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Clifford Chance advises on Agricultural Development Bank of China's inaugural launch of RMB3 billion bonds in Hong Kong

12 January 2012

Clifford Chance advises on Agricultural Development Bank of China's inaugural launch of RMB3 billion bonds in Hong Kong

Leading international law firm Clifford Chance advised Bank of China (Hong Kong) Limited and Standard Chartered Bank as joint lead managers and joint bookrunners on the Agricultural Development Bank of China's (ADBC) offering of RMB3 billion bonds in Hong Kong. The offering was successfully priced on 10 January 2012, and the bonds are expected to be issued on 17 January 2012. The bonds to be issued are targeted at institutional investors, with terms of two, three and five years and coupon rates of 3.00%, 3.20% and 3.50%, respectively. This deal was the first RMB bond issuance in 2012 and ADBC's first offshore bond issuance.

This is ADBC's first issuance of RMB bonds in Hong Kong, and it is also the first listing of RMB bonds issued by a mainland financial institution on the Hong Kong Stock Exchange.

Capital markets partner Connie Heng who led the team in Hong Kong said, "We are very proud to have been involved in the first offshore capital markets by Agricultural Development Bank of China, one of the three policy banks in China. This deal marks several firsts: the first RMB bond issuance in Hong Kong this year, the first offshore bond issuance for the bank and the first RMB bond issuance by a PRC policy bank to be listed on the Hong Kong Stock Exchange. The NDRC has approved other PRC institutions to issue RMB bonds in Hong Kong which will help to maintain the momentum of the dim sum bond market."

Connie Heng was assisted by senior associate Angela Chan and associate Lin Li.