Clifford Chance

Clifford Chance advises on New World China Land's debut dim sum bond

Leading international law firm Clifford Chance has advised HSBC and BOCI Asia Limited as joint lead managers and bookrunners on New World China Land's inaugural RMB2.8 billion bonds. The Reg S RMB2.8 billion 8.5% bonds due 2015 is the largest single tranche offshore issue year to date and the largest ever dim sum bond from a property developer. NWCL reopened the issue with an additional RMB1.5 billion tap which takes the total issue size to RMB4.3billion. This bond has been consolidated to form a single series with the original bonds issued.

"Dim sum investors have become more selective, however, as this deal suggests, there is still an appetite for large deals with good pricing that have a solid name and credit attached to them," said Capital Markets partner Connie Heng, who led the Clifford Chance team on this transaction.

Partners Connie Heng and Matt Fairclough led the deal with support from associates Siu Fang Ng and Lin Li.