited

NWS Holdings Limited

Link Real Estate Investment Trust

China Construction Bank Corporation

Hammer Capital Consulting Limited

ICBC International Securities Limited

Crédit Agricole CIB

BOCOM International Securities Limited

ANZ BOC International

CCB International Capital Limited

Haitong International Securities Company Limited

Work highlights

  • Advised The People’s Bank of China on the issuance of three-month RMB bills and one-year RMB bills totalling RMB20bn.
  • Advised Celestial Miles Limited as the issuer and NWS Holdings Limited as the guarantor on the issuance of $1bn guaranteed senior perpetual capital securities, which included an initial offering and subsequent tap.
  • Advised Bank of China Limited on its first multi-currency, multi-tranche $1.83 bn bond deal to support the development of the Greater Bay Area in southern China.
  • Advised Haitong International Securities Company Limited as global coordinator, bookrunner and lead manager on a $200m bonds issuance by Lv’An Chuangxing Limited.
  • Advised China Construction Bank Corporation on its $1.6bn debut issuance of sustainability bonds and green bonds – the first ever sustainability bonds listed on the London ISM.

Latham & Watkins LLP

Clients turn to Latham & Watkins LLP in particularly complex debt capital markets transactions, with it being able to offer Hong Kong, US and English law expertise. The group covers investment grade debt offerings, high-yield debt offerings and equity-linked offerings (including convertible and exchangeable bonds). It also advises on private placements, medium-term note programmes, SEC-registered deals, exchange offers and regulatory issues. The practice takes a multidisciplinary approach, with capital markets experts working closely with the banking and finance and M&A teams. Clients include underwriters, placement agents and issuers. Tracy Edmonson, who relocated to Hong Kong from the London office, co-heads the group with Ji Liu.

Practice head(s):

Tracy Edmonson; Ji Liu

Other key lawyers:

James Burnett; Cathy Yeung; Allen Wang; Terris Tang; Benjamin Su; Daying Zhang 

Key clients

Beijing Environment Sanitation Engineering Group Co., Ltd.

Deutsche Bank

Dongfeng Motor Group Co., Ltd

Guangzhou Finance Holdings Group Co. Ltd.

Guangzhou Industrial Investment Fund Management Co., Ltd.

Guotai Junan Securities (Hong Kong) Limited

Haitong International Securities Company Limited

ICBC International Holdings Limited

Kunming Iron & Steel Holding Co., Ltd.

UBS Securities LLC

Zhejiang Provincial Energy Group Company Ltd.

Zhoushan City Investment Group Corporation Limited

Work highlights

  • Advised Deutsche Bank, HSBC and Bank of China as underwriters on the update of a $20bn global medium-term note programme by Tencent Holdings Limited.
  • Acted for the issuer AC Energy Finance International Limited (a wholly owned subsidiary of AC Energy Holdings, Inc., the energy platform of Ayala Corporation, one of the largest business groups in the Philippines) on the establishment of its €1bn medium-term note programme.
  • Advised Morgan Stanley and Credit Suisse as underwriters on NagaCorp Ltd’s $300m senior notes issuance.
  • Advised the underwriters – comprising of Credit Suisse Securities (USA) LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Goldman Sachs (Asia) L.L.C., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., UBS Securities LLC and WR Securities, LLC – on Nio Inc’s $650m convertible senior notes issuance.
  • Advised the underwriters – comprising of Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc. and Citicorp International Limited – on the $225m issuance by Baozun Inc. of convertible senior notes.

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden, Arps, Slate, Meagher & Flom LLP delivers Hong Kong, English and US law advice out of its offices in Greater China. The team's varied workload includes high-yield notes offerings with Rule 144A/Regulation S components, convertible bond offerings, derivatives and structured finance. Clients include corporates, sponsors, financial intermediaries and institutions. One key figure in Hong Kong is Edward Lam, whose practice has a focus on transactions in Asia, particularly Chinese-speaking countries. Another notable individual with experience of acting for issuers and underwriters is Jonathan Stone, who is the head of the corporate practice in Asia. Paloma Wang joined as a partner from Shearman & Sterling and of counsel John Hartley was hired from Gibson DunnJulie Gao is another key figure.

