24 February 2023
Clifford Chance advises on debut secured exchangeable bond offering for The Straits Trading Company Limited
Leading international law firm Clifford Chance has advised The Straits Trading Company Limited on its S$370 million debut secured exchangeable bond issuance. The exchangeable bonds received strong demand from global institutional investors across Europe and Asia with oversubscription of 1.9 times, demonstrating investors’ confidence in Straits Trading’s businesses and credit profile.
Partner Gareth Deiner led the Clifford Chance team, which comprised counsel Ying Chiang Chong, associate Jasmine Wong, and trainee associate Denzyl Ang.
Gareth said, "We congratulate The Straits Trading Company Limited on this milestone transaction, which demonstrates that the equity-linked markets continue to provide opportunities for issuers to access capital against the backdrop of challenging market conditions. We are very pleased to continue to play a role in advising Singapore's leading companies in tapping into this segment of the financial markets."
Partner Tom Lin and senior associate Wesley Tan advised on corporate aspects of the transaction.
Clifford Chance has a track record of advising on innovative equity-linked transactions in Southeast Asia, having previously advised Singapore Airlines on the largest convertible bond issuance in a decade from a Singapore-based issuer, and the Singapore Stock Exchange on its debut euro-denominated convertible bond offering.
Click here for our Guide on Equity-Linked products in Asia and how this is relevant to clients across the financial markets.