Clifford Chance

Clifford Chance advises on jumbo US$1.5 billion bond issuance guaranteed by China Development Bank, Hong Kong Branch

Leading international law firm Clifford Chance has advised the joint lead managers on the issue by Amber Circle Funding Limited of US$500 million 2% guaranteed notes due 2017 and US$1 billion 3.25% guaranteed notes due 2022, guaranteed by China Development Bank Corporation, Hong Kong Branch.

This is the largest ever Reg S only transaction in Asia and CDB's first foray into the US$ market in seven years. The funds raised will be used for the  development of CDB's leasing business.

The firm also recently advised China Longyuan Power Group Corporation Limited on the issue by its wholly-owned subsidiary, Hero Asia Investment Limited, of US$400 million 5.25% Reg S 144A perpetual senior securities and Gemdale International Investment Limited on its issue of US$350 million 7.125% Reg S 144A guaranteed bonds due 2017.

Hong Kong Capital Markets partner Connie Heng said, "We're seeing an uptick in the number of Reg S issuances recently as Asian companies look to tap the US dollar market for cheap funding with its continued level of low interest rates."

Connie Heng led the team on the CDB and Gemdale bond issuances and co-led the team with Beijing partner Tim Wang on the China Longyuan Power bond.