Practice head(s):

Jonathan Stone; Julie Gao

Other key lawyers:

Edward Lam; Paloma Wang; Christopher Betts 

Key clients

Sinopec

iQiyi, Inc

Baidu, Inc.

Nio Inc.

Momo Inc.

Baidu, Inc.

Bilibili Inc.

E-House (China) Enterprise Holdings Limited

Uxin Limited

China YuHua Education Corporation Limited

Work highlights

  • Acted for Sands China Ltd, which is a subsidiary of Las Vegas Sands Corporation, on its $5.5bn Rule 144A/Regulation S high-yield offering of senior notes in three tranches.
  • Acted for Sinopec Century Bright Inv. Ltd. on an update of its $3bn medium-term note programme and a subsequent drawdown of HK$1.2bn aggregate principal amount of 3.15% senior notes due 2020 and RMB1bn aggregate principal amount of 4.50% senior notes due 2021.
  • Acted for YY.Inc on its $1bn convertible senior notes offering.
  • Acted for Baidu, Inc. (China) in its $1bn offering of notes in two tranches: $600m of 4.375% notes due 2024 and $400m 4.875% notes due 2028. The notes were listed on the Singapore Stock Exchange.
  • Acted for NIO Inc. (China) on its $650m Rule 144A/Regulation S convertible senior notes offering.

Ashurst

Ashurst offers excellent coverage of every type of debt capital markets transaction and product, with its Hong Kong team being able to leverage support from across Asia in a wide range of ancillary disciplines, including banking, derivatives, regulatory, restructuring and structured finance. The multilingual group comprises of Chinese (Cantonese and Mandarin), English, Korean, and Japanese speakers. Clients include investment banks, corporates and governments. Nigel Pridmore, who is the head of global markets and global loans in Asia, is experienced in handling matters involving equity-linked debt, hybrid bonds, sovereign debt and straight debt, as well as liability management. Jini Lee focuses on servicing banks and securities houses and international banks operating in the Greater China market. Anna-Marie Slot is the global head of high-yield at the firm.

Practice head(s):

Nigel Pridmore; Anna-Marie Slot

Other key lawyers:

Jini Lee; Christopher Whiteley

Testimonials

‘Their deep understanding of the debt market and smooth communication with the company are the reasons that we always go back to them’.

‘Anna-Marie Slot is very knowledgeable and experienced. She is always there for us, watching out for the company and holding our hands through tricky transactions’.

‘Nigel Pridmore is extremely experienced and sensible; he is a market-leader’.

‘Jini Lee is charming with clients’.

Key clients

Agricultural Bank of China Limited

Bank of China (Hong Kong) Limited

CHMT Peaceful Development Asia Property Limited

China Energy and Reserve Chemicals Group Ltd

CNCB (Hong Kong) Capital Limited

Credit Guarantee and Investment Facility, a trust fund of the Asian Development Bank (CGIF)

Credit Suisse

Hangzhou Fuyang Chengtou Group (HK) Limited

MIE Holdings Corporation

Ozner Water

Work highlights

  • Acted for CHMT Peaceful Development Asia Property Limited as the issuer on a circa $4.1bn notes financing in connection with the acquisition of The Center building in Hong Kong.
  • Acting for China Energy and Reserve Chemicals Group Ltd on the restructuring of its $2bn offshore bonds.
  • Acted for the issuer – Hangzhou Fuyang Chengtou Group (HK) Limited – and the guarantor on a $230m guaranteed bonds issuance.
  • Acted for the placing agent – CNCB (Hong Kong) Capital Limited – on a HK$215m convertible bonds issuance by Ozner Water International Holding Limited.
  • Acted for the arranger – Bank of China – on the establishment of a $1bn guaranteed commercial paper programme.

