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Clifford Chance advises on two south east Asia bond deals worth US$1 billion

28 July 2012

Clifford Chance advises on two south east Asia bond deals worth US$1 billion

Leading international law firm Clifford Chance has advised on two deals involving the issuance of bonds for the Export-Import Bank of Malaysia Berhad (MEXIM Bank) and PTTEP Canada International Finance Limited.

The first is MEXIM Bank's establishment of its US$1.5 billion multi-currency medium term note programme. The firm has also advised them on its maiden drawdown under the programme issuing US$500 million 2.875% notes due 2017. Nomura, BNP Paribas, CIMB and Maybank acted as arrangers.

The programme and the notes are listed on the Labuan International Financial  Exchange Inc. in Malaysia and the Singapore Exchange Securities Trading Limited.

Singapore capital markets partner Joan Janssen who led the deal said, "We were delighted to work on this transaction which was the first-ever foreign currency bond issue by a Malaysian development financial institution."

Joan was supported by senior associate Tom Bidwell and associate Ryan Lin.

MEXIM was established to promote reverse investment and export of strategic sectors such as capital goods, infrastructure projects, shipping, value added manufactured products and to facilitate the entry of Malaysian companies to new markets, particularly to the non-traditional markets.

The second deal involved advising Citibank, Deutsche Bank, HSBC and UBS as joint lead managers and joint bookrunners on PTT Exploration and Production Public Company Limited (PTTEP) Canada International Finance Limited's issuance of US$500 million, 6.35% senior notes due in 2042. The notes were guaranteed by PTTEP, the Thai national petroleum exploration and production giant, operating more than 40 projects around the world and is a top-ten listed company on the Stock Exchange of Thailand. 

Hong Kong partner Crawford Brickley led the transaction for the Clifford Chance team and said, "I am very pleased to have assisted on this transaction. It was a successful deal for PTTEP and an important transaction for our clients." 

Crawford was supported by Hong Kong counsel Thomas Kollar, and associates Hosea Chang, Heesug Chung and Dawne Lo. The Bangkok team was led by Fergus Evans and Doungporn Prasertsomsuk with support by senior associate, Natchapon Padungkittimal. Clifford Chance also advised the Trustee, Citibank. That team was led by Tokyo partner Leng-Fong Lai and  Hong Kong senior associate James Booth.