Clifford Chance

Clifford Chance advises Li & Fung on US$500 million perpetual bond

Leading international law firm Clifford Chance has advised Li & Fung on its issue of US$500 million of perpetual bonds. HSBC and Citi acted as joint lead managers on the offering and the bonds are listed on the Singapore Stock Exchange.

The perpetual bond is the first to be issued by Li & Fung, is callable after five-and-a-half years and is rated A3 by Moody's and A- by Standard & Poor. The hybrid received 100% accounting equity credit and credit from the ratings agencies.

Capital Markets partner Matt Fairclough commented, "Li & Fung is a longstanding client and we're delighted to have worked with them on this important issuance. This transaction continues a long line of deals from our very strong hybrid capital and broader capital markets team."

Partners Matt Fairclough and Connie Heng advised on the Hong Kong and English law aspects of the transaction and were assisted by associate Thomas Kwan. Singapore Partner Raymond Tong advised on the Singapore law aspects of the deal and was assisted by associate Ying Chiang Chong.