King & Wood Mallesons

King & Wood Mallesons, which undertakes a mix of mandates for issuers and underwriters, is highlighted for its depth and breath of debt capital markets expertise. It provides full-service support on all types of products, such as multi-currency bonds, perpetual securities, medium term note programmes, and investment grade and high-yield securities. It is also increasingly sought out for advice on exchangeable bonds, consent solicitations and tender offerings. The firm's ability to advise on UK, Australian, US and PRC law is a key feature of the practice. Hao Zhou leads the team, which includes Richard MazzochiMichael Lu and Paul Marks.

Practice head(s):

Hao Zhou

Other key lawyers:

Michael Lu; Paul Marks; Richard Mazzochi

Key clients

China General Nuclear Power Corporation

China International Capital Corporation

Guotian Junan

Industrial Bank Co., Ltd. Hong Kong Branch

Shanghai Lingang Economic Development (Group) Co., Ltd.

Zhejiang Geely Holding Group Company Limited

Xinhu Zhongbao Co., Ltd.

ENN Ecological Holdings Co., Ltd.

Ronshine China Holdings Limited

Yango Group Co., Ltd

Work highlights

  • Advised PRC state-owned enterprise China General Nuclear Power Corporation on its circa $1bn multi-tranche bonds issuance.
  • Advised Yunnan Provincial on its $600m guaranteed notes due 2022 by Bi Hai Co., Ltd, its wholly-owned subsidiary. The team acted for the issuer and the guarantor on the English and Hong Kong law aspects.
  • Advised Zhengzhou Metro on the English and PRC law aspects of its $500m bonds issuance.
  • Advised Industrial Bank on the English, Hong Kong and PRC law aspects of a multi-tranche notes issuance under a $5bn medium-term note programme.
  • Advised Shanghai Lingang on the debut $300m guaranteed notes issuance by Lingang Wings Inc, its wholly-owned subsidiary.

Mayer Brown

Mayer Brown’s debt capital markets team in Hong Kong is particularly well-known for its strengths in the high-yield debt space; team head Jason Elder has nearly 20 years of experience in this area, and is a particularly stand out name. Also recommended is Thomas Kollar, who has handled more than 50 high-yield debt transactions globally. Complementing the firm's strengths in high-yield debt is a specialist corporate trust and agency practice, which advises on bond issuances, consents, liability management and restructurings. Kollar is increasingly active in investment grade and sovereign debt issuances. Reflective of its market reputation, the firm sits on the panels of various financial institutions and governments across Asia.

Practice head(s):

Jason Elder

Other key lawyers:

Thomas Kollar 

Testimonials

‘The strong relationship between the two senior capital markets partners Thomas Kollar and Jason Elder really helps define this team as one of the best in the market in terms of product expertise and experience’.

‘Thomas Kollar is a stand out partner with product expertise, commercial acumen and an ability to work with a wide variety of clients’.

‘It is a consistent and dedicated team, which is very client-focused and practical in its approach’.

‘Jason Elder is a fantastic client-driven and solution-focused professional’.

‘The team is responsive and knowledgeable about US laws’.

‘The strong relationship between the two senior capital markets partners Thomas Kollar and Jason Elder really helps define this team as one of the best in the market, in terms of product expertise and experience’.

Key clients

Trade and Development Bank of Mongolia

Beijing Enterprises Holdings Limited

Hang Lung Properties Limited

Sinochem Offshore Capital Company Limited

The Bank of New York Mellon

The Hongkong and Shanghai Banking Corporation

Citicorp International Limited

China Overseas Group Limited

PT Indika Energy Tbk

PTT Public Company Limited

China Taiping Insurance (HK) Company Limited

Zhuahai Huafa Group Co Ltd

Beijing Properties (Holdings) Limited

Emperor International Holdings Limited

Guotai Junan Securities (Hong Kong) Limited

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 $1.4bn 7.85% bonds due 2029.
  • Advised China State Construction International Holdings Limited on the $500m issuance of senior guaranteed perpetual capital securities issued by China State Construction Finance (Cayman) Limited.
  • Advised Beijing Enterprises Water Capital Management Holdings Limited on its $500m bonds issuance.

