Clifford Chance

Clifford Chance advises on two key bond issuances in one day

Leading international law firm Clifford Chance has advised on two key bond issues launched on the same day.

In the first transaction, Clifford Chance advised Barclays Capital, HSBC, UBS, ICBC International and Standard Chartered Bank as joint lead managers on the issuance of US$750 million 4.875 per cent guaranteed notes due 2021 by Skysea International Capital Management Limited, guaranteed by ICBC, Hong Kong Branch. Capital markets partner Connie Heng led the deal and was assisted by senior associate Angela Chan and associate Ng Siu Fang.

Clifford Chance also advised JP Morgan, Citi, Goldman Sachs and DBS as joint bookrunners and joint lead managers on Global Logistic Properties' (GLP's) issue of S$500 million (approx US$385 million) 5.50 per cent perpetual capital securities. The deal was led by capital markets partner Matt Fairclough assisted by senior associate Angela Chan and associate Mark Chan. The Singapore team, led by Raymond Tong and Wern-Sern Bin, provided advice to the joint lead managers on Singapore law issues. Lawyers in the firm's capital markets practice also advised on a number of the key hybrid capital issuances in Asia throughout 2011, including Cheung Kong Holdings S$500 million perpetual capital securities, Asia’s first ever corporate senior hybrid. Other issuances came to market from corporates in Hong Kong and elsewhere in the region during 2011, confirming the firm as one of the leaders in the hybrid market.

"We're delighted to have advised on both these bond issuances which were well received by the market," said Connie Heng. "Despite market uncertainty, we're seeing continued appetite for investment grade issuances by Asian corporates."

"Hybrid bonds are popular with both investors and issuers in today's markets", said Matt Fairclough. "They provide issuers with balance sheet support through their equity classification, and in some cases some ratings agency credit, as well as potential long-term funding. Debt investors also benefit from seeing well-known corporates they can invest in."