Linklaters has advised The Hong Kong Mortgage Corporation Limited (HKMC) on its fourth infrastructure loan-backed securities issuance, Bauhinia 4. The transaction comprises five classes of notes with an aggregate principal amount of US$457.3m. HKMC acted as sponsor, collateral manager and risk retention holder.
The notes, listed on The Hong Kong Stock Exchange, are backed by a portfolio of 42 infrastructure debt obligations valued at approximately US$481.5m, spanning 32 projects in 15 countries and 11 sub-sectors. A portion of the assets was drawn from Bauhinia 1 following its redemption at the end of its three-year non-call period.
The Linklaters team was led by Head of Asia Capital Markets Victor Wan, with support from Yunying Wei, William Fong, Victoria Lau and Samuel Tsan.
Victor Wan, Linklaters’ Head of Asia Capital Markets, commented:
“Bauhinia 4 marks an important stage in the platform’s development. The inclusion of assets from Bauhinia 1 following its redemption shows how the Bauhinia programme is evolving across successive issuances. We are pleased to have advised on all four transactions and to continue supporting HKMC as it develops the infrastructure loan-backed securities market in Hong Kong.”
With 50 years of on-the-ground presence in Hong Kong SAR and the wider Asia region, Linklaters combines deep local insight with the strength and expertise of its global platform to support the continued development of the region’s capital markets. Having advised HKMC on all four Bauhinia issuances since the first transaction in 2023, Linklaters continues to support the development of the infrastructure loan-backed securities market in Hong Kong.
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