Milbank

Milbank is a leading name on landmark transactions across the Asia-Pacific region, where it acts for acts for the most prominent names on the issuer and sponsor sides. It also generates mandates from sovereign governments. The team's expertise spans a multitude of areas, such as high-yield debt, investment-grade bonds, RMB-denominated bonds, convertible bonds and corporate hybrids. It also advises on liability management exercises, debt restructurings, tender offers and exchange offers. US-qualified practitioner James Grandolfo heads the team. David Kuo has joined the Singapore office of DLA Piper.

Practice head(s):

James Grandolfo

Other key lawyers:

Paul Pery

Key clients

JPMorgan

Morgan Stanley

UBS

Deutsche Bank

Goldman Sachs

BDO Capital

BPI Capital

DBS Group

Credit Suisse

AMTD Global Markets

BOCI Asia

First Capital Securities

Haitong International Securities Company

D.M. Wenceslao & Associates

UEC

Citigroup

Bank of America Merrill Lynch

Mizuho Securities

Standard Chartered Bank

Work highlights

  • Acted for Philippine National Bank (PNB) on its $1bn medium-term note programme and initial $300m drawdown.
  • Acted for the initial purchasers (comprising of DBS Bank, AMTD Global Markets, BOCI Asia, First Capital Securities and Haitong International) on the $85m senior notes issuance by Zhongrui Industrial Group Limited.
  • Acted as international counsel to Universal Entertainment Corporation on its $600m Rule 144A/Reg S high-yield notes offering.
  • Acted for Deutsche Bank and a number of other global financial institutions on a Rule 144A/Reg S offering of high-yield bonds by JSW Steel.

Shearman & Sterling

Shearman & Sterling is a destination firm for complex debt capital market transactions, and it attracts a significant amount of work from issuer and underwriter clients. Its team's expertise spans a wide range of areas, including high-yield and investment grade bond offerings, dim sum bonds and convertible bonds, and liability management transactions. It is particularly well-known for its involvement in bond offerings by Chinese real estate companies. A recent significant development saw Kyungwon Lee relocate from New York to Hong Kong to head up the capital markets practice in Asia. In addition, Max Hua joined from Haiwen & Partners. Colin Law and Peter Chen departed for Fangda Partners.

Practice head(s):

Kyungwon Lee

Other key lawyers:

Alan Yeung; Matthew Bersani; Max Hua

Testimonials

‘Very knowledgeable, experienced, pragmatic and has a solution-oriented approach’. 

‘Matthew Bersani has a commercial mind and unmatched experience’.

Key clients

JP 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

NEW METRO GLOBAL LIMITED

Work highlights

  • Acted for the underwriters on a number of bond offerings worth $2.36bn by CFLD (Cayman) Investment Ltd., guaranteed by its parent company China Fortune Land Development Co., Ltd.
  • Acted for Sinopec Century Bright Capital Investment Limited, a wholly owned subsidiary of China Petrochemical Corporation, and Sinopec Century Bright Capital Investment (America) LLC, as co-issuers, on the setting up of a $3bn commercial paper programme.
  • Acted for the initial purchasers on a series of senior notes offerings worth $3.1bn by Sunac China Holdings Limited, the fourth-largest property developer in China by sales.
  • Acted for Credit Suisse as sole dealer manager on an exchange offer by CAR Inc.
  • Advised the initial purchasers on a $300m senior notes offering by Guangzhou Fineland Real Estate Development Co., Ltd.

White & Case

White & Case's Hong Kong team covers the entire spectrum of debt capital markets transactions with a nexus to Greater China and other jurisdictions in the Asia-Pacific region. Equally strong advising issuers and underwriters, its work includes Rule 144A/Regulation S, Regulation S only and SEC-registered debt offerings. The group is able to assist with Hong Kong, English and US law issues. Also notable is that it is a core part of an integrated regional team, which includes practitioners in Shanghai, Beijing and Singapore. Recently promoted partner Jessica Zhou and Catherine Tsang (who has almost 20 years of capital markets experience) are the joint heads of the practice.

