Clifford Chance advises Nan Shan Life Insurance on its US$700 million debut offshore bond offering

Global law firm Clifford Chance has advised Nan Shan Life Insurance, one of the longest-established insurance companies in Taiwan , on its US$700 million debut offshore bond offering. The offering, issued on 11 September 2024, comprises Tier 2 Subordinated Dated Capital Bonds due 2034, and is the largest single issuance of US dollar bonds by a financial institution in Taiwan to date. Proceeds from the issuance will strengthen Nan Shan Life Insurance’s financial structure and capital base, improving its risk-based capital adequacy ratio.

Lead partner David Tsai said, “We are honoured to have advised Nan Shan Life Insurance on this landmark transaction. As one of the first wave of Taiwanese life insurance companies to seek regulatory capital from the offshore bond market, Nan Shan Life Insurance has set a significant precedent by utilising the revised regulations issued by Taiwan’s Financial Supervisory Commission. The strong support received for this US$700 million issuance underscores the confidence investors have in Nan Shan Life Insurance’s robust financial structure and strategic vision.”

David was supported by partner Mark Chan, senior associate Kenneth Ip, and associates Christine Chan and Xavier Chan from Hong Kong.

Clifford Chance has a track record of advising on landmark debt issuances, and previously advised on Cathay Life Insurance’s inaugural offshore regulatory capital issuance, which was the first Taiwan insurer to raise regulatory capital from the offshore bond market.