16 June 2016
Clifford Chance advises on two key issuances highlighting US capability in Asia Pacific
Leading international law firm Clifford Chance advised on two key issuances highlighting the firm's US capability in Asia Pacific.
The first is the Three Gorges Finance I (Cayman Islands) Limited's Rule 144A/Regulation S US$500 million 2.3% notes due 2021 and US$1 billion 3.15% notes due 2026 unconditionally and irrevocably guaranteed by China Three Gorges Corporation. The Greater China team advised the issuer and the guarantor and was led by partner Fang Liu who was assisted by associates Song Yue, Vivian Li and Erxin Lu. This is the second time the firm has advised on an issuance for Three Gorges; in 2015, a team also led by Fang Liu, advised the underwriters on China Three Gorges Corporation's debut international bond offering, which was the first dual-currency offshore bond issued to a large group of institutional investors by a Chinese power company.
The second transaction involved advising the underwriter, Morgan Stanley, on ICBC Financial Leasing Co. Limited's bond offerings. Specifically, the team advised on the Rule 144A/Regulation S issue of US$500 million 2.375% notes due 2019, US$500 million 2.75% notes due 2021 and US$300 million 3.625% notes due 2026 under the US$5 billion MTN programme. Partners Connie Heng and Alex Lloyd co-led the deal and were supported by associates Song Yue and Clarisse Fong.
"I congratulate our team on advising on these significant issuances. Our dual strengths in both English and US securities law have served our clients well and continue to distinguish us from our competitors," said Connie Heng, Head of Capital Markets for Asia Pacific. "Despite the current caution in the market, we are experiencing an uptick in issuances by Chinese corporate and financial institutions."
In Asia Pacific alone, Clifford Chance has 12 US qualified partners actively practicing US law.