Practice head(s):

Catherine Tsang; Jessica Zhou

Other key lawyers:

Eugene Man; Baldwin Cheng

Key clients

Greentown China Holdings Limited

China Molybdenum Co., Ltd.

Australia and New Zealand Banking Group Limited

Deutsche Bank

Bank of America

Haitong International Securities Company Limited

Alvotech Holdings S.A.

Work highlights

  • Advised BofA Securities and Deutsche Bank as joint global coordinators, and other initial purchasers, on MGM China Holdings Limited’s debut $1.5bn 144A/Regulation S debt issuance of senior notes.
  • Advised Deutsche Bank and Australia and New Zealand Banking Group Limited, and other initial purchasers, on the $600m Rule 144A/Regulation S senior notes offering by Studio City Finance Limited.
  • Advised Chinese luxury real estate developer Greentown China Holdings Limited, which is listed on the Hong Kong Stock Exchange, on its $500m global Regulation S offerings of senior perpetual capital securities.
  • Advised China Molybdenum Co., Ltd. on its $300m issuance of unrated  guaranteed bonds.
  • Advised Haitong International Securities Company Limited (as sole global coordinator, joint bookrunner and joint lead manager), and HeungKong Securities Limited and Orient Securities (Hong Kong) Limited as joint bookrunners and joint lead managers, on the $250m debut guaranteed notes offering by an indirect wholly-owned subsidiary of C C Land Holdings Limited.

Deacons

Kevin Tong leads the team at Deacons, which has an excellent record advising issuers and underwriters on multibillion dollar and innovative debt issuances. Tong has been at the forefront of the advice to clients on the development of retail structured products space, such as retail structured notes, equity-linked investments and SEHK-listed structured products platforms. Clients include domestic and multinational corporates, financial institutions and government entities. Other notable individuals in the group are Icarus Yuen and Christine Li, who made partner and consultant respectively.

Practice head(s):

Kevin Tong

Other key lawyers:

Icarus Yuen; Christine Li

Key clients

AVIC International Leasing Co., Ltd.

Bank of Communications Co., Ltd. Hong Kong Branch

Guangzhou Industrial Investment Fund Management Co., Ltd.

Guangzhou Metro Group Co., Ltd

Hong Kong Monetary Authority

Shandong Iron & Steel Group Co., Ltd.

The Bank of East Asia, Limited

The Wharf (Holdings) Limited

Wheelock and Company Limited

Xinjiang Financial Investment Co., Ltd.

Work highlights

  • Advised Bank of Communications Co., Ltd. Hong Kong Branch (as the issuing and lodging bank) on the debut RMB40bn bill issuances by The People’s Bank of China in Hong Kong.
  • Advised the Hong Kong Monetary Authority (as representative of the HKSAR Government) on the issuance of the third batch of Silver Bonds for subscription by Hong Kong residents aged 65 or above, with a total issue size of HK$3 bn.
  • Advised Bank of Communications on  the issuance of RMB10bn sovereign bonds by the Ministry of Finance of the PRC in Hong Kong.
  • Advised the arrangers and dealers on the update of the $3bn guaranteed MTN programme of China Aircraft Leasing Group Holdings Limited.
  • Advised AVIC International Leasing Co., Ltd on the annual update of its $1bn guaranteed MTN programme and the $450m issuance of guaranteed notes under the programme.

Herbert Smith Freehills

Herbert Smith Freehills advises issuers, underwriters and trustees on public offerings and private placements of debt in industries such as energy, finance, retail, transportation and leisure. Areas of specialism include credit-enhanced structures, including guarantees, standby letters of credit, keepwell deeds and deeds of equity interest purchase undertaking. The team is able to advise on Hong Kong, English and US law. The main partner in Hong Kong is William Ku, whose expertise includes investment grade and high yield bonds, convertible and exchangeable bonds, and medium term note programmes. Another name to note is senior associate George Wu. The Hong Kong team works closely with Tom Chau and Zhong Wang, who are both based in Beijing.

