Clifford Chance

Clifford Chance advises on Greentown's US$500 million perpetual capital securities

Hong Kong: Leading international law firm Clifford Chance has advised the joint lead managers and bookrunners on the issue of US$500 million subordinated perpetual capital securities callable 2019 by Moon Wise Global Limited, a wholly-owned subsidiary of Greentown China Holdings Limited, a leading property developer in China. The joint lead managers and joint bookrunners were BNP Paribas, Hong Kong Branch, Deutsche Bank AG, Singapore Branch, Goldman Sachs (Asia) L.L.C., The Hongkong and Shanghai Banking Corporation Limited, Macquarie Capital Securities Limited, Standard Chartered Bank and UBS AG, Hong Kong Branch. The subordinated perpetual capital securities are listed on The Stock Exchange of Hong Kong Limited.

Capital Markets partner Matt Fairclough commented, "We were delighted to bring another landmark hybrid securities transaction to the market early in 2014, and it is particularly interesting to see issuers of high yield bonds look to issue hybrid securities.  This marks another in a long series of significant deals in this space on which Clifford Chance has advised. The corporate hybrid and bank capital markets continue to attract market interest and we are pleased to be at the forefront of the development of these products across our global capital markets practice."

The Clifford Chance team comprised counsel Angela Chan, senior associate Mark Chan, associate Michael Weaver and trainee Stephen Hui in Hong Kong.