Clifford Chance

Clifford Chance advises on debt issuances raising over US$2.78 billion

Hong Kong: Leading international law firm Clifford Chance has recently advised on bond issuances raising over US$2.78 billion in the last two months, including the following issuances under medium term note programmes:

• Beijing Capital Land Ltd. and its subsidiaries, Central Plaza Development Ltd. and International Financial Center Property Ltd. for the establishment of a US$1 billion MTN programme for Central Plaza Development Ltd. and guaranteed by International Financial Center Property Ltd. or Beijing Capital Land Ltd., and in the issue by Central Plaza Development Ltd. of (i) RMB2 billion 5.75 per cent guaranteed notes due 2017 and (ii) RMB250 million 6.875 per cent guaranteed notes due 2019, both guaranteed by International Financial Center Property Ltd.
• China Resources Land Limited on its issuance of (i) US$450,000,000 4.375 per cent notes due 2019 and (ii) US$700 million 6.0 per cent notes due 2024
• Far East Horizon on the issue of US$400 million 4.625 per cent notes due 2017
• US$650 million 2.10 per cent notes due 2017 by Horsepower Finance Limited and guaranteed by Industrial and Commercial Bank of China Limited, Hong Kong Branch
• Value Success International Limited, a wholly owned subsidiary of Ping An Insurance (Group) Company of China, Ltd., on the issue of S$370 million 4.125 per cent notes due 2019

"There is continued interest in establishing medium term note programmes by corporations in China as they start to tap the international capital markets more frequently, and we are delighted to support our clients in a series of significant transactions in this space," comments Capital Markets partner Connie Heng who led the transactions.

The Clifford Chance team comprised Capital Markets partner Connie Heng, counsel Angela Chan and Richard Lee, senior associates Linda Cheng and Rong Chen, and associates Lin Li, Torrance Shi and Ambroise Ng in Hong Kong.