Practice head(s):

William Ku; Tom Chau (Beijing); Zhong Wang (Beijing)

Other key lawyers:

George Wu 

Testimonials

‘Responsive and approachable team which understand the operational limitations of the business and systems’.

Key clients

Yunnan Provincial Energy Investment Group Co., Ltd

Chongqing Energy Investment Group Co., Ltd.

MGM China Holdings Limited

Standard Chartered Bank

Taizhou Infrastructure Construction Investment Group Co., Ltd

Far East Horizon Limited

Maoye International Holdings Limited

CEB International

Xinjiang Transportation Construction Investment Holding Co., Ltd

The Bank of New York Mellon

The Hongkong and Shanghai Banking Corporation Limited

Bank of Communications Trustee Limited

Central Wealth Securities Investment Limited

Guangdong Energy Group Co., Ltd.

China National Bluestar (Group) Co., Ltd.

China Merchants Bank Co., Ltd.

State Grid Corporation of China

Yankuang Group Co., Ltd. & Yankuang Group (Cayman) Limited

Work highlights

  • Advised Yunnan Energy Investment Overseas Finance Company Ltd as the issuer on the $200m issue of guaranteed bonds guaranteed by Yunnan Provincial Energy Investment Group Co. Ltd, and a subsequent $400m tap issue of guaranteed bonds.
  • Advised Chongqing Energy Investment Group Co. Ltd on a $500m bonds issuance.
  • Advised MGM China Holdings Limited as the issuer on its $1.5bn senior notes issuances.
  • Advised Standard Chartered Bank, Bank of China, Barclays, BNP Paribas, Bank of America Merrill Lynch, DBS Bank, Deutsche Bank, Citigroup, Goldman Sachs, HSBC, ING, JP Morgan Securities, Standard Chartered Bank and UBS as dealers on the 2018 update to Future Days Limited’s $5bn MTN programme.
  • Advised Taizhou Infrastructure Construction Investment Group on its $300m bonds issuance.

Norton Rose Fulbright

Norton Rose Fulbright's Hong Kong team includes US-qualified securities lawyers, one of whom is Margie Chan, who was hired from Davis Polk & Wardwell LLP. Chan's arrival has been key to growing the firm's volume of work in relation to high-yield securities offerings, exchange offers and tender offers. Consultant Allan Yee, who rejoined the firm from Lei Shing Hong Limited, also has US securities law expertise, as does Harold Tin. In addition to being active in the high-yield debt space, other US securities law transactions include Rule 144A/Regulation S offerings, traditional private placements into the US and SEC-registered transactions. The team also has broader capabilities in bond restructurings, issuances of convertible and exchangeable bonds, medium-term note programmes, pre-IPO bonds and liability management, among other matters. Clients include corporates, investment banks and PRC securities houses. Psyche Tai leads the team.

Practice head(s):

Psyche Tai

Other key lawyers:

Margie Chan; Allan Yee; Harold Tin

Key clients

Admiralty Harbour Capital Limited

Bank of China

Bank of America Merrill Lynch

Barclays

CAR Inc.

CEB International

China International Capital Corporation

China Tonghai Securities Limited

CMB International

Credit Suisse (Hong Kong) Limited

Deutsche Bank

Golden Wheel Tiandi Holdings Company Limited

Guotai Junan International Holdings Limited

Haitong International Securities Company Limited

HeungKong Financial

HSBC

Orient Securities (Hong Kong)

SPDB International

The Bank of East Asia, Limited

UBS

Work highlights

  • Acted for Car Inc on a $372.3m senior notes issuance.
  • Acted for the dealer managers and initial purchasers on the $280m issuance of senior notes by China Oceanwide Holdings group.
  • Acted for Golden Wheel Tiandi Holdings Company Limited on a tender offer and concurrent new money offering.
  • Acting for the initial purchasers on China Evergrande Group’s $1bn high-yield notes offerings.
  • Acting for the initial purchasers on Redsun Properties Group Limited’s high-yield notes offerings.

