Clifford Chance advises the joint lead managers on landmark debut Dim Sum bond issuance

Hong Kong: Global law firm Clifford Chance has advised the joint lead managers, Hongkong and Shanghai Banking Corporation Limited (HSBC), Bank of China, Standard Chartered Bank, CITIC Securities and DBS Bank Ltd. on a three-tranche bond issuance with a total value equivalent to CNY4.5 billion.

The offering comprises three tranches: CNY1 billion at 2.5% due 2030, CNY1.5 billion at 2.75% 2035 and CNY2 billion at 3.05% due 2055. This offering marks the issuer’s debut bond issuance in Hong Kong.

Lead partner Angela Chan said, “We are honoured to have advised the joint lead managers on this landmark transaction. This deal highlights the growing importance and depth of the Dim Sum bond market, showcasing foreign appetite for local funding opportunities. We are proud to have contributed to this significant milestone in cross-border capital markets.”

Angela was supported by senior associate Kenneth Ip (Hong Kong) and associate Valerie Chan (Hong Kong). Partner Alan Yeung (Hong Kong) advised on certain U.S. securities law aspects and partner Avrohom Gelber (U.S.), advised on the U.S. tax aspects of the transaction.

This transaction builds on Clifford Chance’s track record of advising insurance companies, including Shin Kong Life Insurance’s tier 2 subordinated dated capital bonds issuance, Nan Shan Life Insurance’s US$700 million debut offshore bond offering and Cathay Life Insurance’s inaugural offshore regulatory capital issuance.