17 November 2014
- Connie Heng, Matt Fairclough, Liu Fang, David Tsai, Song Yue, Torrance Shi, Gehuan Liu, Mark Chan, James Booth
- Hong Kong
Clifford Chance advises on regulatory capital fundraisings across Asia
Leading international law firm Clifford Chance has advised on several major regulatory capital deals.
Bank of China's Tier 2: Advised the lead managers on Bank of China's issue of US$3 billion 5% Tier 2 capital notes due 2024. The lead managers were Bank of China, Bank of America Merrill Lynch, HSBC, Wells Fargo Securities, Crédit Agricole, CIB, Deutsche Bank, J.P. Morgan, Mizuho Securities and Morgan Stanley. Partners Matt Fairclough, Crawford Brickley and Fang Liu led on the deal and were supported by consultant David Tsai and associates Yue Song, Torrance Shi and Liu Gehuan.
ICBC Macau's Supplementary Capital: Advised the lead managers on Industrial and Commercial Bank of China (Macau) Limited's issue of US$320 million 3.875% of subordinated notes due 2024. The lead managers were ICBC International Capital Limited, ICBC International Securities Limited, HSBC and Standard Chartered Bank. Partners Connie Heng and Matt Fairclough were assisted by senior associate Mark Chan.
Chong Hing Bank's Additional Tier 1: Advised the lead managers and trustee on Chong Hing Bank's issue of US$300 million 6.5% undated non-cumulative subordinated Additional Tier 1 capital securities. The lead managers were Credit Suisse, HSBC, Nomura and UBS. Partner Matt Fairclough led on the deal and was supported by senior associate James Booth.
"We were delighted to assist on these issuances, together with the landmark Bank of China US$6.5 billion offering of Additional Tier 1 preference shares and Korea Exchange Bank's US$200 million Tier 2 subordinated note offering on which we also advised," said Matt Fairclough. "Banks are shoring up their regulatory capital to meet Basel III requirements and we expect a regular flow of these issuances to continue into 2015."