Paul Hastings LLP

Paul Hastings LLP handles a wide range of debt capital markets transactions for underwriters and issuers (particularly PRC-based issuers). One of the firm's core areas of strength is in the Chinese real estate sector, where it attracts a significant amount of work from PRC-based property developers. Elsewhere, the firm is a first port of call on high-yield debt offerings and bond issuances. It also assists clients with medium-term note programmes and investment grade transactions. Raymond LiVivian Lam and James Ma are among the names to note in the Hong Kong team, which works closely with the Shanghai and Beijing offices. Steven Winegar joined Ping An Group. May Lun was promoted to of counsel.

Practice head(s):

Vivian Lam; James Ma; Raymond Li

Other key lawyers:

May Lun

Key clients

Yuzhou Properties

Haitong International Securities Group Limited

VLL International

West China Cement Limited

Goldman Sachs

Deutsche Bank

J.P. Morgan

Barclays

BNP Paribas

Guotai Junan Securities

ICBC International

Huatai Financial Holdings

Standard Chartered Bank

Credit Suisse

UBS

CLSA Limited

China Merchants Securities

CDH Investments

Sino-Ocean Land

BPI Capital

Vista Land & Lifescapes Inc

Gemdale (Asia) Investment Limited

Merrill Lynch International

Macquarie

DBS Bank

Mingfa Group

Mapletree Treasury Services Limited

China Everbright Limited

Yestar International Holdings Company Limited

GS E&C

Work highlights

  • Acted for Sino-Ocean Group Holding Limited as the guarantor on the $700m issuance of floating rate guaranteed notes by its wholly-owned subsidiary Sino-Ocean Land Treasure IV Limited.
  • Acted for Chinese property developer Yuzhou Properties on its issuance of several significant senior notes transactions.
  • Acted for Mei Nian Investment Limited as the issuer and Meinian Onehealth Healthcare Holdings Co. Ltd as the parent guarantor on Mei Nian Investment’s $200m issuance of senior notes.
  • Advised Mingfa Group (International) Company Limited – a leading PRC investment company focusing on property development – on its $200m bonds issuance.
  • Advised Zhongyuan Bank on its $1.4bn issuance of non-cumulative perpetual offshore preference shares.

Simmons & Simmons

Simmons & Simmons is adept at handling RMB-denominated bonds, G-3 bonds, equity-linked products, high-yield bonds, medium-term note programmes and local currency bonds. Jay Lee leads the team.

Practice head(s):

Jay Lee

Slaughter and May

Slaughter and May has a strong track record handling complex debt capital markets transactions in Hong Kong, the PRC and wider Asia-Pacific region for sovereign and blue-chip corporate issuers, as well as investment banks. It excels in issues of bonds, commercial paper, convertibles, warrants and various other securities. John Moore leads a specialist team, which assists clients with US securities law issues. In addition, clients also benefit from the firm's ability to deliver Hong Kong and English law advice. Other notable practitioners at the firm include Lisa ChungPeter LakeJason Webber and Clara Choi. Roger Cheng joined the Securities and Future Commission Hong Kong (SFC).

Practice head(s):

John Moore

Work highlights

  • Advising Westpac Banking Corporation on the  issue of A$2.76bn Class A notes.
  • Advised Cathay Pacific Airways Limited on the annual update of its $2bn medium-term note programme.
  • Advised Sands China on its issue of $5.5bn senior notes listed on the Hong Kong Stock Exchange.
  • Advised Standard Chartered on the update of its $77.5bn debt issuance programme.
  • Advised Swire Properties Limited on the first green bonds issue of $500m guaranteed notes by its wholly-owned subsidiary Swire Properties MTN Financing.